Remembering the Costs of War

What Michael Milken Would See In AI Chip Financing Authored by Patrick Feeley via Substack, Very few people in the AI financing debate are reading the deals like a credit trader would. We have had a week of headlines about who is raising what. Amazon is moving $8 billion of chips off its balance sheet. Broadcom is lending $42 billion to its own customer. Nvidia is offering to backstop $125 billion of the debt people use to buy Nvidia. The coverage treats each number as a scoreboard. Hardly anyone asks the...

In studying history, it is key to avoid definitional anachronism—failing to note how a word has changed over time and assuming the present meaning was the same in the past. This is often the case with the word currency as used in colonial America.

Futures, Bonds Surge On Optimism War May End, Oil Tumbles Below $100 Futures and bonds jump and oil fell, sending Brent briefly below $100 a barrel, as the de-escalation/technical/macro led relief rally continues on hopes of the Middle East conflict reaching an end soon  after Donald Trump said he expects the war in Iran to end in two to three weeks, and indicated that it was possible that Iran could still reach a deal with the US during that timeframe. Trump has a national address tonight at 9pm ET to...