‘The site claims to be a place where people can create an AI agent to perform "a range of actions," such as "trade stocks, automate workflows, execute daily tasks with their calendar, or even update their online dating profile.“ The fine print is downright scary.’ www.pcmag.com/news/i-signe...

‘The landscape has shifted as the biggest companies in the market started opt to spend their money on AI. And so companies themselves are no longer acting as volatility dampeners.’ www.bloomberg.com/news/newslet... @tracyalloway.bsky.social

‘The AI Bowl, as some are calling it, appeared to overshadow the Seahawks’ victory. The torrent of spending is reminding some of previous years when tech companies tried to capitalize on the Super Bowl limelight. Those efforts didn’t end well for the advertisers.’ www.nytimes.com/2026/02/09/b...

‘Global oil markets face increasingly sharp and frequent price shocks as geopolitical tensions, opaque stockpiling and tightening Western sanctions are leaving many traders in the dark.‘ www.reuters.com/markets/comm...

‘Software and services stocks' underperformance against the S&P 500 has reached near-record proportions, with the sector lagging the benchmark by nearly 24 percentage points over the past three months, nearly the worst such gap in data going back three decades.’ www.reuters.com/business/med...

As AI enters the operating room, reports arise of botched surgeries and misidentified body parts www.reuters.com/investigatio...

'Analysts at BNP Paribas said that free cash flows at Oracle, Alphabet, Amazon and Meta were starting to “plummet toward negative territory”, with only Microsoft appearing “more resilient, at least for now”.’ www.ft.com/content/d503...

‘Warsh is “truthily” right about one thing: America has become dangerously reliant on the “Fed put”. If Warsh now takes a soft money approach then we will know he is simply “truthy”, rather than principled.‘ www.ft.com/content/94c3...

'The belief is starting to ebb. This week has shown us that the supply of “greater fools” that bitcoin relies on is drying up. The fairy tales that have been keeping crypto afloat are turning out to be just that.’ www.ft.com/content/2b03...

‘Lawyers have gained traction by arguing that the primary cause of psychological suffering for young users stems not from content posted by others but from the algorithms programmed by the companies to prioritize engagement.‘ www.bloomberg.com/news/article...

Burry comparing Alphabet’s century bond to Motorola. 👀 #$GOOGL

”Due to things like Cowork, Microsoft could see challenges and may need to give Copilot away just to stay relevant — hurting growth and margins in its most profitable Productivity segment. This reality will consume capacity of Azure, limiting beats there too.” www.bloomberg.com/news/article...

‘Hedge funds piled into short positions on US stocks as concerns about disruption to business models from AI reverberated through markets. Notional short selling across single stocks last week was the biggest on record in Goldman Sachs data going back to 2016.’ www.bloomberg.com/news/article...

‘Investors are wary of founders pledging their shares because a drop in the company's shares can trigger demands from lenders for extra collateral, which may lead to the lenders offloading the shares and further dragging the stock price down.‘ www.bloomberg.com/news/article...

‘Foreigners now own nearly $70tn in US assets, double the level a decade ago. And in the last year, most of those flows arrived as “hot money”. If the world cuts back on buying America, the impact could dramatically shock US markets.‘ www.ft.com/content/b081...

‘Chinese regulators have advised financial institutions to rein in their holdings of US Treasuries, citing concerns over concentration risks and market volatility, according to people familiar with the matter.’ www.bloomberg.com/news/article...

‘Takaichi is charismatic and forceful. Comparisons to Margaret Thatcher are apt, but Britain’s Iron Lady never won a mandate this emphatic.’ www.bloomberg.com/opinion/news... by @johnauthers.bsky.social

‘Retail investors have piled almost half a billion dollars into bets on silver in the past week even as the metal’s price has cascaded, almost wiping out its extraordinary gains at the start of the year.’ www.ft.com/content/3183...

"So you aggregate the Mag7... you're talking like 20-30% of the overall S&P 500 buyback. So that's a huge point because... buybacks are like 7-8x the largest source of demand for equities over the past 15 years." -Charlie McElligott www.bloomberg.com/news/article...

Trump picked a Fed chair he thinks he can count on. Three presidents thought the same thing. None got what they expected. The ghosts of Burns, Miller, and Martin (not to mention Powell) loom over Trump’s choice of Kevin Warsh. www.wsj.com/economy/cent...

“.. a simple chart of large cap US energy companies. In the words of a client who has been-there-and-done-that, we’re moving into the ‘revenge of the dinosaurs’ phase of the game now.” - GS desk #$XLE

‘In the past hundred years, whenever a currency’s value fell significantly vs. gold (in other words, it took more currency to buy gold, or “the gold price went up”), signs of “monetary inflation” erupted soon afterwards. This is what happened in 1973.‘ www.forbes.com/sites/nathan...

‘Big tech’s dramatic ramp-up in projected capex this year will all but wipe out free cash flow for Amazon, Google and Meta Platforms. That will force some of those companies to make some difficult choices such as whether to end stock buybacks or borrow more.’ www.theinformation.com/articles/cap...

The paradigm has shifted. Time to update your priors.

NEW POST: Another Changing Of The Guard thefelderreport.com/2026/02/07/a...

‘Natural gas has grown extremely volatile as US liquefied natural gas exports and the artificial intelligence boom supercharge demand.’ www.bloomberg.com/news/article...

“A similar pattern emerged in 2000. After Tech peaked in March of that year, Consumer Staples, Utilities, and Healthcare rallied about 40% to 45%, even as Tech and Communications slumped 51.8% and 39.4%, respectively.” www.barrons.com/articles/tec...

’Big Tech’s AI push is bigger than the railroad expansion of the 1850s, the Apollo space program that put astronauts on the moon in the 1960s and the decadeslong build-out of the U.S. interstate highway system that ended in the 1970s.’ www.wsj.com/tech/ai/ai-s...

‘The era of tech buybacks has ended.’ www.dailychartbook.com/p/850 via @dailychartbook.bsky.social

‘The Mag Seven topped out vs the energy sector in December of 2025, at the same level it did back in October of 2020, when #$XLE bottomed and ran 250% over the next two years.’ www.dailychartbook.com/p/850 via @dailychartbook.bsky.social

“Energy funds see 2nd biggest weekly inflow ever.” www.dailychartbook.com/p/850 via @dailychartbook.bsky.social

'Across three AI companies where we have data (Anthropic, Minimax and Z.ai), compute accounts for more than salaries, marketing, and all other spending combined. Across all three, expenses were 2-3x larger than revenues.' epochai.substack.com/p/in-both-ch...

'The AI capex spending multiple has collapsed and gone negative.' paulkedrosky.com/chart-of-the...

‘Solid tech earnings mask a more concerning trend emerging: returns on invested capital among hyperscalers are starting to decline.’ blinks.bloomberg.com/news/stories...

‘The job-opening rate for finance workers reached 2% in December, the lowest since the survey began 15 years ago. In professional and business services, openings were at the lowest since April 2020, the early days of the pandemic.’ blinks.bloomberg.com/news/stories...

A widening gap between the VIX and individual S&P 500 stock volatility suggests stress may be spreading stock-by-stock, not just at the index—appearing near Nasdaq 100 highs. We break down what it could mean in the February Financial Forecast. tinyurl.com/44w5tbzs

‘Buybacks have been a major source of equity demand in recent years. But now, the landscape has shifted again as the biggest companies in the market started opt to spend their money on AI. And so companies themselves are no longer acting as volatility dampeners.’ www.bloomberg.com/news/newslet...

'It is important to keep in mind that the precious metals mania is just one extreme area of excess in the financial system. In cryptocurrency, private capital and indeed the current AI-fuelled stock market boom, periods of spectacular gains should act as red flags.’ www.ft.com/content/0397...

"Higher capex telegraphs that it may take longer for AI strategies to play out. Not welcome news for investors that are already fixated on when AI-related revenue will start to show up.” www.ft.com/content/0e7f...

B of A: “.. THIS IS ONE OF THE BIGGEST INFRASTRUCTURE/INVESTMENT THEMES OF OUR LIFETIME. Inflation adjusted.”

‘Bernie Sanders and Ron DeSantis don’t agree on much but the data-center boom is a rare exception. Vermont’s Democratic Socialist senator and Florida’s right-wing governor want to slam the brakes on the hundreds of new AI facilities springing up across the country.’ www.bloomberg.com/opinion/arti...

“For DATs with no revenue, no operating business, and no way to exit their treasury positions without destroying the market for those positions, the drawdown is existential. We call this the Hotel California trade: You can check in, but you can’t check out.” www.bloomberg.com/news/article...

‘Inflation pressures are building, driven by higher wages, higher commodity prices and a weaker dollar.’ www.apolloacademy.com/inflation-ou...

‘The volume of leveraged loans to software companies considered distressed doubled in January. And the recent examples of private loans held near cost that were marked down dramatically shortly thereafter might have investors in a doubtful frame of mind.’ www.wsj.com/finance/inve...

‘We are now up to 8 Hindenburg Omen signals over the past six months, which is a pretty high reading.‘ www.mcoscillator.com/learning_cen...

‘Software makes up 13% of the Morningstar LSTA U.S. Leveraged Loan Index. The sector makes up an even larger percentage of private-credit loans made by asset managers directly to companies, with estimates putting the share at around 20% to a third of those loans.’ www.wsj.com/finance/inve...

‘Expressed in ounces of gold, the price of oil is near a record low.’ thedailyshot.com/2026/02/06/j... via @thedailyshot.bsky.social

'A weaker dollar will reduce the weight of American assets in global indices, forcing benchmark-hugging investors to sell them. That will further weaken the greenback, feeding a vicious cycle.' www.economist.com/finance-and-...

‘Altman’s frustration perfectly illustrates how AI companies have driven themselves into a corner. Either they can charge a hefty monthly fee to cut their losses and reassure investors or scare away users through annoying ads.‘ futurism.com/artificial-i...

‘If there is a danger of financial disruption, it comes from the effect on quant investors’ portfolios.‘ www.bloomberg.com/opinion/news...