Today, a brief wrap of yesterday's equity market session in the US, which repeated some of the recent AI hardware vs. SaaS performance divergences. A couple of key AI-chip and hardware names reported with results that didn't satisfy the market. We also look at the US CPI release and the reaction across macro, noting a key US treasury auction up later today. Also, we read aloud a great email sent to us by a long-time SMC listener on the chaos that AI LLMs have unleashed on IT operations for companies and the internet. Today's pod hosted by Saxo Global Head of Macro Strategy John J. Hardy.

Links

Cory Doctorow again on AI model collapse, with a particularly interesting link to a Lauren's data Substack post wonderfully titled "Temperature Zero for Culture: Why Everything Is Starting to Look the Same." Which makes us proud to produce a very non-AI generated podcast every day that doesn't try to be like anyone else.
There has been a lot of overage of Bill Ackman's latest position changes from his Pershing Square 13F filing. Here's a useful X post that usefully pastes in the coverage from his letter to shareholders.
The link from the email read on today's pod on the Hugging Face hack incident: the YouTube video link works, while the summary link Mr. O sent me did not contain the summary.
Michael Burry on Palantir being worth less than a dollar/share.

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Speedrunning dead internet theory - an SMC listener weighs in.

Saxo Market Call

Speedrunning dead internet theory - an SMC listener weighs in.