SpaceX IPO is ambitious but burning cash; AI hyperscaler capex is the key theme, with infrastructure plays like high-bandwidth memory and electricity generators offering credible growth. Tariffs are inflationary but not a game-changer; Middle East tensions could spike refined product prices.

implicit

implicit
RUT

explicit
Metals
USD
Plurimi Wealth 4.2
Wealth Manager
Patrick Armstrong 8.5
SpaceX IPO and AI capex (with Francine Lacqua)
6/3/2026 2:30:02 PM
ndx
Hyperscaler capex theme is key; stocks benefiting have same multiples as last year, suggesting cautious optimism.
wti
Refined products (jet fuel, diesel) could spike if Strait of Hormuz not open by June.
1 calls
-39
frequent wrong calls with noticeable losses
yields
Tariffs are inflationary, AI spend is inflationary short-term, creating upward pressure on yields.
New US tariffs may not have full impact yet due to frontloading; emerging Europe less affected directly. Middle East conflict adds inflationary pressures via energy and food prices, with fiscal risks for North African countries.

implicit
NDX
RUT

implicit
Metals
USD
European Bank for Reconstruction and Development (EBRD) 7.0
Commercial Bank
Beata Javorcik 7.5
Tariffs and global growth (with Francine Lacqua)
6/3/2026 2:30:02 PM
wti
High oil prices helping Russian revenue; Middle East conflict adding inflationary pressures via energy.
yields
Inflationary pressures from energy and food will keep yields elevated.
BOJ lacks urgency to reach neutral rate, yen to weaken further. Fed needs to raise rates to 4-4.25% given 3% inflation and strong economy. BOE may hike sooner than markets price, possibly July.

explicit
NDX
RUT
Oil
Metals

implicit
Bloomberg 5.5
Financial Media
Ven Ram 4.0
BOJ, Fed, and BOE policy outlook (with Francine Lacqua)
6/3/2026 2:30:02 PM
dxy
Yen weakening, BOJ behind curve; Fed likely to hike, supporting dollar.
yields
Fed needs to raise rates to 4-4.25% at least.
153 calls
-+0
no reliable edge (random outcomes)