Oil futures in backwardation signal near-term concern; if prices climb higher, it’s “very bad,” but sustained elevation is “less bad.” Timing BTFD is key here. 7
European jet fuel prices spiked over +70% this week, hitting June 2022 highs. With 40% sourced via the Strait of Hormuz, this price point is unsustainable. 8
The commodity rotation playbook: Gold first, then Copper, now Energy. Agricultural commodities are likely next. Energy price surges never stay contained at the pump; expect broader inflation, especially in food. 16
$AMD confirms the AI supercycle is robust enough for multiple winners. Revenue forecasts rocket from $10B (2020) to $85B (2028E), operating income from ~$1.4B to ~$28B. OpenAI secured 1GW of Instinct GPUs starting H2 2026 with $META. 19
The US Commerce Department is eyeing AI chip export controls, but the scope may be narrower than Bloomberg initially reported. 28
Anthropic will supply its AI models at symbolic cost to the US DoD and national security with full engineering support, despite prior ethical stances. This signals pragmatism in a tough reality. 29
Approaching Friday with the 5th highest $VIX reading since the April 2025 tariffs crash. Previous four instances saw sharp closing drops: -11.3%, -17.9%, -7.8%, -6.2%, with larger intraday swings. 20