Everything's bigger in Texas. Marty and John Arnold break down the blue wave midterms, what a Democratic Texas governor could mean for the AI build out, and why Bitcoin may have several ways to win no matter how it plays out.
In this episode:
- The midterm blowout and Thursday's brutal hedge fund unwind
- Record put buying and a weak bid for Treasuries
- Texas, data center ballot measures, and the future of the AI build out
- Why Democrats may have every incentive to keep the build out going
- Anthropic and OpenAI valuations come down while the tech keeps accelerating
- The timing of the Jensen Huang story
- JD Vance blames the Iran war for the GOP losses
- China's overproduction, auto tariffs, Poland's gold, and OFAC sanctions
- Bitcoin below the 50 week and less competition for capital
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TIMESTAMPS:
00:00:00 - One of the most consequential weeks yet
00:01:43 - The blue wave and its effect on markets
00:04:58 - Hedge fund blowups on Thursday
00:05:57 - Record put buying
00:07:04 - Texas flips and data center opposition
00:09:20 - 41 local ballot measures against data centers
00:10:13 - Why Democrats may keep the build out going
00:12:47 - Texas governor's terms for data centers
00:13:57 - Weak Treasury bid and strong payrolls
00:16:52 - Cayman hedge funds and Treasury issuance
00:18:11 - The reaction function if the build out stalls
00:21:46 - Ugly tape, accelerating tech
00:25:12 - The timing of the Jensen Huang story
00:27:38 - JD Vance blames the Iran war
00:29:44 - Antiwar or anti losing wars
00:31:48 - China and Oman on the Strait of Hormuz
00:32:18 - Chinese involution and auto tariffs
00:35:13 - Poland's gold and OFAC sanctions on Canada
00:36:17 - Bitcoin below the 50 week moving average
00:37:37 - Capital competition and the case for Bitcoin
00:40:14 - Token commoditization and AI job disruption
00:42:32 - AI speeding up AI progress
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