Ep. 23 — AMD Rips, Oil Crashes, Gold Pops

AMD blows the doors off with a monster data center print, oil craters on Iran de-escalation chatter, and gold rips alongside stocks — the market's "permission trade" is on. But banks won't confirm the party, and Friday's jobs data could nuke the whole thesis.

Today's stories:

• Intro: A whipsaw open — AMD crushes, oil tanks, gold pops, and the Fed gets “cover.”
• The Tape: Crude dives while energy equities shrug, small caps pop, banks flatline, and gold rallies with stocks.
• The Footnotes: Reserves plunge, Hormuz workarounds are costly PR, inflation hedges reload, private credit buys at 65¢, SEC eyes killing quarterlies, Canadian miner halted.
• The Nerd Corner: The railroad analogy for AI capex — real demand, murky ROI, and leverage hiding in nicer drawers.
• The Calls: Small caps fade, AMD fills the gap, and the 10-year slips under 4.38%.

The Calls:

• Tom: AMD opens near 420 and closes below 400 — gap gets sold.
• Ray: 10-year yield finishes below 4.38% as oil’s collapse eases inflation pressure.
• Alex: Russell ETF closes up less than 0.5% — small caps fade the morning pop.

New episode every weekday before US market open.
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