Forward Guidance Is Gone

"Working Better": Saylor Teases BTC Buy After Strategy Sells For First Time Since 2022 Bitcoin is extending its recent weakness overnight (hurt by US-Iran tensions escalating again), trading back below its 100DMA after Strategy (MSTR) sold 32 bitcoin between May 26 and May 31 at an average net price of $77,135 a coin, totaling $2.5 million (disclosed in an 8-K filing on Monday). Proceeds from the bitcoin sales are expected to be used to fund distributions on preferred stock, the firm said. This is the first time Strategy has sold bitcoin since December 2022,...

Spain-Style Blackout Risk Rises As ERCOT Flags Boston-Sized Data Center Loads Tripping Offline The Electric Reliability Council of Texas (ERCOT) gave the market another concrete reason to stop pretending the grid can absorb unlimited hyperscale load growth on top of an already strained generation mix.  In a May 21st report, ERCOT disclosed that multiple clusters of proposed data centers and crypto facilities failed voltage ride-through testing. When subjected to simulated routine voltage disturbances, such as the kind caused by transmission faults, capacitor switching, or equipment issues, four groups of these large...

Dallas Fed Mfg Activity Holds Near One Year High Despite Plunge In Respondent Sentiment On Iran War The Dallas Fed Manufacturing Index continues to straddle the unchanged line, and despite a tiny dip from 0.2 in February, the highest print since July, to -0.2 in March, just below the 1.5 median estimate, the index remained near the highest level in a year and absent a modest and brief, post-Trump election spike, this remains one of the highest prints since mid-2022. Curiously, the headline index barely dropped even though most index components...