Nauman Khan

Understanding markets beyond the headlines.

[Nauman Khan @NaumanAlam]

Meta will now SELL its spare AI compute. OpenAI cut inference costs in half. Chips just had their worst two days since March 2025, yet Nvidia barely moved. The AI scarcity premise cracked: https://t.co/SAyMTnGsfb #Meta $META #Nvidia $NVDA #AI #semiconductors

[Nauman Khan @NaumanAlam]

Gold is in a bear market and almost nobody noticed: down 24% from January's $5,595 peak.

The fear trade lost to the rate trade. Central banks kept buying anyway.

https://t.co/TN8uMdEt57

#gold #Fed #dollar #XAUUSD #centralbanks

[Nauman Khan @NaumanAlam]

All 32 banks passed the Fed's stress test: $708bn of paper losses with a 1.6pp capital dent. Buybacks unlocked.

The catch? The riskiest credit in America no longer sits inside the tested perimeter.

https://t.co/TR6qziKcPi

#Fed #banks $JPM #stresstest #privatecredit #buybacks

[Nauman Khan @NaumanAlam]

A prime minister resigned and the gilt market barely moved.

The repricing happened months ago: 30-year gilts at 1998-era highs, sterling down 3% since February. What Westminster risk now costs:

https://t.co/w4GiOuCSGT

#UK #Starmer #Burnham #gilts #BankOfEngland #sterling

[Nauman Khan @NaumanAlam]

Japan spent a record ¥11.73 trillion defending the yen. It bought five weeks.

USD/JPY through 162, the weakest since 1986, even after the BoJ's first 1% rate since 1995. The real battle is with the Fed.

https://t.co/L7reaajG9e

#Japan #BoJ #Fed #yen #USDJPY #carrytrade

[Nauman Khan @NaumanAlam]

The first Week in Markets is live. This week: the 57,000 jobs miss that killed the July hike bet, the sharpest semiconductor selloff since March 2025, a record Dow, and a $14bn gate in private credit. One read, five stories: https://t.co/6rk2tNJI9V

[Nauman Khan @NaumanAlam]

$14 billion is now trapped behind private credit gates. The biggest fund got requests at 2x its cap. Blackstone paid out in full; Blue Owl locked the doors for good. The sorting has begun: https://t.co/X4aJYh2aRy #privatecredit #Blackstone $BX #BlueOwl $OWL #PIMCO

[Nauman Khan @NaumanAlam]

US payrolls: +57,000 vs 115,000 expected, and 74,000 past jobs erased in revisions. The Fed hike markets feared just faded. So why did unemployment FALL? https://t.co/6WicgTjZFa #Fed #Warsh #NFP #jobsreport #inflation

[Nauman Khan @NaumanAlam]

The S&P 500 just booked its best quarter since 2020, up ~15%, with chips up ~88%. But the rally leans on five AI names and now faces a hawkish Fed. Inside the H1 2026 melt-up and the risks ahead: https://t.co/BXNtfMOhkF #SP500 #Nasdaq #AI #semiconductors #Fed

[Nauman Khan @NaumanAlam]

The IPO window is wide open: a record $251bn first half, led by SpaceX and Alphabet, with new listings up ~16%. Is the exit bottleneck finally clearing, or a two-deal mirage? https://t.co/YkZEDufH6d #IPO #SpaceX #Alphabet #OpenAI #privatemarkets

[Nauman Khan @NaumanAlam]

The S&P 500 just booked its best quarter since 2020, up ~15%, with chips up ~88%. But the rally leans on five AI names and now faces a hawkish Fed. Inside the H1 2026 melt-up and the risks ahead: https://t.co/BXNtfMOhkF #SP500 #Nasdaq #AI #semiconductors #Fed

[Nauman Khan @NaumanAlam]

Alphabet is in the Dow, Verizon out after 22 years, and the index topped 52,000 for the first time. A 130-year-old, price-weighted benchmark just bowed to Big Tech. What the swap really signals: https://t.co/HBgi4jM2hL #Alphabet $GOOGL #Verizon #Dow #BigTech

[Nauman Khan @NaumanAlam]

The AI build-out just sent its first bill to consumers. Apple and Microsoft are raising hardware prices, up to $300 a device, as memory chip costs more than double. Why the crunch is now a margin story: https://t.co/AHDQ1ae58G #Apple #Microsoft #AI #semiconductors #memory

[Nauman Khan @NaumanAlam]

Core PCE hit 3.4% in May, the hottest since 2023, a week after the Fed's dot plot flipped toward a hike. The data has caught up with the hawks: https://t.co/HFfv56gMA5 #Fed #Warsh #inflation #PCE #FOMC

[Nauman Khan @NaumanAlam]

Micron just guided to ~$50bn in a single quarter, with its 2026 memory output sold out and gross margins above 84%. The AI bottleneck has moved from GPUs to memory. Our analysis: https://t.co/WvjrbrMOcd #Micron $MU #Nvidia $NVDA #AI #HBM #semiconductors

[Nauman Khan @NaumanAlam]

From war to blockade. The Hormuz impasse entered its second month with Brent around $105, more commercially disruptive than the war itself: https://t.co/cCsbq5vbNy #Oil #Hormuz #OOTT #Iran #Energy

[Nauman Khan @NaumanAlam]

The 2026 geopolitical risk premium is unwinding fast. A US-Iran framework took Brent below $74 and WTI under $70, the first since March. Oil and defence sold off, gold held: https://t.co/0KkTcD4uWC #Iran #USA #Oil #OOTT #Markets

[Nauman Khan @NaumanAlam]

188,000 barrels into a falling market. OPEC+'s July supply hike landed just as the peace trade took hold: https://t.co/jNoVgR4wkb #OPEC #Oil #OOTT #Energy #Crude

[Nauman Khan @NaumanAlam]

NVIDIA is locking up the AI supercycle's scarcest input. The SK hynix deal reserves HBM memory capacity years out, a strategic moat not a supplier tweak: https://t.co/XkMS2DDqXq $NVDA #NVIDIA #AI #Semiconductors #Stocks

[Nauman Khan @NaumanAlam]

The return of the hawk. The Fed's March minutes shattered the soft-landing consensus and jolted two-year yields. The repricing: https://t.co/56GH7V5fpz #Fed #FOMC #Rates #Bonds #Macro