On Wednesday, $XAU/USD(XAUUSD.FOREX)$ fell below the $4,000/oz level for the first time since November 2025. From the record high of $5,594 reached in January, gold has now fallen nearly 29%. London gold tells a similar story. In just 30 trading days, it dropped from around 4,700 to 3,980, a decline of roughly 16%. Although prices rebounded modestly today, with $GLD$ trading around $368, the overall trend has clearly turned lower.

NVIDIA remains the ultimate AI demand indicator, but its numbers are influenced by product cycles, export restrictions, networking, software, and ecosystem effects. Micron is different. Memory is closer to a pure supply-demand business. Pricing, shipments, inventories, and margins provide a much cleaner view of what is actually happening across the AI infrastructure chain. As the only U.S. company capable of producing DRAM at scale while also participating in HBM and NAND markets, Micron sits at the center of both AI and traditional data-center demand. That makes it one of the best thermometers for the industry.

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He reopened the review of the Fed’s $6.7 trillion balance sheet, setting up five working groups. One of them will study whether the balance sheet should eventually shrink closer to pre-2008 levels.

Apple sells devices and ecosystems. Meta monetizes attention. Amazon combines e-commerce and cloud. Microsoft dominates software and enterprise AI. NVIDIA sells compute. Tesla is a bet on EVs, robotics, and autonomy.

Just days ago, the Bank of Japan raised rates by 25 basis points to 1%. A few weeks earlier Goldman Sachs was calling for S&P 8000 and raising targets across Asia. Now both Citadel Securities and PGIM, which manages roughly $1.4 trillion, are warning that high rates, sticky inflation, and stretched AI valuations could collide. Before the Iran conflict escalated earlier this year, markets were pricing multiple Fed cuts. Today, swap markets are increasingly discussing the possibility of hikes instead. Even the famously dovish BOJ is tightening.

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First, the bad news for the home crowd. No Southeast Asian team made it this time. Indonesia got the closest it ever has in qualifying and still came up short, and Thailand, Vietnam, Malaysia, the Philippines and Singapore never got near. Asia's flag is carried by 9 AFC teams instead: Japan, South Korea, Iran, Iraq, Saudi Arabia, Qatar, Australia, plus first-timers Jordan and Uzbekistan. So for most of us, this one's about picking a side on vibes, not passports.

SpaceX generated roughly $18.7 billion in revenue in 2025. At a $1.77 trillion valuation, that implies a staggering 94x price-to-sales ratio. If the stock quickly reaches a $2 trillion valuation, that multiple rises to 107x sales.

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Nice. Add oil

According to Bloomberg, the IPO has been heavily oversubscribed. The offering is priced at $135 per share, with 555.6 million shares issued, implying a valuation of roughly $1.8 trillion — effectively making it the largest IPO in history.

According to Iranian media reports, shipping through the Strait of Hormuz was at one point completely disrupted. The U.S. also launched a new round of strikes against Iran, pushing oil prices higher. This time, gold wasn't acting as a safe haven. It was acting as an ATM. When markets need liquidity, investors often sell what they can — and gold is one of the easiest assets to monetize.

And this isn’t just talk. Nvidia announced that SK hynix will become its leading memory supplier for AI data centers, and that the two companies will jointly develop the memory used in the four product lines above. Huang added another bullish pitch on the side: the memory shortage is not over. From wafers to packaging to silicon photonics, the entire supply chain is still tight. Demand is simply too strong, and he says that will likely continue for years.

So it’s 5 down, 3 up. More red than green. But once you look at the backdrop, the story is obvious: 2002 was still dealing with the aftermath of the dot-com bust, 2022 was hit by the Fed’s aggressive rate hikes, and that +9.2% in 1998 was simply the tech bull market doing its thing. The matches go on, but the market trades on its own logic. The World Cup is background noise, not the engine.

- Starlink at $144B in 2030, less than half of AI; launch business $4.1B → $8.3B - EBITDA: $6.6B in 2025 → $352B in 2030; free cash flow expected to turn positive at $72B by 2031

It's also a bellwether: Anthropic filed confidentially on Monday, OpenAI is expected within weeks, both valued near $1T. Three mega-listings could open the floodgates of wealth across Silicon Valley and Wall Street.

At almost the same moment, Goldman Sachs raised a whole batch of price targets — S&P at 8000 by year-end, Asian markets revised up across the board. The research reports were unanimously bullish, yet the market took a breather first.

The "smart money" in ETFs that sent gold to the sky last year has become the number one seller this year. The exit of the most important driving force has directly caused gold to lose its upward momentum.

Jointly developed by Nvidia and MediaTek, exclusively fabbed by TSMC on 3N: a 20-core CPU + 6144-core Blackwell GPU, the two sharing memory via NVLink, running Microsoft Windows for Arm. Launching this fall, with Dell, Lenovo, HP, Asus, Acer, and Microsoft all on board; initially positioned at the high end, aimed at AI developers, creators, and gamers.