OpenAI has cut a deal to purchase up to 6GW of AMD GPUs and up to 10% equity in AMD in exchange for many billions of dollars that are going to come from...somewhere. Elsewhere there were leadership changes in both France and Japan overnight that are making waves in stocks, bonds, and currencies this morning.

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Since the collapse of Tricolor Auto and First Brands, there have been worries about consumer credit, particularly subprime consumers, and the stocks of several fintechs and banks have sold off since then indicating the early innings of a credit crisis. Elsewhere the price of silver is rallying this morning ahead of the open. Will we see a repeat of the prior two Fridays that says the price of shiny squeezed higher as investor piled into ETFs and option trades.

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Zhimin Qian AKA Yadi Zhang AKA The Goddess of Wealth is your typical down to Earth, goal oriented bitcoin billionaire ponzi schemer with secret ambitions to be rule over a Libertarian paradise as God Queen. Well now the UK and China are fighting over the 61,000 Bitcoin worth $7 billion that she stole.

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The Challenger Job Cuts report this morning shows that companies are neither hiring nor firing. Like the housing market, the labor market is now essentially frozen. This comes as Treasury Secretary Scott Bessent is warning of a hit to GDP from the government shutdown.

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Unicus Research CEO Lakshmi Ganapathi joins us to talk about the recent bankruptcies and suspected fraud at Tricolor Auto and First Brands as well as some disturbing trends she and he team have uncovered in the Auto ABS market.

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The price of gold has hit yet another all time high, with the front month contract breaking above $3,900 for the first time following the largely expected government shutdown. Elsewhere ADP Private Payrolls swung negative this morning as the labor market continues to weaken and it looks like that data is the best we're going to see for while because the BLS will not be reporting Nonfarm Payrolls due to the shutdown.

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A series of successive policy blunders has led to a massive overcapacity problem resulting in deflation that threatens to crush corporate profits and increase unemployment in an economy already reeling from the collapse of the Chinese real estate market. Now the Chinese government is cracking down on this supply glut with a series of heavy-handed directives that will almost certainly cause problems elsewhere.

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Layoff announcements are starting to pile up as Exxon and Imperial Oil are both announcing layoffs this morning even as OPEC+ plans to add more supply to a saturated market. Elsewhere 100,000 government workers are expected to tender their resignations today even as the BLS is warning that labor and other economic data will cease reporting and collections during a seemingly inevitable government shutdown.

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Precious metals are running again this morning as gold makes yet another all time high and silver briefly topped $47 ahead of the expected government shutdown Wednesday morning.

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Last night President Trump announced several new tariffs ranging from bathroom vanities(?) to semiconductors and pharmaceuticals. Elsewhere Personal Consumption Expenditures (PCE), the Fed's preferred measure of inflation, came in slightly higher than month but in line with expectations.Support the Channel on Patreon: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://www.patreon.com/NobodySpecialFinance⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠

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