The Forward Guidance podcast episode analyzes NVIDIA's earnings and their implications for the AI sector, highlighting the shift towards bond issuance for funding AI CapEx and the differing risk profiles of credit versus equity investors. The discussion extends to macro charts, focusing on the relationship between nominal yields and forward inflation, and the potential impact of Fed policy on market liquidity. The hosts also discuss the complexities of the Yen and its potential impact on global markets, as well as the state of the crypto market, noting capitulatory levels in both Bitcoin and Ethereum. The episode concludes with a broader conversation about geopolitical trends, stablecoins, and the need for policy changes to address economic challenges.
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