Alan

[amit @amitisinvesting]

LEGENDARY INVESTOR STANLEY DRUCKENMILLER JUST WROTE AN OP-ED FOR THE WSJ ABOUT BOND YIELDS.

He is not happy with what the Treasury is doing, thinks that it’s effectively a gimmick, and wants the Bond Market to freely determine where yields should go.

His op-ed summarized below:

- The Treasury’s decision to double long-dated bond buybacks from $2B to at least $4B per operation looks less like liquidity management and more like an effort to push down long-term yields after the 30-year yield reached a 19-year high.

- There was no clear market dysfunction forcing intervention. Auctions were functioning, volatility was contained, and trading remained orderly. With inflation still above target, unemployment near full employment, deficits around 6% of GDP, and debt above $40T, higher yields can be viewed as the market pricing fiscal risk appropriately.

- Suppressing those yields risks weakening one of the few remaining forms of fiscal discipline on Washington. Lower borrowing costs reduce the pressure to deal with deficits, entitlement spending, and the broader debt trajectory.

- Buying long-duration Treasuries while funding the purchases with short-term bills effectively removes duration risk from the market, making it resemble a small form of quantitative easing conducted by Treasury rather than the Fed. The concern is that once markets believe officials are defending a certain yield level, they may keep testing that commitment.

- The better solution is to let the bond market set the price of government borrowing and address the underlying fiscal problem directly: reduce the primary deficit, reform entitlements gradually, and manage debt more responsibly. Liquidity tools can delay a fiscal problem, but they can’t solve it.

These yields are becoming an issue.

When someone like Drucks has to write an op-ed, you know he’s getting annoyed. Either we cut back on spending and get fiscal policy in order (no party will do that) or we end the Iran war to get yields down. If we don’t do either, this problem isn’t going away.

[Shadow IND @ShadowIND_IN]

DAMN , THIS FOOTAGE IS INSANE

SEAL Team 7, Alpha Platoon in Mosul, Iraq, 2017.

[Alan @el7dela]

@BusinessInsider Overvalued

[Alan @el7dela]

@MarcusMilione 7.5 🏃‍♂️

[AAKASH👀KAPIL @aakashkapil01]

Someone upload “The Odyssey” full movie on X.

Can you believe it? https://t.co/lyc3Vbfoc4

[amit @amitisinvesting]

$HOOD

I have covered Robinhood for the past 3 years, and it is fair to say that something really different has happened in the past 2 weeks since their Crypto event in the UK.

Why? Well...

Just over one week after launch of the Robinhood Chain:

- 17M+ transactions
- Nearly 350K total addresses
- Nearly $250M in protocol TVL
- More than $1B in DEX trading volume

And three days ago, Robinhood Chain flipped Hyperliquid in 24-hour DEX volume, according to DefiLlama:

Robinhood Chain: $433.19M
Hyperliquid: $296.23M

The implications for $HOOD are significant and really cannot be ignored by the market.

Robinhood is evolving from a brokerage that earns from customer trading activity into a vertically integrated financial ecosystem with its own blockchain, exchange infrastructure, tokenized assets and on-chain liquidity.

This along with the Trump accounts is why I think the stock has finally decoupled from $BTC and is now trading at 80% above its lows in May. Bitcoin could go up or down, the market has moved on with pegging HOOD's stock to random BTC fluctuations, because HOOD is so, so much more important than what happens with any individual coin.

If Robinhood Chain continues gaining adoption, Robinhood could capture economics from:

- Blockchain transaction fees
- DEX trading and liquidity activity
- Tokenized stocks and real-world assets (something Vlad really wants to push heavily as he sees the entire world is moving on chain)
- Stablecoin payments and settlement
- Third-party applications built on its network
- Increased customer deposits and engagement

The bigger opportunity is that Robinhood may no longer need to simply route transactions through financial infrastructure owned by other companies.

It could increasingly own the infrastructure itself...which has always been the bull case for them in crypto. It's not just about making fees off people trading coins, but owning the entire stack when it comes to the broader crypto ecosystem.

That gives Robinhood more control over the customer experience, potentially stronger margins and several new recurring revenue streams.

It is still early, and some of the initial volume may be driven by launch incentives, but Robinhood Chain is already showing that the company could become far more than a retail brokerage. The main assets being traded on it right now are meme coins, which some people may think are a joke, but to me this is showing the willingness of so many native crypto investors to accept Robinhood Chain as a legitimate platform to be able to trade on and eventually, millions of other assets with real world utility will come on chain.

$HOOD is building toward becoming a global, crypto-native financial platform and that level of innovation and speed is what has helped the stock recover this year but is also getting the street excited for the future, diversified streams of revenue which will continue to compound earnings over the coming years.

LFG.

[Akademiks TV @AkademiksTV]

Pusha T lying ass spotted flying economy

[Kage Invests 影 @Investmentkage]

300K it is 50% of the way to a millionaire.

This photo lives in my head, rent free.

[CMS Invests @cmsinvests]

THE WAR IS FINALLY OVER.

WE’RE ALL RETIRING TRILLIONAIRES.

STOCKS WILL NEVER GO DOWN AGAIN.

[Robinhood @RobinhoodApp]

See you soon Canada 👋

[amit @amitisinvesting]

A TON OF THINGS HAPPENED IN THE STOCK MARKET TODAY.

Here's a full recap:

1. The Fed did not cut rates at this week’s meeting, and Kevin Warsh said there was “rigorous debate” among policymakers over the direction of monetary policy. Warsh argued that markets perform best when they react to incoming data instead of trying to guess how the Federal Reserve will respond. He also said financial market prices are one of the most important sources of information for central bankers. Warsh emphasized that inflation is primarily driven by monetary policy and said the Fed’s long-held 2% inflation goal should not be revisited until that target is actually achieved. He also announced new task forces focused on Fed communications, the balance sheet, existing data sources, productivity and jobs, and the inflation framework.

2. Bernstein raised its price target on AMD $AMD to $600 from $525 while maintaining an Outperform rating on the stock. The firm says AMD should benefit from stronger server demand, with its existing model already reflecting a healthier server CPU environment. Bernstein said its estimates are only moving marginally, but the higher target reflects continued confidence in AMD’s growth opportunity.

3. Robinhood $HOOD was up 10% today after the company said June volumes are tracking at the highest levels in its history month-to-date. Argus says Robinhood should remain in high-growth mode over the next few years as it continues adding brokerage customers and building products around trading trends popular with younger investors. The firm also sees Robinhood’s 10% workforce cut as a move that could reduce management layers, speed up decision-making, and support faster product development.

4. OpenAI generated $5.7 billion in revenue in Q1 2026, according to The Information, while burning $3.7 billion in cash during the quarter. Gross margin improved to 39%, up from 33% year-over-year, but the company also spent $8.6 billion on R&D and has roughly $665 billion in compute commitments through 2030. OpenAI ended the quarter with more than $73 billion in cash and securities, though it had previously projected cash burn of $25 billion this year and $57 billion next year.

5. Apple $AAPL is reportedly preparing to raise prices as the AI-driven memory shortage starts spilling into consumer hardware. Rising demand from AI servers is pushing DRAM and NAND costs higher, tightening supply across the market, and Tim Cook has warned that the pressure is becoming increasingly difficult to absorb.

6. Vanda Research says retail investors have bought as much SpaceX $SPCX over the last three trading days as they bought in $NVDA, $GOOGL, $META, $SPY, $QQQ, $AMZN, and $MSFT combined. The data highlights how intense retail demand has become for SpaceX exposure, with investors piling into $SPCX at a pace that rivals some of the biggest and most actively traded names in the market.

7. The top 10 most active options today by contracts traded were $TSLA with 3.1M contracts, $NVDA with 3.0M contracts, $SPCX with 1.4M contracts, $AAPL with 1.3M contracts, $MSFT with 1.0M contracts, $HOOD with 1.0M contracts, $META with 927K contracts, $AMZN with 900K contracts, $SOFI with 700K contracts, and $MU with 679K contracts. Tesla led options activity with more than 3.1M contracts traded, followed closely by Nvidia at 3.0M, while SpaceX, Apple, Microsoft, and Robinhood all saw heavy volume above 1M contracts.

8. The U.S. has released the full text of its 14-point Memorandum of Understanding with Iran, outlining an immediate and permanent end to military operations, mutual respect for sovereignty, and a 60-day window to negotiate a final deal. The agreement includes steps to remove the U.S. naval blockade, ensure safe commercial passage through the Strait of Hormuz, issue waivers for Iranian oil and related financial services, and make frozen Iranian assets available for use. It also calls for a $300 billion reconstruction and economic development plan for Iran, a pathway toward ending sanctions, and IAEA supervision over Iran’s enriched material stockpile. Iran agrees not to pursue nuclear weapons and to maintain the current status of its nuclear program while negotiations continue. The final deal would be monitored through an executive compliance mechanism and ultimately endorsed by a binding UN Security Council resolution.

9. Bloomberg is reporting that Trump plans to ask U.S. defense companies to produce missiles and weapons under license in Europe and Ukraine. The discussions are tied to Ukraine’s urgent need for more air defense interceptors, as current production levels are not keeping up with battlefield demand. The move would be aimed at expanding weapons supply faster by shifting more production closer to the region.

10. $AMZN Amazon is reportedly seeing growing interest in its Trainium and Inferentia AI chips as companies look to diversify away from relying solely on Nvidia GPUs, according to The Information. The biggest selling point is cost, with some inference workloads reportedly running up to 80% cheaper compared to H100s. Amazon is also exploring ways to bring its AI chips closer to enterprise data centers, though Inferentia is reportedly not yet ready for AWS Outposts testing.

11. Bernie Sanders is proposing legislation that would impose a one-time 50% stock tax on major AI companies generating at least $200 million in annual AI revenue, according to AP. The shares would be placed into a sovereign wealth fund projected to be worth nearly $7 trillion, with the public receiving direct payments while the government holds voting shares that could influence company decisions. Importantly, this is only proposed legislation and has not become law.

12. ETF flows have already touched $1 trillion year-to-date, and it is still only June. While some of that is tied to S&P 500 rebalancing, the pace makes it look increasingly likely that last year’s $1.5 trillion record could be broken. One of the more surprising standouts is $DRAM, which is now among the top 10 overall for ETF flows. Even with SpaceX stealing most of the market’s attention, DRAM remains one of the biggest stories of the year.

WALL STREET IS THE GREATEST SHOW ON EARTH.

[amit @amitisinvesting]

send it

[Alan @el7dela]

Requested 333 shares of $spacex ! 54 were filled ! Can't complain! Excited for opening morning ! Good Luck

[Hedgeye @Hedgeye]

Largest daily point decline in Nasdaq history:

[amit @amitisinvesting]

I bought $RDDT and $SHOP.

Reddit has been a name that’s always been on my watchlist, first real deep dive I did was at $230 and I stayed away because of valuation.

I think valuation concerns are more than resolved given the company has continued to grow and the stock has continued to go down.

Shopify has a more expensive valuation but I do not think the street is accurately pricing in their role in agentic commerce and really it’s quite laughable how aggressively the street is ignoring the quarter they just put up.

Both are absolutely massive compounders with accelerating growth that are down 40% YTD because they aren’t semiconductors.

Hoping they fall another 20% to add more.

Sold puts on $SHOP one month out for $90 and $RDDT at $130. Entry price on $RDDT is $142.57 and on $SHOP is $103.85.

I also love that both businesses are still run by their founders.

Looking to actually hold these names over the coming years so dips are likely and if the SaaS selloff or broader rotation out of anything semis gets worse than I would gladly welcome better prices.

[amit @amitisinvesting]

The Anthony Noto Episode. Out Now.

[Barchart @Barchart]

BREAKING 🚨: Home Buyers

30-Year Mortgage Rate soars to highest level in 9 months 📈🏡🤯

[Meb Faber @MebFaber]

If I were a financial advisor looking to seriously grow my book, I would give a presentation to the C-suite, investor relations, and employees of the top 10 public companies in my area. (Ditto with VCs, CPAs, and companies going public).

I would explain 351s to them and offer to hold their hand through the process.

95% of people still haven't heard of 351 and a LOT of money is in motion. We get emails every day from @spacex employees....

Wirehouses can't do it, @Fidelity won't do it. Big opportunity for the independents to raise serious $ that likely is time limited...

https://t.co/SM688j6pQU

[Noah @antibearthesis]

$SOFI the tweet we’ve all been waiting for…