🚨 BREAKING: President Trump says it was NOT POSSIBLE for Spencer Pratt to be defeated by Nithya Raman "after the big lead he had"
"3rd World Nation. Rigged Elections! Now they’ll be working on great guy Steve Hilton. Won’t have results for, possibly, TWO WEEKS, according to officials." 🤯
California Democrats legalized election fraud!
It's a worldwide embarrassment.
🚨 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.
Crypto is dumping.
Bonds are dumping.
Even Oil is dumping.
Stocks are dumping.
Gold is dumping.
Silver is dumping.
If everything is dumping, where the hell is money going?
🚨 BREAKING:
🇺🇸 BLACKROCK CEO LARRY FINK SAID:
"THE U.S. IS SHORT ON POWER. I BELIEVE A NEW ASSET CLASS WILL BE BUYING FUTURES ON COMPUTE."
IF THIS HAPPENS, TRILLIONS WILL FLOW INTO THE DECENTRALIZED COMPUTE SECTOR
THIS IS EXTREMELY BULLISH FOR MARKETS!!
Spencer Pratt got 0 out of 24,000 votes in a late night LA ballot drop.
0/24,000
A guy getting around 30% support got 0 out of 24,000.
Astronomically small probability of happening.
Impossible.
California no longer even hides it.
Doors need to be kicked in.
🚨 BREAKING: Trump SBA Chief Kelly Loeffler just CAUGHT $1.1 BILLION in suspected PPP fraud, FREEZES 27,000 borrowers in Ohio ALONE
$9 BILLION caught in CA, MN and ME 🤯
This is huge!
"The SBA referred 560,000 borrowers to the DOJ and Treasury. That's over half a million borrowers to start collections and prosecutions for $22 billion in suspected PPP fraud."
"We've announced suspensions for 140,000 borrowers across California, Minnesota, and Maine totaling $9 billion."
"And today, I'm here to announce suspensions for over 27,000 Ohio borrowers tied to $1.1 billion in suspected PPP fraud."
AAG MCDONALD: "The war against fraud has come to Ohio, and we plan to leave no doubt as to who will win. That will be the team behind me, federal and state partners who have come together as one to battle the fraud crisis that has crippled our taxpayer-funded programs and robbed the American purse for too long." @RapidResponse47
One thing I've learned in sports, business, and media: when people can't attack the argument, they attack the messenger.
I showed three clips. The conversation became about my résumé. That's usually a sign we're no longer discussing the actual point.
Funniest play of the game:
Chet couldn't catch the lob so lays on the floor complaining until they review the play. They call a foul on De'Aaron Fox for GRAZING his foot lmao
Fox: "That's crazy" 😂😂
Nah man I’ve NEVER seen a back to back MVP with worse PR than Shai Gilgeous-Alexander lmaooo
Jay Williams just introduced a new segment called ‘Life Alert with SGA’ 😭💀
“Help me I’ve fallen and I can’t get up.” 🤣
Mike Greenberg on SGA:
“Sometimes watching him play is agonizing. It is not fun…. You have to understand that for the rest of us, watching this style of play is not like watching Steph, it’s not like watching Michael Jordan. It’s just not. We’re watching to be entertained.”
(via @GetUpESPN, h/t @NBA__Courtside)
If the Thunder go back-to-back, I genuinely think a lot of people are going to tune out of the NBA. Nobody wants to watch a team built on favorable whistles, theatrical flopping, and algorithm-driven hype masquerading as basketball purity