Nvidia guided $91 billion for Q2 excluding China and the stock slipped, Kevin Warsh takes the oath as Fed Chair today inheriting an 8-4 committee split and 84% hike probability by year-end, and Iran and Oman began formal discussions on a permanent Strait of Hormuz toll system that would structurally

$81.6 Billion and the Question It Cannot Answer. Nvidia posted $81.6 billion in quarterly revenue and guided $91 billion for Q2, beating the Street by more than $4 billion. The stock barely moved after hours. That tells you the whisper number was above the consensus number, and the historic beat did not clear the bar the market had privately set.

Nvidia posted $81.6 billion in quarterly revenue and guided $91 billion for Q2, beating every estimate on the tape. But the stock slipped 1% after hours, because the 30-year Treasury at 5.18% is asking whether the capex funding those revenues survives a cost of capital that has doubled in eighteen m

The 30-year Treasury yield hit 5.19%, its highest since July 2007, dragging the S&P 500 down for a third straight session. Trump shelved a planned military strike on Iran after Gulf allies requested time for negotiations, but the Strait of Hormuz remains closed. Nvidia reports after the bell today i

5.19% Broke the Script. The 30-year Treasury yield touched 5.197% intraday, the highest print since July 2007, and the move is no longer about Iran or inflation alone. It is about who holds long-dated US debt and what they now demand to keep holding it. Japan's 40Y JGB hit an all-time high of 4.41% the same session. The co

China's consumer economy posted its weakest growth since December 2022 as April retail sales badly missed consensus. Pakistan deployed troops, fighters, and Chinese air defense systems to Saudi Arabia under a mutual defense pact with an expansion clause that could reshape Gulf security. Semiconducto

18.45% and Counting. Semiconductors are 18.45% of the S&P 500, up more than 400 basis points since year-end and double the 2024 weight. Roll in adjacent tech hardware and you reach 29%, three points past the August 2000 peak. The index manages $7.5 trillion in passive capital, and every dollar of inflow now buys semis a

The Molecule Nobody Priced. China banned sulphuric acid exports on May 1, removing 3 million annualized tonnes from global supply, and the cascade is now visible in production data, not just price. Indonesia's Huafei Nickel Cobalt idled up to 50% of its mixed hydroxide precipitate capacity. Chile's Chinese acid imports went fr

A drone struck the perimeter of the UAE's Barakah nuclear power plant on Sunday, the first nuclear-facility-adjacent attack of the Iran war. China banned sulphuric acid exports on May 1, removing 3 million annualized tonnes from global supply and forcing Indonesia to idle half its nickel processing

The IEA disclosed that global oil inventories are draining at 100+ million barrels per month with commercial stocks approaching critical lows by early June, Iran announced its stock market will reopen Tuesday after 78 days of war-suspension, and Cloudflare cut 1,100 jobs while reporting record reven