M.M.

I’m just here for the sports and memes. #steelers 🏈 #suns 🏀

[Jake @jacobkleinman]

“My Mayor is Muslim, my bagel is Jewish, my Christian’s Dior… Knicks in 4”
— unknown poet, early 21st century, the American Northeast

[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.

[NFL @NFL]

Steelers, TE Darnell Washington reach agreement on a four-year, $42M extension. (via @JFowlerESPN)

[M.M. @instantpot69]

@MLFootball Did a lot of that coming off the bench too 🫡

[M.M. @instantpot69]

@thataintit_ LMAOOOOO

[☔ @Whotfismick]

when i'm having fun on a Sunday and it reaches 6-7pm

[M.M. @instantpot69]

@beyoncegarden People who record without consent are weird. Idk why people defend that.

[🐢✨America Is Musty✨🐢 @DragonflyJonez]

The disrespectful dunk with 4 seconds left. Boy I fuckin love it. Hate is back.

[Hoop Central @TheHoopCentral]

VICTOR WEMBANYAMA POSTER ON CHET HOLMGREN

OH MY GOODNESS. 🔥🔥🔥

[Jack @jackunheard]

Tennis player Rafa Jodar SHOVES the ball girl out of the way.

He should never play another tennis match again in his life.

What a loser. https://t.co/h6a3RQ8H0a

[Noah @antibearthesis]

$70B to bomb it
$300B to fix it
Taxpayers right now:

[Reads with Ravi @readswithravi]

Marcus Aurelius wrote this over 1800 years ago:

“Until death, all defeat is psychological.”

[Culture Crave 🍿 @CultureCrave]

‘Obsession’ crosses $100M at the global box office 💰

Production budget was ~$750K

[Path of Men @PathOfMen_]

Until death, all defeat is psychological

[Jeff Biesinger @JeffBiesinger]

I’m going to be honest. I’m a huge fan of policing your own. MLB does it. NHL does it. NFL does it. The only way to get players to stop acting like idiots, is to let them know when they are. If a team is going to constantly flop and foul bait, then you may as well get your money’s worth. I’d love to see more of this in the NBA. It’s the only way things are going to get cleaned up. Obviously, the league isn’t going to fix it.

[the german gentleman aka grubauer's #1 fan @midaeros]

The body cam footage was literally so funny. Cops will literally waste everyone's fucking time instead of admitting they were wrong.

[M.M. @instantpot69]

@GigglingGanon I mean, what do you expect when you want to randomly record people. It’s weird af man.

[Kalshi @Kalshi]

JUST IN: US and Iran reportedly launched attacks on each other

[Hater Report @HaterReport]

Jaylin Williams looked at Keldon Johnson, ran directly into him AND FELL DOWN. Foul on the Spurs.

This is getting RIDICULOUS