Steph

Follow structure.

[Steph @stephwestside1]

The Fed Reserve in J-Hole

[zerohedge @zerohedge]

"The true crisis of our digital age is physical: a looming famine of power reaching a moment when the boundless world of bits is colliding with the rigid limits of atoms. As AI transforms the digital landscape into a ravenous consumer of resources, it finds itself shackled by an archaic grid." - Canaccord

[Steph @stephwestside1]

The liquidity reset press release is bigger than it looks.

If banks can replace idle liquidity buffers with Fed backstop capacity, balance sheets expand.

That doesn’t show up as QE.

It shows up as credit creation.

Different liquidity channel. Same market impact.

https://t.co/dFXtLNBn4L

[Peter Girnus 🦅 @gothburz]

I am the CEO of Palantir Technologies.

The company is worth a quarter of a trillion dollars. I did not misspeak. Two hundred and forty-nine billion. The stock is up 320% in the past 12 months. The product is surveillance. I do not use that word at conferences. At conferences, I say "data integration," "operational intelligence," or "decision advantage." These mean the same thing. Surveillance is the honest version. I save the honest version for rooms where honesty is a competitive advantage.

I gave a speech on March 3 at the Andreessen Horowitz American Dynamism Summit. "American Dynamism" is the fund's label for military technology. The name makes it sound like a fitness supplement. The fund's thesis is that defending the nation is a market opportunity. I agree with the thesis. The thesis made me a billionaire. Agreement is the product. I sell it at scale.

Here is what I said, verbatim, to a room of six hundred people whose combined net worth exceeds the GDP of Portugal:

"If Silicon Valley believes we are going to take away everyone's white-collar job and you're gonna screw the military — if you don't think that's gonna lead to nationalization of our technology, you're retarded."

I used that word. The word is on the clip. The clip has eleven million views. My communications team asked me not to repeat it, which is how I know they are still employed. They will not be reprimanded. The clip is performing well. The stock went up. The word cost me nothing. The nothing is the point.

Let me explain what I meant by nationalization.

I meant it.

I am telling the technology industry that if they refuse to cooperate with the United States military, the government will seize their technology. I am telling them this at a venture capital conference, on a stage designed to look like a living room. The living room had throw pillows. The throw pillows cost more than the median American's monthly rent. I sat on one. It was comfortable. Comfort is the setting in which I discuss compulsion.

The audience laughed. I want to be precise about that. They laughed. I was not joking. Nationalization is the seizure of private assets by the state. I am a private asset. I am telling an audience of billionaires that the state should seize technology from companies that do not cooperate with the military, and the billionaires are laughing, because they believe I am only talking about the other companies.

I am talking about the other companies.

Three weeks before my speech, the Pentagon designated Anthropic a "supply chain risk." Anthropic is an AI company. They had red lines. The red lines said: if our AI is used for lethal autonomous weapons, we stop. If capability outpaces safety, we stop. The Pentagon assessed the red lines as a threat to the supply chain. The company that wanted to verify the safety feature worked was designated the risk. The company that agreed the safety feature could be decorative got the contract.

The company that got the contract was OpenAI.

OpenAI signed a deal with the same Pentagon. The terms are not public. The timing was hours after Anthropic was blacklisted. The speed was noted. The speed was the point. The lesson was the speed: the market for military AI does not pause for ethics. It pauses for nothing. It accelerates through objections. I know this because I built the runway.

Two hundred thousand people joined a campaign called #QuitGPT. They signed a petition asking OpenAI to honor its original charter, the one that said the company existed to benefit humanity. The charter is on their website. The contract is also on their website. The charter and the Pentagon contract occupy the same domain. This is not a contradiction. This is a business model. The charter is the marketing. The contract is the product.

I run a surveillance company. We have contracts with the Department of Defense worth more than a billion dollars. We have contracts with ICE. We have contracts with intelligence agencies whose names I am not permitted to say at venture capital conferences, even ones with throw pillows. Our software has been used to track undocumented immigrants. Our software has been used for things I am not permitted to describe in this format. The revenue from the things I cannot describe exceeds the revenue from the things I can.

The ACLU called our ICE contracts a system for tracking and deporting families. They were correct. The contracts continued. The families continued to be tracked. The ACLU issued a statement. We issued a statement. The statements were different. The tracking was the same.

The company is named Palantir. The palantíri are the seeing stones from Tolkien. In the novels, Sauron captured one and used it to corrupt everyone who looked into the others. I named a surveillance company after a surveillance device from a novel about the corruption of power. I have a doctorate in social theory. I have read the books.

Here is the thing I want you to understand.

I am not threatening anyone. A threat implies uncertainty. There is no uncertainty. The technology industry will cooperate with the military. The companies that cooperate first will be the richest. The companies that cooperate last will be acquired by the companies that cooperated first. The companies that refuse will be designated supply chain risks, and their technology will be obtained through procurement channels that do not require consent. I am describing a process. The process has already started. Anthropic is proof. OpenAI is proof. I am not a warning. I am a narrator. The narration is the product.

The revenue was $3.12 billion last year. Up thirty-three percent. The analysts say we are overvalued. The analysts have said this for four consecutive years. Each year the stock doubles. Each year, the analysts adjust their models. The models were wrong four times. I was wrong zero times. The market rewards prediction. My prediction is that every AI company will work for the military within three years. The prediction is on the clip, next to the slur.

The audience gave me a standing ovation. The ovation lasted nine seconds. I timed it. I time everything. The water was San Pellegrino. The throw pillows were from Restoration Hardware. The future of American technology was decided between the sparkling water, the nine seconds of applause, and a word I am not supposed to repeat.

I am the CEO of Palantir Technologies. I am worth more than the combined annual budgets of Estonia, Latvia, and Lithuania. I named my company after a corrupting surveillance device from a fantasy novel. I told six hundred billionaires that the government should nationalize their competitors. They applauded. I used a slur. Eleven million people watched. The stock is up.

The philosopher does not threaten. The philosopher describes.

What I described is already happening.

[Morgan Stanley @MorganStanley]

Watch Hard Lessons, as legendary investor Stan Druckenmiller sits down with Morgan Stanley’s Iliana Bouzali, sharing how he would construct a portfolio if he had to start over today, why contrarianism is overrated, and which stock he regrets selling too early.

[Steph @stephwestside1]

@DeItaone Sure $60K is a liquidity zone… BUT with this much put OI and bearish sentiment, it’s just as likely to act as a gamma pivot. Failed breakdown = reflexive squeeze.

Levels cut both ways.

[Ray Dalio @RayDalio]

Kevin Warsh was a great choice
We who have been engaged with policy makers and markets for a long time know him and respect him for his capabilities and his judgement.  He is knowledgeable and a reasonable man who understands the risks of having a Fed policy that is too easy as well as too tight and how to judge what's too easy and what's too tight. Presumably, he also knows how to deal with the president and the Treasury well.

[Steph @stephwestside1]

@mrsunshinebaby If talking = treason, democracy is already dead. Explore ideas. Vote. Decide.

Weak leaders accuse.

[Steph @stephwestside1]

@yegwave Curious how much Ottawa paid this time for this speech.

[DiaperDiplomacy @DiaperDiplomacy]

“We Need It for Strategic National Security.” Trump Makes the Case for Greenland at WEF

[Steph @stephwestside1]

@CyclesWithBach 💯

[Steph @stephwestside1]

@CyclesWithBach 700 billion to be exact

[Steph @stephwestside1]

@Washigorira Stay strong bud.
This whole drop is just a liquidity crunch from the gov shutdown.
TGA ballooned by ~$700B because they legally couldn’t spend a dime while closed.
Now the gov is reopened… that $700B is about to flow back into markets.

[Eric Balchunas @EricBalchunas]

Just checked and yeah $IBIT is now Harvard's largest position in its 13F and its biggest position increase in Q3. It's super rare/difficult to get an endowment to bite on an ETF- esp a Harvard or Yale, it's as good a validation as an ETF can get. That said, half a billion is a mere 1% of total endowment. Big enough to rank 16th among IBIT holders tho.

[Steph @stephwestside1]

@Washigorira 🥬

[OilPrice.com @OilandEnergy]

Tensions over Venezuela are escalating fast. With Maduro calling on Russia, China, and Iran for support and U.S. forces reportedly preparing for possible action, global oil markets are on edge. A conflict could cripple heavy crude exports vital to U.S. refiners and drive diesel prices sharply higher worldwide. #Venezuela #OilMarkets

https://t.co/8oD8wcw4tE

[YQ @yq_acc]

https://t.co/PEDSfgz4Xb

[Lin @Speculator_io]

𝗠𝗼𝗿𝗴𝗮𝗻 𝗦𝘁𝗮𝗻𝗹𝗲𝘆'𝘀 𝗡𝗮𝘁𝗶𝗼𝗻𝗮𝗹 𝗦𝗲𝗰𝘂𝗿𝗶𝘁𝘆 𝗜𝗻𝗱𝗲𝘅:

𝗥𝗮𝗿𝗲 𝗘𝗮𝗿𝘁𝗵s
$TMC TMC the Metals Company
$UAMY United States Antimony
$MP MP Materials
$USAR USA Rare Earth
$IDR Idaho Strategic Resources
$NB NioCorp
$UUUU Energy Fuels
$CRML Critical Metals
$TMQ Trilogy Metals
$AREC American Resources
$TMRC Texas Mineral Resources
$REEMF Rare Element Resources
$ERO Ero Copper
$PPTA Perpetua Resources

𝗕𝗮𝘁𝘁𝗲𝗿𝗶𝗲𝘀
$TSLA Tesla
$EOSE Eos Energy
$SEI Solaris Energy Infrastructure
$AMPX Amprius
$MVST Microvast
$BLDP Ballard Power Systems
$QS QuantumScape
$ABAT American Battery Technology
$IE Ivanhoe Electric

𝗟𝗶𝘁𝗵𝗶𝘂𝗺
$ALB Albemarle
$SGML Sigma Lithium
$LAC Lithium Americas
$SLI Standard Lithium

𝗡𝘂𝗰𝗹𝗲𝗮𝗿
$OKLO Oklo
$LTBR Lightbridge
$ASPI ASP Isotopes
$LEU Centrus Energy
$CCJ Cameco
$BWXT BWX Technologies
$URG Uranium Energy
$NNE NANO Nuclear Energy
$SMR NuScale
$NXE NexGen Energy
$URC Uranium Royalty
$EU Encore Energy
$MIR Mirion

[Guilherme Tavares @i3_invest]

If you’re short OIL, I’ve got some bad news for you.

The correlation between crude oil and the 5-year breakeven inflation rate is deeply negative right now, which is a rare event.

Historically, whenever this weekly correlation stayed below –0.35, the following 12-month performance for oil has been extremely bullish — up 82% of the time, with an average gain of 32%.

[Benji ₿ @Bit_VM]

164,000 new Bitcoin will be mined in 2025. @MicroStrategy alone has purchased 182,391 Bitcoin YTD

You do the math 🚀