Entering a possibly pivotal key few days.

Today, covering the strong session yesterday and overnight in Asia for much of the AI hardware space, although Seagate Technology was a notable exception overnight and wondering how much of the story is linked to the incoming Anthropic IPO. Certainly an important test for the AI trade as three Mag7 hyperscalers are reporting today (Microsoft and Alphabet and tomorrow (Amazon.com). Lots going on in central bank landing as all G3 central banks are set to meet today through Friday, so it feels like a pivotal timeframe for nearly everything. This and more on today's pod, which is hosted by Saxo Global Head of Macro Strategy John J. Hardy.

Links

• Saxo webinar covering the US mid-term election and possible market impact (hosted by John and Raphael Olsynza-Marzys of J. Safra Sarasin). Scroll to bottom of page to the Previous Webinars section.
• WSJ with a long form profile of Google's top AI guy Demis Hassabis and why he believes the world is set to change radically (not sure how much it delivered on the latter, but Hassabis is an excellent communicator worth listening to).
• A well-written review of the Nathan Fielder documentary of Elizabeth Holmes. Aren't self delusional sociopaths fascinating? And are there some other CEO's out there, amybe some atop AI companies, that share 10-20% or more of the Holmes profile, especially because self delusion can dovetail so temptingly with financial self interest?
• Schroder's asks whether the titanic US pension system is a hidden risk for global equity markets, both due to AI and passive investing. Certainly, passive investing is arguably what drives the "wealth pump" in Peter Turchin's framework and is the single most important thing to follow in how our market system will either continue to provide strong returns or suffer a profound reset.

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