MacroQuant

Machines | Markets | Geopolitics | Biotech | Big Fan of Hard Problems

[MacroQuant @macro_quant]

@Hedgeye @HedgeyeAI @SamofAmerica Great job this week. It has been the best Early Look, Macro Show, and the Call in a very long time. I hope this is the new format. I’ve had it with the “Macro Tourist” and “Old Wall” stuff; a lot of days that crap is the majority of the content.

[MacroQuant @macro_quant]

@Quant_Morales How are you defining momentum? How often are you rebalancing?

[MacroQuant @macro_quant]

@KeithMcCullough FYI - you guys have $SXT not $STX on your Signal Strength Stocks distribution.

[MacroQuant @macro_quant]

@HOThomasWPhelps @semodough A lot of things work in EAE that never translate to the clinic.

[MacroQuant @macro_quant]

@KobeissiLetter Iran has a parliament?

[MacroQuant @macro_quant]

@QuantData FYI - Chart is $MSFT

[MacroQuant @macro_quant]

@SoJustFollowMe Hedging and expressing thematic views.

[Adam J. Fein @DrugChannels]

𝐂𝐢𝐠𝐧𝐚 𝐕𝐞𝐫𝐭𝐢𝐜𝐚𝐥 𝐈𝐧𝐭𝐞𝐠𝐫𝐚𝐭𝐢𝐨𝐧 𝐔𝐩𝐝𝐚𝐭𝐞 (𝐖𝐢𝐭𝐡 𝐚 340𝐁 𝐓𝐰𝐢𝐬𝐭)

Bob Herman @bobjherman at @statnews uncovered that Cigna Group’s Evernorth Health Services now owns 100% of CarepathRx, a company that helps hospitals and health systems build and operate in-house specialty pharmacies.

Recall that in 2025, Evernorth also invested $3.5 billion for an undisclosed stake in Shields Health Solutions, the former WBA subsidiary with a similar hospital-focused specialty pharmacy model.

Why it matters:

✅ Manufacturers’ limits on #340B contract pharmacies have pressured Express Scripts’ 340B profits.

✅Expanding deeper into hospital-owned specialty pharmacies is a clever vertical integration play that helps preserve access to 340B-driven profits through a different channel.

P.S. Yes, both deals will appear on DCI’s soon-to-be-updated (in)famous vertical integration slide. 😉

Story: https://t.co/Z5Q7azFnMJ

[Craig Fuller 🛩🚛🚂⚓️ @FreightAlley]

I have zero doubt that we are seeing manufacturing starting to rip.

Flatbed is naturally the first mode to signal it, as flatbeds haul heavy industrial raw materials.

We talked about greenshoots a few weeks ago, and it was exciting, but still a bit iffy.

I don’t recall ever seeing a national tender rejection chart surge like this.

Flatbeds are on fire. This is epic.

[Rohin Dhar @rohindhar]

San Francisco Chronicle analysis of the cost of a bundle of groceries at various grocery stores in the city

Trader Joe’s is by far the least expensive and they didn’t raise their prices this year

[MacroQuant @macro_quant]

@marketplunger1 Views on next-gen processing technologies / automation being deployed outside of China and thoughts on water scarcity and its impact on operations limits. On data centers, 50% have been canceled (smaller ones mostly) what does that do for the outlook embedded in market pricing?

[MacroQuant @macro_quant]

@SoJustFollowMe Just curious why your long exposures are mostly LEAPs.

[X Freeze @XFreeze]

xAI has officially become the first to bring a gigawatt-scale coherent AI training cluster online

That’s more electricity than the peak demand of San Francisco

While competitors are still drafting roadmaps for 2027, xAI is already operating at major city–level power today

The execution speed is unreal:
Colossus 1 → from dirt to fully operational in 122 days
Colossus 2 → just crossed the 1 GW barrier, targeting 2 GW total

Elon’s playbook hasn’t changed:
move faster than everyone, scale before they finish meetings

The strategy is clear: speed and execution at scale

[Prof. Brian Keating @Briankeating]

In recent days, multiple Erdős problems have been solved by GPT-5.2 Pro, with solutions accepted by Terence Tao. This is not a gimmick—it's a qualitative shift.

Erdős problems lie at the core of additive combinatorics, extremal graph theory, and probabilistic methods—problems that resist brute force and demand structural insight. Many have endured decades of expert scrutiny.

Acceptance matters more than authorship. Tao doesn't rubber-stamp ideas; he rigorously tests logic, generality, and novelty. If a proof clears that hurdle, the system didn't merely recombine known lemmas—it explored a true mathematical search space.

This means AI has crossed a threshold: from assisting mathematics to participating in it by proposing nontrivial arguments, uncovering hidden structures, and resolving problems humans value—without a predefined solution path.

Importantly, this doesn't diminish human mathematicians. It reshapes the field's topology. Just as symbolic algebra systems amplified rather than replaced math, AI now seems poised to expand the frontier itself.

If these claims hold, recent days may mark the lift-off for AI-driven science: not flashy demos, but quiet validation by the world's toughest referees.

We should remain skeptical, careful, and precise—yet honest about the implications.

Something fundamental may have changed. Here's a five-minute video with Terry explaining these problems and meeting the man himself:

[hk @hassankhan]

GM invented the rare earth magnet in 1983, then sold a production subsidiary to a consortium that included Chinese investors. They moved all the equipment to China.

[Anduril Appreciator @A1Anduril]

Anduril Founder @PalmerLuckey Reveals the Hidden Risk of Chinese Hardware:

“There were multiple times we discovered actual wiretap electronics in product samples that were given to us.”

“The risks apply to everything that’s made with Chinese components… computers, servers, phones, drones.”

“The Supermicro incident in the United States… certain server farms that had Chinese components smaller than a grain of rice… were stealing very sensitive information from the computer.”

“How many [Chinese] computers exist in critical utilities and infrastructure and military? Millions, at least.”

“How many of them are compromised by Chinese intelligence operations placing listening devices or false components in them?”

“Surely they’re targeting every government, every military, and every company.”

“I think it’s critical that countries, for their critical technologies… make sure they’re not built in China with Chinese components.”

[MacroQuant @macro_quant]

@TSGResearch 👏

[FinancialJuice @financialjuice]

France’s President Macron: In order to finance the investment we need, Europe must leverage its pool of around €30 trln in savings- FT Oped.
https://t.co/la7q2Voyv3

[MacroQuant @macro_quant]

Europe can’t innovate so they punish those that do. Maybe we should probe LVMH for its acquisition of Tiffany’s, Swatch for its collection of watch co’s, Hérmes for cornering $30k handbags. Probing Google for AI is like probing Ferrari for making an SUV. https://t.co/SKaQOO9NiT

[Daily Chartbook @dailychartbook]

"We hear constantly how the US is top heavy ... But looking around the globe shows the US is actually one of the least top heavy countries!"

@RyanDetrick