Adam Duong

Born in Vietnam. Grew up in poverty. Adolescence in refugee camp. ESL in high school. BA in Finance. Portfolio Manager. Knowledge is power. Be curious & humble

[Bull Theory @BullTheoryio]

🚨 EVERYTHING THAT COULD GO WRONG FOR MARKETS WENT WRONG TODAY.

S&P 500 down -1.65%, wiping out $1.14 trillion.
Nasdaq down -2.60%, wiping out $1.11 trillion.
Gold down -3.38%, wiping out $1 trillion.
Silver down -6.9%, wiping out $280 billion.
Bitcoin down -6.31%, wiping out $80 billion.

In total $2.5 TRILLION wiped out in a single session. These were not isolated moves. Everything started breaking at the same time.

It started with the jobs report this morning.

The US economy added 172,000 jobs in May. Wall Street expected 88,000. That is almost double.

On any normal day, strong jobs is good news. But inflation is already at 3.8% and oil is sitting at $90. A labor market this strong tells the Fed it cannot cut interest rates and may actually need to raise them.

The probability of a rate hike this year went from 40% to 57% in a single day. That spooked every investor holding tech and growth stocks because higher rates mean those stocks are worth less today.

Then the AI trade started cracking.

Yesterday Broadcom reported record earnings: revenue up 48%, AI chip sales up 143% and the stock still crashed 12.6%. The reason was simple.

Broadcom did not raise its AI revenue targets for the year. Investors had expected it to. That single miss made people ask a question they had been avoiding for months: are we paying too much for AI stocks?

That question got louder today when a research firm called SemiAnalysis revealed that Nvidia's next-generation AI chips will need significantly less memory than everyone assumed, roughly half of what the market was pricing in.

Memory chips are what companies like SK Hynix and Samsung make. SK Hynix fell nearly 10% today. Samsung fell over 6%.

South Korea's entire stock market crashed 5.5% in a single session. Japan's semiconductor stocks did the same.

And then Anthropic added fuel to the fire by publishing a report warning that AI is getting close to the point where it can improve itself without human help and calling for a global pause in AI development.

Coming on the same day as the memory demand news and Broadcom's miss, it fed a single growing fear across the market: what if the AI boom is moving faster than the business models can keep up with?

Underneath all of this, there is a liquidity problem nobody is talking about.

SpaceX goes public next week at a $1.75 trillion valuation. Anthropic just filed to go public. OpenAI is next.

These three companies together are worth $4 to $5 trillion. Fund managers need cash to buy into these listings.

But cash levels are already at their lowest since early 2024. The only way to raise cash is to sell what they already own. That selling is happening right now.

The new Fed Chair Kevin Warsh will also hold his very first policy meeting in 11 days. He was appointed by Trump with the expectation of cutting rates.

He is now walking into a situation where inflation is high, oil is high, and the job market is running hot. Investors do not know what he will do.

When nobody knows what the most powerful central banker in the world will decide in less than two weeks, the safest move is to reduce risk today.

Everything that could go wrong, went wrong at the same time. A hot jobs report, a collapsing ceasefire, a crack in the AI trade, a trillion dollar liquidity drain, and a Fed meeting with no clear outcome.

[The Kobeissi Letter @KobeissiLetter]

What just happened?

The S&P 500 just erased nearly -$2 TRILLION of market cap just hours after 3rd strongest US jobs report in 18 months.

Meanwhile, Bitcoin is officially down over -50% from its record high in October 2025.

What's happening? Let us explain.

(a thread)

[Charlie Bilello @charliebilello]

S&P 500 is up 9 days in a row and 9 weeks in a row.

One of the strongest, most unrelenting rallies in history.

[Thierry from arvy 🇨🇭 @ThierryBorgeat]

🚨 Bitcoin just dropped from $74,000 to $67,500 in 48 hours. On no real news.

One thesis that fits the data:

The exit liquidity rotation has begun.

In the next months, four companies are raising over $350 billion in fresh equity:

– SpaceX IPO: ~$75B
– OpenAI raise: ~$100B
– Anthropic raise: ~$100B+
– Google net equity issuance: ~$80B

That money has to come from somewhere. Existing portfolios. Risk-on capital. Cash.

Bitcoin is the most liquid risk-on asset on earth. Selling it is the fastest way to free up dollars without triggering tax events on long-held equity positions.

If the most religious Bitcoin holders – the corporate treasuries, the funds, the whales – are even partially rotating to participate in the largest IPO cycle in history, you don't need a news catalyst to explain the drop.

You just need the supply curve to flip.

This isn't bearish on Bitcoin long-term. It's a sign that the entire risk-on crowd is preparing to absorb the largest equity issuance year since 2000.

When the marginal Bitcoin holder needs to be on a SpaceX cap table, Bitcoin goes down for reasons that have nothing to do with Bitcoin.

The exit liquidity avalanche doesn't just hit overvalued stocks.

It hits anything liquid.

[The Kobeissi Letter @KobeissiLetter]

BREAKING: The S&P 500 surges to its highest level on record on reports that the US and Iran have reached a deal which is pending President Trump's approval.

[Brew Markets @brewmarkets]

The S&P 500 just hit a new record high.

[Hombre Imparable @Hombrelmparable]

Cosas que los hombres aprenden lentamente a medida que envejecen:

- Ninguna mujer te ama por lo que eres, solo te ama por lo que puedes hacer por ella.
-Nadie vendrá a salvarte
-La disciplina supera a la motivación
-El dinero resuelve muchos problemas
-El silencio es mejor que discutir.
-A nadie le importa hasta que seas rico o estés muerto.
-El respeto se gana, no se ruega.
- Ninguna mujer es tuya jamás
- Puedes hacerlo todo bien y aún así perder.
-Tus compañeros no son tus amigos
-Tu padre es el único hombre que quiere que seas mejor que él.

La vida se vuelve más fácil cuando aceptas estas verdades.

[Bull Theory @BullTheoryio]

BREAKING: S&P 500 futures just hit 7,569 for the first time in history.

It is now up +1.05% today.

[The Kobeissi Letter @KobeissiLetter]

BREAKING: S&P 500 futures extend gains to over +1% on the day and hit the highest level on record as President Trump asks Iran to join the Abraham Accords.

That's +$11.3 TRILLION in market cao since the March 30th bottom.

[The Kobeissi Letter @KobeissiLetter]

BREAKING: S&P 500 futures surge to their highest level on record.

[Philosophy Sage @philosophysage]

It took me 4 years to understand this; but I will teach in just 2 minutes:

1. Don't go to a party you aren't invited to.

[Philosophy Sage @philosophysage]

4. The people who gossip TO you will gossip ABOUT you.

If someone is comfortable trash-talking others in front of you, you're next.

It's not "venting." It's character.

Trust people by what they do when others aren't around, not what they say when they are.

[MARMOT @Web3Marmot]

🚨 THIS IS NOT NORMAL

SpaceX, OpenAI, and Anthropic are preparing to go public.

All at once.

To absorb these giants, the market will need to find $200 BILLION in fresh liquidity.

This is a brutal stress test for global investors.

To buy into these IPOs, big funds need a lot of cash.

They will ruthlessly cut overextended tech.

First in line: NVIDIA, Microsoft, and Google.

But these companies hold up the entire S&P 500.

If they start to fall, the index will follow.

We saw this before during the COVID bubble.

Dozens of tech companies (Rivian, Coinbase, Robinhood) hit the market at crazy high prices.

When the Fed hiked rates and liquidity dried up, these stocks crashed 80%.

The AI and tech sectors are already running on fumes.

Add a $200B drain, and you get a systemic flush.

Get positioned before this massive rotation begins.

As a reminder, I’ve called every major market turn for the last 10 years, including the $111K BTC peak in October.

Turn on notifications. I will guide you through this liquidity squeeze, and when the real bottom finally forms, I’ll call it here publicly.

[The married man @marriedmn]

Most married men are sexually starved and they are suffering.

Yesterday I had a coversation with a sex therapist and he gave me the reasons why so many marriages slowly become completely sexless.

( Married men bookmark this)

He said.....

[D. @Lush_Beauty1]

After a breakup, the loyal ones take time to heal, reflect, and process the pain. The narcissist usually rushes to find someone new to fill the void and feed their ego.

[TheManMaker @TheManMakerx]

8 Types of Men That WOMEN NEVER Leave:

[Helen Casanova | Seduction Palace @HelenCasanova_]

Divorce has six stages,

Stage three is the point of no return for most people.

Stage 1: Emotional Disengagement...

[Brew Markets @brewmarkets]

The S&P 500 just hit a new record high.

[The Kobeissi Letter @KobeissiLetter]

BREAKING: Nasdaq 100 futures fall over -1% as US CPI inflation rises to 3.8%, its highest level in 3 years.

[Brew Markets @brewmarkets]

S&P 500: record high

Nasdaq: record high