🌍 Geopolitical & Macro Outlook

• Not unreasonable to assign a 25% probability to hyperinflation, driven by extraordinary dollar destruction. 1
• Iran’s live-fire naval drills in the Strait of Hormuz signal continued strength for $GLD. 2
• Geopolitical tensions, including potential US military action against Iran and ongoing Strait of Hormuz drills, are spooking the market. 3
• $GOLD saw a blow-off top, indicating a massive reversal. 4

🤖 Tech & AI Sector Insights

• Tesla Robotaxi service expands to 3 new states and 7 cities in H1, with unsupervised operations scaling in Austin. 5
• SaaS sector is getting butchered in 2026. $TEAM down -13%, $NOW down -9%, $HUBS down -9%, $WDAY down -8%, $SNOW down -7%, $MNDY down -6%, $DOCU down -6%, $CRM down -6%, $ESTC down -6%, $DDOG down -5%, and $CRWD down -5%, $RBRK down -5%. 6
• New AI generations drive increased HBM demand per GPU, directly boosting $MU revenue. $TSLA’s Cortex 2 for Optimus and Cybercab further highlights the expanding AI economy. 7
• Tesla’s Optimus robots leverage abundant car parts (cameras, batteries, AI chips), lending new historical weight to the Model S/X discontinuation. 8

📊 Market Sentiment & Stock Observations

• The $VIX spiked +11%, confirming earlier volatility calls. 9
• $META dip buyers are happy. 10
• $META holding gains amid broad market weakness is a clear signal. 11