Stephen Moreau

[Cooper Bradfish, CFP® @clbradfish]

The Trump account went live on July 4th

But before you fund one

Here's how it really compares to a 529, UTMA, or Roth IRA:

[Teddy - PolyBackTest.com @Bitcoin_Teddy]

Bill Ackman literally gave a 44-minute masterclass that explains money better than any business school:

[Khairallah AL-Awady @eng_khairallah1]

A man spends 50 years teaching at MIT.

He knows his time is running out.

So he records one last lecture — everything he knows, distilled into a single hour.

He died 5 months later.

This is that lecture.

The most important hour you'll watch this week. 👇
Bookmark it for later

[Alok Kumar @Alokkumarzz]

INSTEAD OF WATCHING A 2-HOUR MOVIE.

Watch this Anthropic Claude for Finance lecture.

It’s probably the best free hour in quant AI right now.

Bookmark it and watch it today, no matter what.

[Milk Road AI @MilkRoadAI]

This is WILD!

One week before SpaceX's historic IPO, Google signed a deal to pay SpaceX $920 million per month from October 2026 through June 2029 for access to 110,000 Nvidia GPUs, CPUs, and related infrastructure (Save this).

That is $11 billion per year and up to $30 billion over the life of the contract.

This comes less than a month after Anthropic committed $1.25 billion per month for full access to the Colossus 1 data center in Memphis, 200,000+ GPUs, 300+ megawatts of power capacity, through 2029.

Two of the most consequential AI labs in the world combined committed value over $70 billion.

The question that haunted SpaceX's IPO roadshow was why did Elon keep spending billions constructing Colossus, Macro Hard and Macro Harder, three facilities totaling nearly 2 gigawatts of AI compute when xAI's revenue wasn't yet on the same trajectory as OpenAI or Anthropic?

Wall Street was pricing in a risk that Elon was building capacity ahead of revenue which would mean sustained cash burn without a clear payback timeline.

That concern was legitimate on its face, because xAI had been aggressive on model development but had not yet demonstrated the enterprise revenue numbers to justify the infrastructure cost.

The answer is that the compute itself was always the product.

Amazon has AWS, Microsoft has Azure, Google has Google Cloud, Elon just confirmed that he has been quietly building the fourth major hyperscale AI cloud and his first two paying customers are Google and Anthropic, the very companies most aggressively competing in the AI race.

xAI's Colossus facility in Memphis was built at a speed that no traditional data center developer could match, it went from groundbreaking to operational in roughly 122 days.

That is what happens when you have direct Nvidia relationships, a construction operation built around SpaceX-style execution, and a founder who treats infrastructure buildout the same way he treats rocket launches: compress every timeline and eliminate every bottleneck.

The result is that SpaceX now has three operational facilities, Colossus, Macro Hard, and Macro Harder with Macro Hard and Macro Harder in Blackwell architecture running 1.2 gigawatts combined.

Colossus 1, built on H100s and optimized for inference, is the facility that went to Anthropic first.

The Blackwell-era facilities are where the next-generation training workloads happen and Google's deal suggests they are renting into that capacity as it comes online through the second half of 2026.

Elon's compute leasing business would generate approximately $45 billion in incremental annual revenue on top of the mid-$20 billion range analysts had been modeling for SpaceX more than enough to fully subsidize the infrastructure investment and take the financial pressure off xAI delivering immediate AI product revenue.

That changes the entire valuation conversation of SpaceX completely!

Milk road remains bullish on Space and come join Milk Road Pro and get our full SpaceX IPO breakdown, how we're thinking about the $1.75 trillion valuation and our entire AI thesis. Link below!

[Jason Luongo @JasonL_Capital]

10 stocks I will continue to buy more of for my long-term portfolio:

1. $NVDA - Nvidia

Data center revenue $75.2B last quarter, up 92% YoY - now 92% of total sales. Guided $91B next quarter. Blackwell is the fastest product ramp in their history. Targeting $1 trillion in combined Blackwell and Rubin revenue through 2027. The AI infrastructure standard.

[Rohit @ai_rohitt]

🚨 Anthropic just showed a 27-minute workshop on how to actually do prompts for Claude.

Taught by the people who built it.

Free. No registration. No paywall.

I've seen $300 courses that don't cover what they teach in the first 8 minutes.

Watch it and bookmark it now.

[Rand Paul @RandPaul]

The DOJ has ONE WEEK left to charge Anthony Fauci for the worst cover-up in modern medical history.

He lied to Congress about funding gain-of-function research in Wuhan. Millions died. Trillions were spent. And Fauci walked away with book deals and fawning media coverage instead of handcuffs. I re-upped my criminal referral to the DOJ because the evidence is overwhelming, and justice has been delayed long enough.

RT if you’re ready to see Fauci behind bars.

[Libs of TikTok @libsoftiktok]

This is what an invasion looks like

[Neoptolemus @NeoptolemusX]

It’s one thing to see a graph saying, “12 million illegal migrants entered Europe since 2008.”

It’s another thing to actually see it.

Every blip in this animation represents 100 people.

[Dustin @r0ck3t23]

Elon Musk just put a number on the flaw at the center of Nvidia’s empire.

Wall Street has not done the math yet.

Nvidia’s Blackwell is the most sought-after silicon on Earth.

Every AI lab wants it. Every sovereign nation is bidding for it.

Blackwell runs every model, for every company, in every data center on the planet.

That universality built the empire.

It is also the fracture point.

Musk: “We believe the AI5 chip will be about a third of the power of an Nvidia Blackwell for roughly comparable performance. And much less than 10% of the cost.”

One-third the power.

Comparable performance.

Less than ten percent of the cost.

Musk: “This is a chip that is very much optimized for the Tesla AI software stack. It’s not meant to be a general purpose chip.”

Nvidia builds silicon that serves a million different customers.

Every transistor spent on universal compatibility is a transistor not dedicated to one task.

Tesla is building silicon for exactly one customer.

Itself.

When you strip away every function you will never call, you do not get a lesser chip.

You get a weapon.

Here is what the market refuses to see.

Data centers drink unlimited power from the grid.

Robots run on batteries.

Musk: “In order to have a functional robot, you have to have a great AI chip. And it needs to be an inexpensive chip and it needs to be very power efficient.”

You cannot put a Blackwell inside a walking machine.

It would drain the battery before it crossed the room.

The entire AI revolution lives inside air-conditioned buildings bolted to the electrical grid.

Musk is not competing for that market.

He is engineering the silicon that survives outside of it.

One-third the power is not a spec sheet footnote.

It is the physics threshold that severs intelligence from the wall socket.

Without that number, every robot on Earth stays tethered.

With it, the algorithm walks.

Less than ten percent of the cost is not a pricing strategy.

It is the line where a machine brain stops being a capital expenditure and becomes a commodity component.

When the chip inside a humanoid costs less than the motors in its legs, you do not manufacture hundreds of robots.

You manufacture millions.

Wall Street is valuing the AI revolution by who dominates the data center.

Musk is building the only silicon designed to leave one.

Nvidia built the brain of the cloud.

Musk is building the brain of the physical world.

No one has priced that in yet.

[Jackie Chea ⚖️ @Fair_and_Biased]

.@benshapiro’s show opener today is spot on:

He says that America is dividing into two new parties.

The battle is btw the “American Exceptionalists” & the “Bipartisan Grievance Party.”

American Exceptionalists: “America is awesome. We have historically been awesome, and we will be awesome again if we do the hard things that we must do.”

Grievance Party: “America is not awesome, was never awesome, and will only be awesome if we fundamentally rewrite the American bargain and also retreat from the world for our great sins.”

He says this battle will define our future as Americans.

[Secretary Marco Rubio @SecRubio]

Until recently, Hamideh Soleimani Afshar and her daughter were green card holders living lavishly in the United States.

Afshar is the niece of deceased Iranian Major General Qasem Soleimani. She is also an outspoken supporter of the Iranian regime who celebrated attacks on Americans and referred to our country as the "Great Satan."

This week, I terminated both Afshar and her daughter's legal status and they are now in ICE custody, pending removal from the United States.

The Trump Administration will not allow our country to become a home for foreign nationals who support anti-American terrorist regimes.

[Dan Lennington @DanLennington]

Current list of benefits available to illegal immigrants in Wisconsin:

1. K-12 public school enrollment
2. School breakfast and lunch programs
3. Enrollment in UW–Madison
4. Enrollment in all UW System schools
5. Enrollment in all Wisconsin Technical Colleges
6. UW scholarships
7. Other financial aid for education
8. WIC nutrition assistance
9. Emergency Medicaid and BadgerCare Plus emergency services
10. BadgerCare Plus Prenatal Plan
11. Driver’s license
12. State ID card
13. REAL ID-compliant driver’s license
14. Employment Authorization Document
15. Social Security Number
16. Unemployment Insurance benefits
17. Workers’ compensation
18. Professional and occupational licenses
19. Lifeline discounted or free cell phone service
20. Federally qualified health centers and sliding-scale community clinics
21. Title X family planning services
22. Short-term FEMA disaster and emergency relief
23. Full BadgerCare Plus coverage for children under age 14
24. Federal Earned Income Tax Credit
25. Wisconsin Earned Income Credit
26. Child Tax Credit
27. Milwaukee Municipal Identification Card
28. A job in the Evers Admin or other state employment.

In some cases, this assumes the illegal is smart enough to simply apply online for TPS, DACA, asylum, visa, VAWA, SIJS, "humanitarian parole," or even has a pending deportation case. It's not hard.

You just have to ask and they let you stay and get benefits for the most part. This is a partial list I'm sure.

[Ce jour-là dans l'Histoire @CeJour_Histoire]

La Sainte-Chapelle a coûté 40 000 livres.

Ce qu'elle abrite en a coûté 135 000.

En 1239, Louis IX rachète la Couronne d'épines du Christ à l'empereur latin de Constantinople. Prix : la moitié du revenu annuel du royaume de France. Pour une seule relique.

Il fait construire un écrin à sa mesure. En 6 ans, sur l'île de la Cité, une chapelle surgit. 15 verrières de 15 mètres de haut. 1 113 scènes bibliques. 600 m² de verre qui remplacent les murs.

Le jour de l'arrivée des reliques à Paris, le roi de France retire sa couronne, ses chaussures, et porte lui-même la Couronne d'épines à travers la ville. Pieds nus. En habit de pénitent.

Le roi le plus puissant d'Europe, à genoux devant un objet.

Deux tiers de ces vitraux ont 780 ans. Ils sont toujours là.

[Dustin @r0ck3t23]

Peter Thiel just compressed forty years of American decline into one sentence.

Thiel: “Silicon Valley deals in the world of bits; most of the economy is the world of atoms.”

For four decades, the most talented engineers alive funneled into a single corridor.

Computers. Software. Mobile. Internet.

Not because the physical world ran out of problems.

Because solving them became illegal.

Thiel: “It was a bad idea to become an aerospace engineer. These were all industries that were sort of in structural decline because they were getting outlawed, they were getting regulated to death.”

Nuclear. Chemical. Mechanical. Aerospace.

Field after field, regulated into silence before a generation of builders ever arrived.

Thiel: “Computer science was the only sort of scientific, technical field that actually had a future in the 1980s.”

So the builders went where building was still allowed.

The physical world paid in decades.

Founders Fund: “We wanted flying cars. Instead we got 140 characters.”

That is not satire. That is the ledger.

Now AI is forcing the reckoning no one scheduled.

The intelligence being built inside data centers does not stay inside data centers.

It moves into manufacturing. Into energy. Into aerospace. Into every domain that was locked and left to decay.

That gap is closing. Faster than most institutions can process.

America fills it. Or cedes it.

[Shanaka Anslem Perera ⚡ @shanaka86]

In January 2026, the United States overthrew Nicolás Maduro and seized operational control of Venezuela’s oil exports. In February 2026, the United States and Israel launched strikes on Iran that closed the Strait of Hormuz. These are not separate events. They are the same strategy executed in sequence.

Before the first bomb fell on Tehran, the US had already redirected 900,000 barrels per day of Venezuelan crude away from China and toward American, European, and Indian refiners. Chevron, Vitol, and Trafigura now market PDVSA oil under General License 52, with all proceeds flowing to a US Treasury account. China’s share of Venezuelan exports collapsed from over 600,000 barrels per day to 48,000 in February, a 67 percent drop in weeks. The US did not announce this as war preparation. It announced it as democracy promotion. But the barrel does not care what you call it.

Now connect the second move. China buys 80 to 91 percent of Iran’s oil exports, approximately 1.38 million barrels per day transiting the Strait of Hormuz. The strait is now closed. Iran’s export infrastructure is under sustained bombardment. Kharg Island, which handles 90 percent of Iranian crude, is on the Pentagon’s contingency list. In two months, the United States has cut China off from its two largest non-traditional crude suppliers simultaneously: Venezuela by regime change, Iran by war. Combined, China has lost access to roughly two million barrels per day of supply it was receiving 60 days ago.

This is why Dar is in Beijing today. China is not mediating the Iran war out of altruism or diplomatic ambition. China is mediating because it is running out of affordable oil. The country that controls 90 percent of the world’s rare earth processing, that supplies BeiDou navigation to Iranian missiles and neodymium magnets to American interceptors, that holds the leverage to end or extend this war, is sitting at the negotiating table because the United States methodically cut its energy supply lines before the first missile was fired.

The grand bargain is not a theory. It is a pressure system. The US needs Chinese rare earths to rebuild 2,400 depleted Patriot interceptors. China needs Hormuz open and Venezuelan barrels restored. The US controls the Venezuelan spigot. China controls the rare earth pipeline. Each side holds a chokepoint the other cannot survive without. The deal writes itself: rare earth guarantees for oil access, semiconductor export relief for Hormuz security, Taiwan status-quo assurance for NPT compliance. Every variable has a price. Every price has a counterparty. And both counterparties are now desperate enough to pay.

Venezuela was the opening move. Iran is the middle game. Beijing is the endgame. The molecule that connects all three is crude oil, and the country that controls where it flows controls the terms of the peace.

The US did not stumble into this war. It secured alternative supply, redirected barrels away from its principal competitor, launched the campaign that closed the competitor’s primary import route, and is now negotiating from a position where the competitor must choose between its rare earth leverage and its energy security. That is not improvisation. That is the most sophisticated energy weapon deployed since the 1973 Arab oil embargo, except this time, America is not the victim. It is the architect.

The arithmetic leads to Beijing. It always did. The only question was whether Beijing would arrive at the table voluntarily or be starved into it. The answer, as of March 31, is the latter.

https://t.co/dAOBBMsgDS

[Cypher @CypherSacha]

Et si Trump avait tout préparé depuis le début de son mandat ?

Pas une 3ème guerre mondiale. Pas le Grand Israël. Pas le chaos.

Un retrait stratégique déguisé en guerre. Méthodique. Documenté. Et que personne ne voit venir. (x/12)

1/Commençons par ce que tout le monde rate.

Depuis le 28 février, on débat : escalade ou désescalade ? Trump fou ou génie ? Netanyahu qui tire les ficelles ?

Mauvaises questions. Toutes.

La bonne question : qu'est-ce que Trump gagne dans tous les scénarios ?

La réponse est toujours la même. Il sort du Moyen-Orient. Proprement. En déclarant victoire.

2/Le double thinking : son arme principale

Trump annonce des négociations "très productives" avec l'Iran. L'Iran dément dans la minute. Le pétrole chute quand même. Trump obtient une pause de 5 jours sans rien céder.

Ce n'est pas de la confusion. C'est de la coercition calculée.

Il parle aux marchés, aux alliés du Golfe, à l'opinion publique américaine et à Xi simultanément. Avec des messages différents pour chacun. Le tout en 280 caractères.

3/La séquence que personne ne relie entre eux

🇻🇪 Janvier 2026 — Venezuela capturé en 2 heures. Hémisphère occidental fermé. Monroe Doctrine réactivée officiellement dans la NSS 2025.

🇪🇺 Juin 2025 — OTAN 5% acté à La Haye. Les Européens paient leur défense. Les US se désengagent de la dissuasion conventionnelle européenne.

🇮🇷 Février 2026 — Epic Fury. Iran neutralisé militairement. Clés du Moyen-Orient passées à Israël et au Golfe via les Accords d'Abraham.

Trois théâtres. Trois opérations. Un seul objectif : libérer les ressources américaines pour le Pacifique.

4/La preuve n'est pas dans ses tweets

Elle est dans ses documents officiels.

La Heritage Foundation, le cerveau de l'administration l'a écrit noir sur blanc après le sommet NATO de La Haye :

"Ces augmentations de dépenses aideront les Européens à prendre la responsabilité principale de la défense conventionnelle de l'Europe, libérant les ressources américaines pour l'Indo-Pacifique."

Ce n'est pas une théorie. C'est la doctrine officielle de l'administration.

5/Le 5% NATO : pas ce que vous croyez

Tout le monde croit que Trump veut une Europe forte.
Faux.

Le Peterson Institute l'a documenté : Trump impose une demande qu'aucune démocratie européenne ne peut satisfaire économiquement, pour avoir un prétexte de retrait propre.

Résultat obtenu : l'Europe réarme. Les US se retirent. Et Trump peut dire "vous ne payiez pas, j'avais raison depuis le début."

Il transforme son départ en victoire politique domestique.

6/"Mais Trump est piégé par Netanyahu"

Non.

Tulsi Gabbard, sa propre directrice du renseignement a dit au Congrès : "Les objectifs du président sont différents de ceux du gouvernement israélien."

Trump a dit lui-même au Premier ministre japonais : "J'ai dit à Netanyahu d'arrêter d'attaquer les infrastructures pétrolières."

Un homme piégé ne dit pas ça à ses alliés asiatiques.

Netanyahu veut détruire l'Iran définitivement. Trump veut l'affaiblir suffisamment pour partir. Ce ne sont pas les mêmes objectifs. Les fissures sont publiques et documentées.

7/La Chine : le vrai enjeu sous-jacent

80% du pétrole iranien allait en Chine. 17% des importations chinoises totales venaient d'Iran et du Venezuela combinés.

Trump a coupé les deux en 6 semaines.
Pas pour ruiner la Chine. Pour l'amener à la table.

La NSS 2025 le dit explicitement : l'objectif avec Beijing est "une relation économique mutuellement avantageuse."

La disruption d'Hormuz est le levier de négociation. Xi doit aider à rouvrir le Détroit pour obtenir son sommet avec Trump. C'est la condition posée publiquement.

Coercition énergétique à échelle historique.

8/Et Taiwan dans tout ça ?

Le renseignement US est formel : Xi a ordonné à l'APL d'être prête à envahir d'ici 2027.

Chaque porte-avions en mer d'Arabie est un porte-avions manquant en mer de Chine. Chaque intercepteur THAAD brûlé sur un drone iranien à 20 000$ est un intercepteur manquant face aux missiles hypersoniques chinois.

Trump le sait. C'est pour ça qu'il veut sortir maintenant. Pas dans deux ans.

L'horloge tourne. La sienne ET celle de Xi.

9/Ce que ça veut dire pour Dubai et le Golfe

Les EAU ont absorbé 338 missiles balistiques et 1 740 drones en 24 jours.

Pourquoi les Émirats ne se sont-ils pas retournés contre Washington ?
Parce qu'ils comprennent le deal implicite : supportez la guerre maintenant, et vous héritez de la sécurité régionale ensuite. Sans présence US permanente. L'Iran affaibli pour une génération.

C'est exactement ce que Sheikh Mohammed a voulu depuis les Accords d'Abraham.

10/Ce que ça veut dire pour la suite, concrètement

Court terme (2-4 semaines) : sortie déguisée en victoire. Trump déclare avoir "détruit l'armée iranienne." Hormuz se rouvre. Les frappes diminuent progressivement.

Moyen terme (3-6 mois) : sommet Trump-Xi. Deal économique historique. Pétrole américain contre terres rares chinoises. Taiwan comme monnaie d'échange implicite. Pétrole qui retombe vers 70-80$.

Long terme (12-18 mois) : redéploiement complet dans le Pacifique. L'OTAN gère l'Europe. Le Golfe gère le Moyen-Orient. Les US gèrent le Pacifique.

La carte du monde se redessine. En silence.

11/Pourquoi ni le mainstream ni la "réinformation" ne voient ça

Le mainstream compte les missiles et parle de chaos. Il confond le bruit tactique avec l'absence de stratégie.

La réinformation cherche qui tire les ficelles de qui, Epstein, Rothschild, Grand Israël. Elle substitue une grille émotionnelle à une grille analytique.

Les deux ont tort pour la même raison : ils regardent les effets, pas la direction du mouvement.

12/La conclusion

America First n'a jamais signifié isolationnisme.

Ça signifie : utiliser la force une dernière fois, partout où nécessaire, pour se retirer de tous les théâtres secondaires et concentrer toute la puissance américaine là où l'enjeu est existentiel.

Venezuela. Iran. OTAN. Tout converge vers le même point de fuite :

Le deal du siècle avec Xi. Avant Taiwan. Avant 2027.

[Eyal Yakoby @EYakoby]

Joe Kent: “There is zero evidence that Iran was trying to build a nuclear weapon, Netanyahu is warmongering.”

The Deputy Speaker of the Iranian Parliament: “We tried to develop nuclear weapons, but couldn't keep it secret.”

[Nick Sortor @nicksortor]

🚨 HOLY CRAP! Footage of Chuck Schumer pushing voter ID as COMMON SENSE has just re-surfaced

Once he learned how to cheat, he TOTALLY changed his tune.

TOTALLY sold out our country.

"Let's admit the truth... one way to prove you're a bona fide person to have a job is to ask for a driver’s license and social security card!"