The Cracks Beneath The Surface

The VIX is calm. Semis aren't. Korea isn't. Hedge funds aren't. Here's what's happening beneath the surface.

Monetary Metals Promo 3

Oil gains as US/Iran strikes continue, supporting yields - Newsquawk US Market Wrap

Trump vows harsh response to any US servicemembers killed by Iran; US & Iran trade strikes over the weekend, with Iranian attack on Jordan killing two US service members; US targets Iranian nuclear power plant under construction; Houthis announce a ban on maritime navigation for Saudi-linked vessels; Mediators have reportedly proposed a 10-day cessation of strikes to find ways to revive the Iran-US interim deal; Iran's Foreign Ministry said will not abandon talks with the US; US/Iran talks are ongoing; Andy Burnham becomes UK PM, names Healey as Chancellor; Softer-than-expected Canada CPI; GOOGL is reportedly developing a new server chip.

Challenging The Economics Underpinning The Current US-Led AI Stack

...successive Chinese releases are eroding the scarcity premium embedded in proprietary models and accelerating a shift towards commoditisation, tighter margins and faster global diffusion as open-weight systems lower barriers to entry.

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