jbtsr

Focused on medtech and biotech. Experienced in venture capital, pvt. equity, emerging markets and micro-cap tech stocks. MBA -Columbia Univ,BBA-So.Meth.Univ.

[The Kobeissi Letter @KobeissiLetter]

BREAKING: US technology funds attracted +$14.3 billion in inflows in the week ending July 1st, the 2nd biggest weekly inflow on record.

This follows -$9.3 billion in outflows the prior week and a record +$19.2 billion in inflows two weeks earlier.

This brings the 4-week average of weekly inflows to a record +$9.0 billion.

Tech funds are now on pace to attract +$152 billion in inflows in 2026, an all-time high.

Meanwhile, US equity funds recorded -$17.2 billion in outflows in the week ending July 1st, the largest weekly withdrawal since March.

Investors are aggressively rotating into technology.

[The Kobeissi Letter @KobeissiLetter]

The AI spending boom is redefining the US economy:

AI CapEx across Alphabet, $GOOGL, Amazon, $AMZN, Meta, $META, Microsoft, $MSFT, and Oracle, $ORCL, is projected to rise to ~3.2% of US GDP in 2027.

If that materializes, annual CapEx will surpass national defense spending for the first time in history, which is projected at ~2.7% of GDP next year.

For this year alone, AI CapEx is set to increase to ~2.5% of GDP, from 1.5% in 2025, close to the estimated defense spending of ~2.7%.

This comes as AI CapEx of these 5 companies is projected to surpass $800 billion in 2026.

Subsequently, in 2027, this is expected to rise further, to a record $1.1 trillion.

Truly mind-blowing numbers.

[Tony Seruga @TonySeruga]

Every week, these strange white crates leave a high-security Tesla compound in Lathrop, California.

They’re showing up near the Hoover Dam. At an Air Force base in Georgia. In the heart of New York City…

An estimated 4,000 of them are now spread across 48 locations in 14 states. And more roll out every week.

But you won’t see this on CNBC, and you won’t read about it in the Wall Street Journal.

Because these mystery Elon crates have nothing to do with electric vehicles, space, social media, crypto, biotech, robots, or AI…

The “mystery Elon crates” are Tesla Megapacks — grid-scale battery storage units being deployed across the country for utility, military, and commercial energy projects. Tesla is quietly building the backbone of America’s grid-storage infrastructure while everyone’s distracted by culture-war bullshit — but it is the actual story worth paying attention to.

No secret technology. No hidden invention. Just the most boring, most profitable, and arguably most important thing Tesla does — hidden in plain sight.

[Ryan Detrick, CMT @RyanDetrick]

The S&P 500 just had the best Q2 returns ever in a midterm year.

It was the 5th best Q2 overall ever.

[JTheretohelp1 @JTheretohelp1]

One more for the road:

Retail = “all in”

May and June saw record breaking inflows into the market. I wonder who was selling to them? 🤔

Source: Citadel Securities

[James Lucas @JamesLucasIT]

Coincidence? I don't think so.

For nearly 500 years, hundreds of millions of people looked at the most famous painting of God ever made, and none of them noticed what was hiding in plain sight.

Then, in 1990, a doctor looked up at the ceiling of the Sistine Chapel and realized that God is wrapped inside a human brain...

The painting is Michelangelo's Creation of Adam, finished around 1512. You know the image even if you don't know its name: God reaching out from the heavens, His finger almost touching Adam's, the spark of life about to leap across the gap.

But look at the shape around God, the swirling red cloak that holds Him and the angels aloft. For five centuries it was seen as just a billowing robe... but in 1990, a physician named Frank Lynn Meshberger published a paper in the Journal of the American Medical Association arguing that the red shroud is something else entirely: an anatomically precise cross-section of the human brain.

Once you see it, you cannot unsee it.

The outline of the cloak traces the outer curve of the brain. A fold in the fabric forms the Sylvian fissure, the deep groove that separates the brain's major lobes. The angel curled beneath God is positioned exactly where the brainstem would be, and the green scarf trailing down becomes the vertebral artery. Even the pituitary gland and the optic chiasm, where the nerves from the eyes cross, fall precisely into place.

This was not a man likely to invent such a thing by accident. Michelangelo had spent his youth secretly dissecting human corpses in a monastery in Florence, studying the body from the inside with an obsessiveness that, by one early account, exceeded that of professional anatomists...

So what did he mean by it?

Meshberger argued that the painting has been misnamed. He suggested it should be called not the Creation of Adam, but the Endowment of Adam. In the Bible, God gives Adam life. But in Michelangelo's fresco, Adam is already alive, his eyes open, his body lifted. What God is reaching across that famous gap to give him is not life. It is intellect. The divine spark of human thought itself, delivered, fittingly, from inside the very organ that produces it.

One of the most looked-at images in the history of the world may contain a message that took half a millennium to be read, hidden by a man who understood both the human body and the human soul better than almost anyone who has ever lived, and who seems to have decided to bury his deepest idea about us where only the most careful eye would ever find it...

[Macro Alpha @MacroAlphaHQ]

You are staring at the Fed while the actual margin call is being dialed from Tokyo.

USD/JPY just hit 162.66. A 40 year high.

Japan already burned $72-$73 billion defending the yen earlier this year and it did absolutely nothing. The dip was bought back instantly. The intervention alone fails because it ignores the funding plumbing.

For years funds borrowed yen for basically zero to buy US equities and crypto. The total size of this trade sits between $4 trillion and $8 trillion. It is the cheap fuel running the global risk rally.

Now Japanese yields are rising. The BOJ is projected to hike toward 1.5% by 2027.

Japan is the largest net external creditor on earth. When their domestic bonds actually pay a return, that capital comes home. They sell US assets to buy Japanese bonds. The BOJ and ECB together are projected to drain over $1 trillion from global liquidity in 2026 alone.

We saw a tiny preview of this in August. One small BOJ hike broke the math. The Nikkei puked 12% in a single day. Bitcoin dumped from 64k to 49k in six days.

This time the intervention will have to be bigger.

Youre trading blind if you think US earnings matter right now. The ENTIRE board is just an $8 trillion carry trade trying to fit through a shrinking door.

[Alex Veremeyenko @alex_verem]

i'm obsessed with what's happening in AI reforestation right now

this Franco-Brazilian startup called MORFO took a patch of land in Brazil that was rock-hard and compacted from years of cattle farming. they replanted it using a single drone. months later the ground was covered in grass, bushes, and small trees. the land came back to life.

here's how the whole thing works.

1. drones scan the terrain with high-resolution cameras and sensors
2. AI analyzes the imagery alongside soil samples, moisture levels, slope, and surrounding vegetation
3. the system picks from a catalog of 300+ native species, deciding exactly which plants will thrive in which specific spot
4. the drone fires biodegradable seed pods packed with seeds, nutrients, and moisture at 180 capsules per minute
5. satellite and drone imagery monitors regrowth over time, with AI tracking vegetation cover and biodiversity
6. two people and one drone cover 50 hectares a day. a person planting by hand manages about one hectare.

and MORFO isn't alone. AirSeed in Australia drops 250,000 seed pods per day into bushfire-scarred koala habitat, replanting swamp mahogany that koalas depend on to survive. Flash Forest in Canada fires 50,000 pods daily into wildfire-destroyed boreal forest, planning the replanting alongside Cree Indigenous communities. re-green won Prince William's Earthshot Prize after planting 6 million seedlings across 30,000 hectares of Amazon and Atlantic Forest.

five companies across four continents built this same approach independently. nobody coordinated. the physics of the problem demanded it.

knowing which seeds belong in which soil used to require years of ecological fieldwork, manual planting crews, and budgets that made large-scale restoration nearly impossible. now two people with a drone and an AI model trained on local soil data can replant 50 hectares before lunch.

this is the AI work that'll still matter in 50 years.

[Charlie Bilello @charliebilello]

DRAM and NAND prices have spiked hundreds of percent over the past year.

That means higher costs for data centers, smartphones, laptops, gaming consoles, and anything else that needs storage and memory.

“This is a hundred-year flood." - Tim Cook

Video: https://t.co/Zv08iIKdd4

[Global Markets Investor @GlobalMktObserv]

🚨Hedge funds are aggressively SELLING US equities:

Hedge fund exposure to American equities has fallen to a record low of -20% relative to the MSCI ACWI index, down from 0% at the end of 2023.

TAP IMAGE TO SEE FULL INSIGHT👇
https://t.co/EtIJf9lCzd

[The Kobeissi Letter @KobeissiLetter]

BREAKING: US M2 money supply surged +$247.8 billion in May, to a record $23.1 trillion.

This marks the largest monthly increase since May 2021.

Year-to-date, M2 has soared +$698.6 billion, the largest January to May increase in 5 years.

Money supply now stands $1.3 trillion above the March 2022 peak.

Since 2000, money in circulation has grown at an average annual rate of +6.3%.

US money creation is accelerating.

[Jimmy Chill @AntiGrifterInc]

@KobeissiLetter Full chart. This needs to get chopped ASAP. Getting out of hand.

[Massimo @Rainmaker1973]

Science has now confirmed what anyone who has ever sought shade under a tree on a scorching day already instinctively knew: trees are nature’s ultimate air conditioners.

A single mature tree can release up to 380 liters of water vapor into the atmosphere every day through a process called evapotranspiration. Water drawn up from the roots travels through the trunk and evaporates from the leaves, quietly absorbing heat and cooling the surrounding air in the process.

The scale of this natural cooling is astonishing. According to environmental researchers, one large tree can produce a cooling effect equivalent to running five to ten air conditioners continuously for 20 hours, every single day. It does this silently, without using any electricity, without making any noise, and without emitting a single gram of carbon.

Every tree standing on a hot afternoon is essentially a free, self-powered, zero-emission cooling system that has been working since the day it was planted. Every tree we cut down removes that powerful natural cooling forever. Every tree we plant adds it back.

Nature really did build the perfect climate control system long before we ever invented one.

[Willem Middelkoop @wmiddelkoop]

Worse than 2008

[Thierry from arvy 🇨🇭 @ThierryBorgeat]

Part 2 of the semiconductor trilogy is live.

Part 1 read the tape: a textbook three-stage parabola, chips at 22% of the S&P 500, a five-sigma momentum stretch.

Part 2 turns the chart face-down and asks the only question that matters for a quality investor. Are the earnings real, and whose earnings are real?

What we found: the revenue is partly circular, the business is cyclical wearing a secular mask, and reported earnings are flattered by depreciation that will reverse.

But also that genuine quality exists. It is just concentrated, and the index is blind to the difference.

"It ain't what you don't know that gets you into trouble. It's what you know for sure that just ain't so."

Link below.

[Barchart @Barchart]

BREAKING 🚨: China

Chinese Real Estate Market has fallen to its lowest prices in AT LEAST the last 20 years 📉🏡

[JTheretohelp1 @JTheretohelp1]

The S&P reached an all-time high price-to-sales ratio of 3.6 this month.

By comparison, peak valuations during the 2000 Dot-Com Bubble was significantly lower, at roughly 2.3x sales.

Source: Federal Reserve/Robert Shiller

[Krzysztof Szczawinski 🇵🇱 @Kristof_Poland]

Atlas Shrugged made simple:

1. Society runs on a small number of highly capable producers – industrialists, inventors, engineers – whose work everyone depends on but takes for granted.

2. The system starts rewarding need over achievement: the more capable you are, the more you’re expected to sacrifice for those who aren’t.

3. Success gets treated like a debt – taxed, regulated, resented – until the most capable start asking why they bother trying at all.

4. One by one, led by a man named John Galt, they simply withdraw – walking away rather than keep propping up a system that punishes them for producing.

5. Without them, the whole structure collapses, revealing that the “automatic” prosperity everyone assumed was actually being generated by specific, irreplaceable people.

6. Atlas is the Titan from Greek myth, condemned to carry the sky on his shoulders forever – Rand’s stand-in for the producer class, holding up civilization while getting blamed for it.

7. “Shrugged” is the whole argument in one word: Atlas doesn’t fight, doesn’t protest – he just quietly sets the weight down. Nobody realized the sky was being held up by anyone in particular, until the day it isn’t.
You don’t want us? We just go…🤷🏻‍♂️

[Barchart @Barchart]

7 out of 10 Market Peak Indicators have now triggered according to Bank of America 🚨🚨

[Nicolas Hulscher, MPH @NicHulscher]

A SINGLE dose of a newly discovered frog gut bacterium ELIMINATES 100% of cancerous tumors within just a few days in mice.

A new landmark study found the natural bacterium Ewingella americana selectively targets, colonizes, and terminates tumors—with NO detectable toxicity.

They re-introduced cancer into the cured animals... and the tumors COULD NOT GROW.