As a reminder, META is already neck deep in off-balance sheet debt. Here is a schematic of its $27.3 billion SPV with Blue Owl "Project Beignet" for the Hyperion data center. None of this touches META's balance sheet. Expect hundreds of billions of these in 2026

just to be clear ppl are shorting 'the economy of bits' just as software EBITDA margins are about to run to 70% and rotating into the economy of atoms into mass unemployment

x.com/i/article/2020…

For the cheap vibe-coded algo seats, yield curve control is about 12 out of 10 on the dovish scale

Morgan Stanley expects hyperscalers to borrow $400 billion this year, more than double from $165 billion in 2025. The offering spree will drive high-grade corporate bond issuance to a record $2.25 trillion this year

All brokers dumping: SCHW, IBKR, SF, MS. Did some chatbot launch a discount brokerage?

Payrolls: 25 of the past 26 months have been revised lower

January Jobs: Seasonally adjusted +130K Not seasonally adjusted -2.649 Million

In the end, the US added just 181K jobs in 2025 (down from the pre-revision 584K)

The Dept of Labor has "revised away" 2.5 million jobs in the past 6 years. Since 2019, every year except 2022 has seen dramatic negative jobs revisions largely due to the flawed Birth-Death model and erroneously accounting for illegal immigrants

Tech-related employment

Now that's a rerating

wait so Coinbase has 7,400 full time employees with a FDV 20% away from Hyperliquid, which has 15 people? haha. well then.

Our Dynamic AI basket - an actively managed strategy we’ve published for 3 years - is at all time highs & up 30% YTD. The top 13 contributors make up most of that. While we’ve shared every move & thesis with our subscribers, a quick breakdown of the sub-themes we’ve been

Is this a joke

BofA's Hartnett "the most obvious catalyst to reverse significantly the "AI-awe to AI-poor" rotation: an AI hyperscaler announcing a capex cut."

UBS: Corporate Buyback will go from the lowest seasonality (this week) to high (or even peak) seasonality at $30-50 bn per week for the next six weeks until the end of March.

Top holders of US debt and the rise of Stablecoins: 1) US Intragovernmental: $7.62 trillion 2) Federal Reserve: $4.3 trillion 3) Japan: $1.2 trillion 4) United Kingdom: $890 billion 5) China: $680 billion .... 11) Crypto Stablecoins (USDT/USDC): $370 billion

every Ray Dalio inteview is like "my wife did charity with kids in the ghetto, we realized society is doomed. every empire falls throughout history, the CCP is going to steamroll your children. I prefer to stay calm with transcendental meditation and am long a lot of Gold"

US public debt to hit $64 trillion by 2036, up $2.4 trillion every year from $39 trillion today (CBO via BofA)