Simon White warns that the financialization of GPUs—using them as collateral for debt, with a futures market emerging—parallels the early stages of the 2008 mortgage crisis. He highlights rapid depreciation (3-4 years), technological obsolescence risk, and early signs of demand destruction (token maxing) as key vulnerabilities.

Greg Peters and Ira Jersey analyze the first FOMC meeting under Chair Kevin Warsh. Key themes: inflation remains well above target despite falling oil prices, the easing bias is likely to be removed from the statement, and Warsh faces a difficult credibility challenge balancing independence against Trump's pressure for lower rates. The labor market is firming, making rate cuts hard to justify.

Mandeep Singh analyzes SpaceX's $60B acquisition of cursor, noting cursor's proprietary 'composer' model gives it a cost advantage. He warns SpaceX's ~$2.8T valuation at 100x 2025 sales is unprecedented and dependent on maintaining retail enthusiasm, with high risk of sharp correction if they disappoint.

Nick Wadhams details the leaked US-Iran MOU: immediate lifting of oil waivers and access to $300B fund for Iran, in exchange for a 60-day negotiation window on nuclear limits. He highlights Trump's political need to end the war before midterms, Iran's leverage via Strait of Hormuz, and the unresolved role of Israel/Netanyahu as key risks.

Mike Dinsdale explains Power Law's closed-end fund that gives retail investors access to private tech giants (SpaceX, OpenAI, Databricks, etc.). The fund trades at a premium due to supply-demand imbalance. He plans to sell SpaceX holdings post-lockup to reinvest in private companies, and sees a structural shift toward embedding such funds in retirement accounts.