To The Moon

News and my thoughts from the last week (24Jun24)

From X user Jason Goepfert: Jensen Huang just sold another $31 million of $NVDA. That brings his total sales this week to over $90 million. It’s his largest cluster of sales in 19 years.

• Huawei Technologies expects HarmonyOS to break the dominance of Western mobile operating systems in mainland China after its next version ends support for Android apps. - SCMP

• Vincent Clerc believes shareholders and analysts will soon see the clear benefits of AP Moller-Maersk’s shift towards becoming a fully integrated logistics provider. - G Captain

• Between 2022 and 2026, global data centers' total electricity consumption will double, reaching more than 1,000 terawatt hours in 2026 - roughly equivalent to the entire annual consumption of Japan. - Nikkei via EIA

• Key transhipment ports around the world like Singapore are facing severe congestion due to the Red Sea crisis.

  The abrupt changes in carrier service patterns & vessel reroutings, has led to increased yard congestion & declining port productivity.

• It is a loss if we do not understand China.

  We can achieve peace through travel, food, music and respectful exchanges.

X user Craig Fuller: Tender rejections out of LA are blasting off. Just wait until container imports peak in Q3. Bullish.

• "The recent bitcoin price drop was also influenced by high selling volumes from miners," Matteo Greco, research analyst at crypto and financial technology investor Fineqia, said in an emailed note. - Forbes

• The spending in the USA is criminal as this puts future generations into financial meltdown. They inherit a debt spiral due to fiscal mismanagement. 

  Kingdoms rise and fall. Are we looking at one?

• An acute container shortage in China is driving global freight charges high, prompted by ships taking the longer route around the Cape of Good Hope instead of the Suez Canal, where Yemeni fighters, Houthi, have disrupted marine transport. - The East African

• Ray Dalio has warned that the US & China will continue to “press up against the other’s red lines” as the US election nears, and smart money should prepare for heightened volatility by diversifying investments. - SCMP

• Massachusetts stands to lose almost $1 billion in annual revenue by 2030 as high taxes push wealthy residents to move elsewhere, per Bloomberg.

  More than 96,000 residents making a combined $19.2 billion in adjusted gross income are set to leave the state annually by 2030. - X user Unusual Whales

• Red Sea attacks impacted at least 65 countries and forced major energy & shipping company, African routes added around 11,000 nautical miles to each journey, increasing fuel costs by approximately $1 million for each voyage. - Economic Times

• The Tutor, a Greek-owned kamsarmax, has become the second constructive total loss from the seven-month campaign by the Houthis to disrupt merchant shipping in the Middle East. - Splash247

• "The Fed now admits some countries are moving to gold," former Coinbase CTO Balaji Srinivasan posted, pointing to what the Fed says is a "small group" that "represents 3 billion people. So 37.5% of the world is moving away from dollars towards gold." - Forbes

• Fitch Ratings increased its U.S. CMBS office delinquency forecast to 8.4% for 2024 and 11% for 2025. The office delinquency rate was 4.3% in April. The new peak predictions are up from the 8.1% for 2024 and 9.9% for 2025.  - Bisnow

• The Ukrainian government announced on Monday it had failed to reach an agreement with a group of foreign bondholders that includes financial giants BlackRock and Pimco on restructuring Ukraine's $20 billion in Eurobonds. - Malaysia Sun

• French electricity prices turned negative as a drop in demand and surging renewables output prompted some nuclear reactors to power down. - Fortune

• If America can print money when it needs, is there a need to borrow from other countries? Is there a need for the citizens to pay taxes? Why does America pay the interest for bonds issued when they can just keep printing?

• Supply chain strategies evolved to account for these new challenges as companies began moving their operations closer to home, adding security, and working to reduce supplies and shipping costs. - Yahoo Finance

• May 2024 US foreclosure report shows a total of 32,621 U.S. properties with foreclosure filings — default notices, scheduled auctions or bank repossessions — up 3% from a month ago but down 7% from a year ago. - Attom Data

• Vacancy rates in the U.S. and Canada remain around 20%. Roughly 80% of the US$ 15.2 billion of commercial mortgage-backed securities (CMBS) office loans expected to mature this year are at risk of failing to refinance and US$ 929 billion in maturities in 2024

• Real profits per enterprise have fallen to less than $200,000 per business, from $235,000 in 2019. Profit margins were well below the pre-Covid average. The annualised rate of 371 corporate insolvencies was the highest since 2013. - NZ Herald

• The private inland container depots (ICDs) in Chattogram are overwhelmed with export containers due to the advance dispatch of cargoes by the exporters ahead of Eid vacation in garment factories. - The Daily Star

• International Monetary Fund (IMF) has warned of a "striking" decline in the U.S. dollar's share of allocated foreign reserves of central banks and governments. - Forbes

• "Such a high concentration implies that if NVIDIA continues to rise, then things are fine," he wrote in a note on Wednesday. "But if it starts to decline, then the S&P 500 will be hit hard." - Yahoo Finance

• “We don’t believe that there’s going to be any loss of sovereignty for the U.S. dollar as far as the world’s reserve currency goes, for the next 10, 20 years..." - HSBC

• 43% of BNPL users who owe money were behind on payments, while 28% were delinquent on other debt. 48% of those using BNPL say they’ve started, or have considered, using it to pay bills or buy essential items, including gas and groceries. - The Harris Poll

  Buy Now Pay Later (BNPL) businesses would fall upon their blades. It is a good credit facility if the people can pay back. Debts look to break the backs of the government, corporations and consumers.

@TigerStars

$S&P 500(.SPX)$