Esoteric Capital

long GOOG

[Esoteric Capital @esoteric_cap]

Legitimately think tipping culture is ruining society

[Esoteric Capital @esoteric_cap]

@zephyr_z9 Plz why won’t my baba go up 🥺

[Esoteric Capital @esoteric_cap]

@Jbird9496 @PythiaR LOL you sad little dick sucker

[Michael Pettis @michaelxpettis]

It is harder than ever to find good news in China's data release today. The economy continues to be structurally locked into increasing production at the expense of consumption, even though China suffers from many years of growing excess capacity.

China's industrial output, for example, increased by 5.4% year on year in the first five months of 2026, with a 4.5% year on year increase in the month of May. This was a little higher than April’s 4.1% increase, although lower than the 5.7% increase in March.

The uglier numbers were (as always) on the consumption side. For the first five months of 2026, total retail sales grew 2.8%, just over half the pace of industrial output. Although they were barely expected to grow in May, in fact they actually fell by 0.6%, well below the disappointing 0.2% increase in April and the first decline since the end of the Covid lockdown in 2022.

For all the excited claims about consumption spending during the important May holiday, in other words, it was more than offset by the decline in spending over the rest of the month, proving, once again, that what limits household consumption is the household budget, not spending opportunities.

Meanwhile China's fixed-asset investment declined 4.1% year on year in the first five months of 2026.

Last week's trade and debt numbers reinforce the claim that China is finding it harder than ever to restructure its economy. It is expending huge resources in growing output, especially manufacturing output, but Chinese producers rely more than ever on soaring exports to offset weak domestic demand.

So far this year's numbers show that China's economy has further increased its already-excessive dependence on surging debt and soaring trade surpluses to keep GDP growth from slowing. It is not clear how much longer this growth model can be sustained before China is forced into a very difficult economic adjustment, but it is almost impossible for China to exit this model without a sharp slowdown in near-term growth, which is why, for all its promises, Beijing has been unable to adjust.

The problem, of course, is that as long as this process continues, it will increase the final adjustment costs for the Chinese economy and will further undermine manufacturing in the rest of the world.
https://t.co/N6uiKiTPUy

[Esoteric Capital @esoteric_cap]

Imagine bragging about transitioning away from the best possible product

[Department of War CTO @DoWCTO]

Over two-thirds of the @DeptofWar has officially transitioned off Anthropic models in daily workflows in favor of alternative AI vendors.

The Department will no longer be single-threaded to one AI provider. Our warfighters will have access to a diverse suite of AI capabilities to ensure they achieve true decision superiority. 🇺🇸

[Esoteric Capital @esoteric_cap]

@DoWCTO @DeptofWar @DOWResponse Lol so you're losers?

[Esoteric Capital @esoteric_cap]

@FuckElon54528 @wallstengine Why?

[Esoteric Capital @esoteric_cap]

Lmfao

[Bronson Schoen @BronsonSchoen]

Incredible, AI Futures does it again

[Esoteric Capital @esoteric_cap]

@yanisvaroufakis Never before?!? What the fuck???

Legit insane statement

[Esoteric Capital @esoteric_cap]

@Will___lloyd Lol moron

[Citrini @citrini]

It’s been a minute since we wrote a macro memo, we were overdue for one.

Here’s the latest in what we’re thinking:

https://t.co/enfeHlQVU4

[Citrini @citrini]

Our team’s work really shines when covering a wide range of topics, cutting directly to the actionable chase of each.

Our recent State of the Themes is no exception. If you haven’t read it, I highly recommend doing so.

https://t.co/vS5KS9spao

[Esoteric Capital @esoteric_cap]

@DaveHcontrarian @dobbs_ddobell1 @DashBeeTaff @SullyCNBC If we get a bust during Trumps admin woke will come back with a vengeance. Thats how these political cycles work

[Esoteric Capital @esoteric_cap]

@Merridew__ Cool — Care to share more?

[Esoteric Capital @esoteric_cap]

@DylanLeClair @grahamformaine Certainly not your followers lmfao

[Esoteric Capital @esoteric_cap]

@Merridew__ It’s because people are really dumb. Simple

[Pythia Cap: Partially Conductive @PythiaR]

Again the flip flopping of the tech right on this has been hilarious to watch and also completely predictable.

[Esoteric Capital @esoteric_cap]

@CanazUK @CoffeeDagher @hillery_dan @Chrissssjohnson What in the fuck are you talking about

Buttcoin is an inflation “hedge” — nothing could be worse for its entire existence than massive deflationary pressure

[Esoteric Capital @esoteric_cap]

@omarsar0 I mean… at some point we will recognize a lot of it is marketing. And then the market will top

[Esoteric Capital @esoteric_cap]

@Merridew__ Cast iron!!