Today, a look at the massive further ramping in the hottest AI-adjacent hardware names on Friday, although it was a former SaaS victim that rallied hardest in an ironic twist. Elsewhere, we note one of the more exquisitely timed AI-related IPOs set for this Thursday, while we await the historical moment of this week's Trump-Xi summit and the titanic stakes. This and more on today's pod, which is hosted by Saxo Global Head of Macro Strategy John J. Hardy.

Today's links:

Been reading Chokepoints as I have previously noted - a critical book for understanding the leverage that economic (and financial) chokepoints provide, and an important work in light of the heavily intertwined US and Chinese economies.
An excellent Deutsche research piece on the "return of history" as gold is set to become a potentially dominant presence in global central bank reserves.
And as noted, the Back Mechanic, a book kindly recommended to me by a podcast listener on getting your back in shape and avoiding the kind of trauma I am currently suffering with a herniated disk.

About twice per week, you will find links discussed on the podcast and a chart-of-the-day over at the John J. Hardy substack.

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Trump-Xi summit an historical moment. Also, an exquisitely timed IPO on deck.

Saxo Market Call

Trump-Xi summit an historical moment. Also, an exquisitely timed IPO on deck.