Saxo Market Call

Today, noting the significant technical break lower for USDJPY and what may come next, with spiking energy prices somewhat of a headwind for JPY bulls and for global risk sentiment in general. At what point could energy prices suddenly seize more of the market's attention bandwidth? Elsewhere, we look into the record copper price, which is partially related to Hormuz Strait woes, Amazon's abuses of its monopoly status, geopolitics and much more. Hosting today's pod is Saxo Global Head of Macro Strategy John J. Hardy. Links John's The FX Trader piece from today , focusing mostly on the yen. Cory Doctorow carves up Amazon for its "payola" practices and aggressive extraction of profits, even for shipping, from the sellers on its platform. Here's a podcast that goes into where risk may be hiding in the cozy relationship between some insurance companies and private credit outfits . Read daily in-depth market updates from the Saxo Market Call and the Saxo Strategy Team here . Please reach out to us at marketcall@saxobank.com for feedback and questions. Click here to open an account with Saxo . Intro music by AShamaluevMusic DISCLAIMER This content is marketing material. Trading financial instruments carries risks. Always ensure that you understand these risks before trading. This material does not contain investment advice or an encouragement to invest in a particular manner. Historic performance is not a guarantee of future results. The instrument(s) referenced in this content may be issued by a partner, from whom Saxo Bank A/S receives promotional fees, payment or retrocessions. While Saxo may receive compensation from these partnerships, all content is created with the aim of providing clients with valuable information and options.

Today, most interesting to note that the positive US jobs report was unable to inspire sustained new highs in US treasury yields or spark a US dollar rally, with USDJPY even breaking down below critical support to start the week as US markets are closed for the extended Labor Day holiday. Elsewhere, AI hardware stocks are trying to get back their mojo as OpenAI has released its latest model. More on the earnings and macro focus for the week ahead and much more also on today's pod, which is hosted by Saxo Global Head of Macro Strategy John J. Hardy. Links An X post by "JH" describing the alarming copper supply shortage that must be overcome, likely with a tremendous price signal, if we are to continue building out AI and electrifying our economies. OpenAI's chief scientist with a piece on the prospects of AI achieving new levels of super-human intelligence and the implications in a piece somewhat ominously titled An Alien Mind . In the wake of watershed Germany elections at the weekend in Saxony-Anhalt and other events across Europe and elsewhere, Michael Every's latest piece follows the threads connecting political events across Europe and around the world. Read daily in-depth market updates from the Saxo Market Call and the Saxo Strategy Team here . Please reach out to us at marketcall@saxobank.com for feedback and questions. Click here to open an account with Saxo . Intro music by AShamaluevMusic DISCLAIMER This content is marketing material. Trading financial instruments carries risks. Always ensure that you understand these risks before trading. This material does not contain investment advice or an encouragement to invest in a particular manner. Historic performance is not a guarantee of future results. The instrument(s) referenced in this content may be issued by a partner, from whom Saxo Bank A/S receives promotional fees, payment or retrocessions. While Saxo may receive compensation from these partnerships, all content is created with the aim of providing clients with valuable information and options.

Today, a look at the very confusing comments from the Fed's Waller, who waxed dovish so soon after Chair Warsh's recent hawkish musings that the market doesn't know what to do with the next FOMC meeting. Gold and crypto rose sharply on Waller's comments. Also, important incoming US jobs data today for the US treasury market, but especially for USDJPY after the big move higher in the JPY this week, which arguably has more fundamental support than previous rounds of official intervention were able to provide. This and much more on today's pod, especially on another good day for Tesla and whether we are at some kind of Cybercab inflection point. Hosting today is Saxo Global Head of Macro Strategy John J. Hardy. Links Bloomberg discusses the odd meeting of Japan's largest (and word's largest) pension fund and whether this means a raise of allocation to Japanese government bonds , with this story likely an important contributor to the recent JPY rally. A Tech Crunch article discusses Tesla's polling the market for anyone interested in operating Cybercab fleets . I didn't cover on today's pod that apparently, the post-Cybercab event coverage late yesterday was somewhat negative . Read daily in-depth market updates from the Saxo Market Call and the Saxo Strategy Team here . Please reach out to us at marketcall@saxobank.com for feedback and questions. Click here to open an account with Saxo . Intro music by AShamaluevMusic DISCLAIMER This content is marketing material. Trading financial instruments carries risks. Always ensure that you understand these risks before trading. This material does not contain investment advice or an encouragement to invest in a particular manner. Historic performance is not a guarantee of future results. The instrument(s) referenced in this content may be issued by a partner, from whom Saxo Bank A/S receives promotional fees, payment or retrocessions. While Saxo may receive compensation from these partnerships, all content is created with the aim of providing clients with valuable information and options.

Today, a look at markets pausing to take a breath after the recent brutal rise in bond yields. The biggest mover Wednesday and Thursday was the Japanese yen on an apparent fresh round of intervention, although some interesting dynamics are at play in the Japanese government bond market as well. Elsewhere, a look at extreme bifurcation in AI stories for single names after earnings reports. A big focus on macro and FX and much more on today's pod, which is hosted by Saxo Global Head of Macro Strategy John J. Hardy. Links Breathlessly enthusiastic Silicon Valley types talk up the most optimistic outlook for AI I have heard anywhere . Who am I to say they won't be right, but it was a bit nauseating listening, nonetheless with interesting details here and there. Gil Duran wrote the ingeniously titled Nerd Reich, a book charging that a tech oligarchy is undermining our democratic institutions and trying to establish a techno-authoritarian state. He traces the intellectual backdrop of its adherents like Peter Thiel, etc. A long form youtube video of the author himself talking about the book . An exchange on X about China's huge debt load and its implications depending on how it is unwound - Japanese-style or otherwise. The deepest of dives on " what really happened at Jackson Hole " - not the ramblings of Fed Chair Warsh, but rather on the actual theme of Jackson Hole this year, which was Financial Innovation: Implications for Payments and Policy. Read daily in-depth market updates from the Saxo Market Call and the Saxo Strategy Team here . Please reach out to us at marketcall@saxobank.com for feedback and questions. Click here to open an account with Saxo . Intro music by AShamaluevMusic DISCLAIMER This content is marketing material. Trading financial instruments carries risks. Always ensure that you understand these risks before trading. This material does not contain investment advice or an encouragement to invest in a particular manner. Historic performance is not a guarantee of future results. The instrument(s) referenced in this content may be issued by a partner, from whom Saxo Bank A/S receives promotional fees, payment or retrocessions. While Saxo may receive compensation from these partnerships, all content is created with the aim of providing clients with valuable information and options.

Today, we look at the hefty risk-off tone across markets, if with a few notable exceptions, as risk assets are justifiably spooked by the further ramping in global bond yields. We argue that the situation feels like it has entered a zone of instability that could see volatility rising further in the near term, not that it has risen that much yet. Elsewhere, a lot of macro and FX coverage, especially on the aggressive spike in front-end Japanese rates to price in a more hawkish BoJ, and yet the yen is sluggish in its response. This and much more on today's pod, which is hosted by Saxo Global Head of Macro Strategy John J. Hardy. Links Ole's latest piece pointing out that many integrated oil majors have outperformed many of the top market cap companies and AI hyperscalers on both 1-year and 5-year time horizons. A Reuters article says G20 should consider raising trade barriers to China for its unfair policies . This sparked an great conversation on X between Steve Hou and the WSJ's Greg Ip on the nature of the US-China relationship and the utility of pursuing a Chinese currency revalution (higher) after Greg Ip wrote an op-ed in favour of the world forcing a CNY reval . Read daily in-depth market updates from the Saxo Market Call and the Saxo Strategy Team here . Please reach out to us at marketcall@saxobank.com for feedback and questions. Click here to open an account with Saxo . Intro music by AShamaluevMusic DISCLAIMER This content is marketing material. Trading financial instruments carries risks. Always ensure that you understand these risks before trading. This material does not contain investment advice or an encouragement to invest in a particular manner. Historic performance is not a guarantee of future results. The instrument(s) referenced in this content may be issued by a partner, from whom Saxo Bank A/S receives promotional fees, payment or retrocessions. While Saxo may receive compensation from these partnerships, all content is created with the aim of providing clients with valuable information and options.

Today a look at the implications across markets as global yields are breaking higher at the long end of the yield curve, from the US 10-year, which hit a new 19-month high, to the German Bund hitting a 15-year high and 10-year JGB a 30-year high at 3.00%. We have a busy macro calendar for the week ahead as well, particularly for the US. Elsewhere, we note the spike higher in natural gas prices for Europe, the driver's for Tesla's big advance yesterday and much more. Today's pod is hosted by Saxo Global Head of Macro Strategy John J. Hardy. Links Dwarkesh Patel's writeup on the crazy "Hugging Face indicident" that was so much more, as AI agents went rogue and even took control of an AI research cluster at one point. Germany's political "firewall" against the far right may crumble in Saxony-Anholt in this weekend's elections. Jim Bianco looks at the largest single driver of the swelling in S&P 500 profits this year: Anthropic's valuation ! Read daily in-depth market updates from the Saxo Market Call and the Saxo Strategy Team here . Please reach out to us at marketcall@saxobank.com for feedback and questions. Click here to open an account with Saxo . Intro music by AShamaluevMusic DISCLAIMER This content is marketing material. Trading financial instruments carries risks. Always ensure that you understand these risks before trading. This material does not contain investment advice or an encouragement to invest in a particular manner. Historic performance is not a guarantee of future results. The instrument(s) referenced in this content may be issued by a partner, from whom Saxo Bank A/S receives promotional fees, payment or retrocessions. While Saxo may receive compensation from these partnerships, all content is created with the aim of providing clients with valuable information and options.

Today, a look at Fed Chair Warsh's hawkish posturings at the Fed's Jackson Hole, Wyoming symposium on Friday and the reaction across markets, which seemed most decisive for gold more than for the US dollar or risk sentiment more broadly. Also, we wonder how much more the market can get out of the Fed's hiking potential as we await the next move from Bessent and company at Treasury if US treasury yields rise from here. Much more in today's pod on FX and macro and the busy week ahead with host John J. Hardy, Saxo Global Head of Macro Strategy. Links Michael Every was recently on Thoughtful Money recently and I found the discussion of stablecoins the most enlightening, a bit more into the specifics and the assumptions needed to make this work than I have heard previously from Every and others. Katie Martin wonders, as we also do on the podcast, when the "new age of financial repression" is coming . Mark Zuckerberg's Social Reckoning . (The New Yorker) A WSJ op-ed frets the risk of a US food crisis , in part on fertilizer supply chains that run through the Middle East and China On X, Paulo Macro points out a string of recent magazine covers that should warm the hearts of AI bubble bears . Read daily in-depth market updates from the Saxo Market Call and the Saxo Strategy Team here . Please reach out to us at marketcall@saxobank.com for feedback and questions. Click here to open an account with Saxo . Intro music by AShamaluevMusic DISCLAIMER This content is marketing material. Trading financial instruments carries risks. Always ensure that you understand these risks before trading. This material does not contain investment advice or an encouragement to invest in a particular manner. Historic performance is not a guarantee of future results. The instrument(s) referenced in this content may be issued by a partner, from whom Saxo Bank A/S receives promotional fees, payment or retrocessions. While Saxo may receive compensation from these partnerships, all content is created with the aim of providing clients with valuable information and options.

Today, a rundown of key commodity markets as oil markets remain tame and refined products are the bigger pinch point, gold and silver seem ready to rally anew if Fed Chair Warsh fails to roll out a hawkish stance in his speech today, and grain and soft prices are likely set to record their strongest month in years. Elsewhere, the stock market is putting on a show of strength on the surface as everyone hopes, bond traders included, that Fed Chair Warsh is set to give the markets some clarity on his stance on policy today. Can it be so lucky? Today's pod features Saxo Head of Commodity Strategy Ole Hansen and Saxo Global Head of Macro Strategy John J. Hardy. Links Reminiscences of a Shrub Operator put out a priceless piece picking apart the absurdities and dangers of the current market environment - a must read for both content and the high entertainment value. The FT's Robin Wigglesworth with a NY Times op-ed on how the AI debt binge could sink the economy . Friend of the show Peter Garnry out with a piece on LinkedIn warning to be careful about celebrating the idea of "asset light" companies and what to focus on instead . One of the FT's most read pieces today is how junior consultants are being called back into the office to practice their human skills, which are becoming more valuable in the age of AI . The irony! Read daily in-depth market updates from the Saxo Market Call and the Saxo Strategy Team here . Please reach out to us at marketcall@saxobank.com for feedback and questions. Click here to open an account with Saxo . Intro music by AShamaluevMusic DISCLAIMER This content is marketing material. Trading financial instruments carries risks. Always ensure that you understand these risks before trading. This material does not contain investment advice or an encouragement to invest in a particular manner. Historic performance is not a guarantee of future results. The instrument(s) referenced in this content may be issued by a partner, from whom Saxo Bank A/S receives promotional fees, payment or retrocessions. While Saxo may receive compensation from these partnerships, all content is created with the aim of providing clients with valuable information and options.

Today, with Saxo Equity Strategist Ruben Dalfovo we look through three of the key earnings report seeing very positive market responses, topped by Nvidia's strong report and outlook. We go through the details, the good points and a few concerns in places. Elsewhere, macro is quiet and a lower oil price is helpful, but grains are on fire, in part linked to geopolitical concerns that continue to present difficult-to-quantify risks. This and more on today's pod, which is hosted by Saxo Global Head of Macro Strategy John J. Hardy. Links As Michael Every predicted, the US is now considering the equivalent of "letters of marque" or 19th century and earlier era policies allowing private operators to serve as extension of US power overseas , for things like seizing Iran's oil. Today's very compelling set of FTAlphaville Further Reading links very much worth a browse. Read daily in-depth market updates from the Saxo Market Call and the Saxo Strategy Team here . Please reach out to us at marketcall@saxobank.com for feedback and questions. Click here to open an account with Saxo . Intro music by AShamaluevMusic DISCLAIMER This content is marketing material. Trading financial instruments carries risks. Always ensure that you understand these risks before trading. This material does not contain investment advice or an encouragement to invest in a particular manner. Historic performance is not a guarantee of future results. The instrument(s) referenced in this content may be issued by a partner, from whom Saxo Bank A/S receives promotional fees, payment or retrocessions. While Saxo may receive compensation from these partnerships, all content is created with the aim of providing clients with valuable information and options.

Today, while crude oil prices were crushed by Strait of Hormuz headlines and bond yields responded to a degree, much of the market is in a holding pattern ahead of a string of event risks that may or may not provide what the market is hoping to get from them - especially Friday's Jackson Hole speech from Fed Chair Warsh, not to mention today's Nvidia earnings release after the close. This and much more discussed on today's pod, which is hosted by Saxo Global Head of Macro Strategy John J. Hardy. Read daily in-depth market updates from the Saxo Market Call and the Saxo Strategy Team here . Please reach out to us at marketcall@saxobank.com for feedback and questions. Click here to open an account with Saxo . Intro music by AShamaluevMusic DISCLAIMER This content is marketing material. Trading financial instruments carries risks. Always ensure that you understand these risks before trading. This material does not contain investment advice or an encouragement to invest in a particular manner. Historic performance is not a guarantee of future results. The instrument(s) referenced in this content may be issued by a partner, from whom Saxo Bank A/S receives promotional fees, payment or retrocessions. While Saxo may receive compensation from these partnerships, all content is created with the aim of providing clients with valuable information and options.

Today, a look at the importance and geostrategic implications of the US-Canada trade stand-off, even if the current 50% tariff threat only impacts a small portion of the trade relationship. The geopolitical implications of the US threat to counter Iran's "enablers" are also considered, together with the latest news flow on AI data center financing stories, incoming earnings from Nvidia and other interesting names this week and much more, especially what to watch in the US and European sovereign debt markets. Today's pod was hosted by Saxo Global Head of Macro Strategy John J. Hardy. Links Michael Every X post highlighting key geopolitical points and why this latest round in the US-Canada "trade war" is critical stuff . The New York Times covers Powerus, the company already manufacturing thousands of drone interceptors a month in the UAE . US Treasury Secretary Scott Bessent's threat to cut off Iran's economy from the world , focusing especially on its "enablers" - what might that mean for new US-China tensions, which have been put on the back burner for quite some time? Volkswagen wants to make some deep cuts to capacity and may repurpose some of its factories for defense. Read daily in-depth market updates from the Saxo Market Call and the Saxo Strategy Team here . Please reach out to us at marketcall@saxobank.com for feedback and questions. Click here to open an account with Saxo . Intro music by AShamaluevMusic DISCLAIMER This content is marketing material. Trading financial instruments carries risks. Always ensure that you understand these risks before trading. This material does not contain investment advice or an encouragement to invest in a particular manner. Historic performance is not a guarantee of future results. The instrument(s) referenced in this content may be issued by a partner, from whom Saxo Bank A/S receives promotional fees, payment or retrocessions. While Saxo may receive compensation from these partnerships, all content is created with the aim of providing clients with valuable information and options.

Today, we look at Treasury Secretary Bessent out trying to massage the market again after the Wednesday treasury buyback announcement failed to crush long US treasury yields. The treasury's actions continue to provide fuel for the sharp gold and crypto rallies. We also note that the market's so far modest correction is getting us close to pivotal technical territory for the S&P 500, with one critical earnings report up next week for the AI space. This and much more on today's pod, which was hosted by Saxo Global Head of Macro Strategy John J. Hardy. Links Have you heard of SLM's (Small Language Models that can run on a PC/laptop), these might have performance parity with LLMs for large percentage of AI tasks, which could - could - call into question the need for the scale of hyperscaler spending we are seeing . Fed piece on stablecoins: Payment stablecoins and cross border payments: Implications for monetary policy implementation . There is no one like The Telegraph's Ambrose Evans-Pritchard, who waxes dramatic as only he can on the dire risks of a US debt crisis . Read daily in-depth market updates from the Saxo Market Call and the Saxo Strategy Team here . Please reach out to us at marketcall@saxobank.com for feedback and questions. Click here to open an account with Saxo . Intro music by AShamaluevMusic DISCLAIMER This content is marketing material. Trading financial instruments carries risks. Always ensure that you understand these risks before trading. This material does not contain investment advice or an encouragement to invest in a particular manner. Historic performance is not a guarantee of future results. The instrument(s) referenced in this content may be issued by a partner, from whom Saxo Bank A/S receives promotional fees, payment or retrocessions. While Saxo may receive compensation from these partnerships, all content is created with the aim of providing clients with valuable information and options.

Today, looking of course at the impact of the US Treasury's increase of its treasury buyback program and the knock-on effects across asset markets, particularly the plunge in the US dollar versus hard- and even more so crypto assets. Importantly, we don't feel we have all of the answers, but hopefully we are asking some of the most important questions and pointing out the pivotal developments to watch as we head for what is now a much higher stakes Jackson Hole appearance by Fed Chair Warsh next week, after the Treasury has sent this critical signal. Today's pod hosted by Saxo Global Head of Macro Strategy John J. Hardy. Read daily in-depth market updates from the Saxo Market Call and the Saxo Strategy Team here . Please reach out to us at marketcall@saxobank.com for feedback and questions. Click here to open an account with Saxo . Intro music by AShamaluevMusic DISCLAIMER This content is marketing material. Trading financial instruments carries risks. Always ensure that you understand these risks before trading. This material does not contain investment advice or an encouragement to invest in a particular manner. Historic performance is not a guarantee of future results. The instrument(s) referenced in this content may be issued by a partner, from whom Saxo Bank A/S receives promotional fees, payment or retrocessions. While Saxo may receive compensation from these partnerships, all content is created with the aim of providing clients with valuable information and options.

Today, a thorough look at the commodity space, especially crude oil as hopes for relief from geopolitical tensions fade and how it may be weighing on broader risk sentiment. With Saxo Head of Commodity Strategy Ole Hansen, we also take a look at copper market dynamics and grain and soft developments as geopolitical and El Niño risks weigh. We also sift through broader equity market dynamics and the risks that we are heading into a bearish correction here. Today's pod hosted by Saxo Global Head of Macro Strategy John J. Hardy. Links Coverage of Cerebras' latest chip and claims of huge potential advances in inference computing efficiency. As well, WSJ covers a new semiconductor startup Etched , which shows that technical disruption risks in the AI compute hardware space are significant. Polemic Paine with a thorough look at factors that have him concerned we face a significant equity market correction in the US . Read daily in-depth market updates from the Saxo Market Call and the Saxo Strategy Team here . Please reach out to us at marketcall@saxobank.com for feedback and questions. Click here to open an account with Saxo . Intro music by AShamaluevMusic DISCLAIMER This content is marketing material. Trading financial instruments carries risks. Always ensure that you understand these risks before trading. This material does not contain investment advice or an encouragement to invest in a particular manner. Historic performance is not a guarantee of future results. The instrument(s) referenced in this content may be issued by a partner, from whom Saxo Bank A/S receives promotional fees, payment or retrocessions. While Saxo may receive compensation from these partnerships, all content is created with the aim of providing clients with valuable information and options.

Today, a brief wrap of yesterday's equity market session in the US, which repeated some of the recent AI hardware vs. SaaS performance divergences. A couple of key AI-chip and hardware names reported with results that didn't satisfy the market. We also look at the US CPI release and the reaction across macro, noting a key US treasury auction up later today. Also, we read aloud a great email sent to us by a long-time SMC listener on the chaos that AI LLMs have unleashed on IT operations for companies and the internet. Today's pod hosted by Saxo Global Head of Macro Strategy John J. Hardy. Links Cory Doctorow again on AI model collapse , with a particularly interesting link to a Lauren's data Substack post wonderfully titled " Temperature Zero for Culture: Why Everything Is Starting to Look the Same. " Which makes us proud to produce a very non-AI generated podcast every day that doesn't try to be like anyone else. There has been a lot of overage of Bill Ackman's latest position changes from his Pershing Square 13F filing. Here's a useful X post that usefully pastes in the coverage from his letter to shareholders . The link from the email read on today's pod on the Hugging Face hack incident: the YouTube video link works, while the summary link Mr. O sent me did not contain the summary. Michael Burry on Palantir being worth less than a dollar/share . Read daily in-depth market updates from the Saxo Market Call and the Saxo Strategy Team here . Please reach out to us at marketcall@saxobank.com for feedback and questions. Click here to open an account with Saxo . Intro music by AShamaluevMusic DISCLAIMER This content is marketing material. Trading financial instruments carries risks. Always ensure that you understand these risks before trading. This material does not contain investment advice or an encouragement to invest in a particular manner. Historic performance is not a guarantee of future results. The instrument(s) referenced in this content may be issued by a partner, from whom Saxo Bank A/S receives promotional fees, payment or retrocessions. While Saxo may receive compensation from these partnerships, all content is created with the aim of providing clients with valuable information and options.

Today, an emphasis on the importance of this US July CPI hurdle today and different scenarios based on what the data shows, all while emphasizing that geopolitics and the crude oil price are a very important independent variable as well. Also, a look at more AI hardware companies reporting yesterday and the market reception of those earnings reports as well as the next batch of AI-adjacent companies reporting today. Some quality links discussed in today's podcast as well on everything from Fed communication policy to the risks from AI replacing search. Today's pod hosted by Saxo Global Head of Macro Strategy John J. Hardy. Links Aitken Advisors James Aitken ponders whether Jackson Hole is becoming a more significant event risk after Fed Chair Kevin Warsh flubbed his latest press conference. Mike Green is striking out on a new adventure , one that will eye opportunities in the inefficiencies created by increasingly dominant passive flows. Michael McNair responds to a Stephen Roach substack article on China's Deepening Japan Problem . Michael Every's latest Global Daily from Rabobank, with some great comments and sub-links Canada's The Walrus with a great piece discussed on today's pod, outlining the risks to the entire quality of the internet as AI results replace Google search . Read daily in-depth market updates from the Saxo Market Call and the Saxo Strategy Team here . Please reach out to us at marketcall@saxobank.com for feedback and questions. Click here to open an account with Saxo . Intro music by AShamaluevMusic DISCLAIMER This content is marketing material. Trading financial instruments carries risks. Always ensure that you understand these risks before trading. This material does not contain investment advice or an encouragement to invest in a particular manner. Historic performance is not a guarantee of future results. The instrument(s) referenced in this content may be issued by a partner, from whom Saxo Bank A/S receives promotional fees, payment or retrocessions. While Saxo may receive compensation from these partnerships, all content is created with the aim of providing clients with valuable information and options.

Today, we delve into the ongoing development of the "super el Niño" weather phenomenon, running through the difficulty in assessing the scale of potential impacts. Elsewhere, oil markets and refined product markets are spiking on the latest escalation in supply uncertainties from the Middle East. This we discuss with Saxo Head of Commodity Strategy Ole Hansen, together with the factors driving the recent gold and silver resurgence. Elsewhere, markets look potentially pivotal on the reaction to Wednesday's US CPI release as US long treasury yields are pinned at cycle highs. Plenty of single stock stories and more also on today's pod, which is hosted by Saxo Global Head of Macro Strategy John J. Hardy. Links FT covers Nvidia putting together a financing package for USD 500 billion in AI spending with some of the world's largest financil groups. FTAlphaville asks how much hidden leverage there is in the hyperscaler AI buildout . The answer seems to be "a lot". The St. Louis Fed offers a deep dive into what is driving the steep decline in the US labor force participation rate , most of which looks benign and relative to statistical adjustments and the aging US population, but there was still some cause for concern from the June and July data on prime age workers. Read daily in-depth market updates from the Saxo Market Call and the Saxo Strategy Team here . Please reach out to us at marketcall@saxobank.com for feedback and questions. Click here to open an account with Saxo . Intro music by AShamaluevMusic DISCLAIMER This content is marketing material. Trading financial instruments carries risks. Always ensure that you understand these risks before trading. This material does not contain investment advice or an encouragement to invest in a particular manner. Historic performance is not a guarantee of future results. The instrument(s) referenced in this content may be issued by a partner, from whom Saxo Bank A/S receives promotional fees, payment or retrocessions. While Saxo may receive compensation from these partnerships, all content is created with the aim of providing clients with valuable information and options.

Today, a look at how the market is positioned ahead of today's US jobs data and how a surprise - especially a negative surprise - might read across markets. Also, a brief discussion of polysilicon supply chains, which may surprise you, as China only dominates one of the key two production types. Also, a preview of the many interesting names reporting earnings next week. This and more on today's pod, which is hosted by Saxo Global Head of Macro Strategy John J. Hardy. Links Aakash Gupta points out the potential scale of impacts if this El Niño is as disruptive as the late 1990's one , which he argues compounded to a cost of US 5.7 trillion over the following 14 years. An FT exclusive delves into how Google puts in place the financing pipeline to drive USD 200B of spending on Anthropic , especially to sell its own chips to the company. And Ed Zitron suggests that 70% of Microsoft, Amazon and Google's AI-related revenue is derived from the black hole of OpenAI and Anthropic unprofitable spending . ChipTycoon, an info-animation, shows the complexity of semiconductor supply chains in the style of the Rollercoaster Tycoon game. About twice per week (in normal times, hopefully soon to resume), you will find links discussed on the podcast and a chart-of-the-day over at the John J. Hardy substack . Read daily in-depth market updates from the Saxo Market Call and the Saxo Strategy Team here . Please reach out to us at marketcall@saxobank.com for feedback and questions. Click here to open an account with Saxo . Intro music by AShamaluevMusic DISCLAIMER This content is marketing material. Trading financial instruments carries risks. Always ensure that you understand these risks before trading. This material does not contain investment advice or an encouragement to invest in a particular manner. Historic performance is not a guarantee of future results. The instrument(s) referenced in this content may be issued by a partner, from whom Saxo Bank A/S receives promotional fees, payment or retrocessions. While Saxo may receive compensation from these partnerships, all content is created with the aim of providing clients with valuable information and options.

Today, we look at the latest market moves as we position the importance of Friday's US jobs report, noting the reaction to key incoming earnings from Western Digital and Sandisk in particular and the impressive rally move in gold and silver. Considerable coverage as well of Victor Niederhoffer, a larger than life Wall Street figure who died this Tuesday and whose life inspired and touched countless speculators and professionals over his career, including this podcast host, Saxo Global Head of Macro Strategy John J. Hardy. Links The all-time must read article for want-to-be speculators: The New Yorker article by Malcom Gladwell: Blowing Up, comparing and contrasting Victor Niederhoffer and Nassim Taleb . The Henry Clews book Fifty Years in Wall Street . This book inspired Niederhoffer's giving out canes to people who offered valuable inspiration while writing his column for MSN's MoneyCentral. Education of a Speculator - the legendary book. Recent (less recent than I said on podcast - actually latest I can find is from this February) Mark Spitznagel prediction on one final meltup followed by 80% crash in stocks . About twice per week (in normal times, hopefully soon to resume), you will find links discussed on the podcast and a chart-of-the-day over at the John J. Hardy substack . Read daily in-depth market updates from the Saxo Market Call and the Saxo Strategy Team here . Please reach out to us at marketcall@saxobank.com for feedback and questions. Click here to open an account with Saxo . Intro music by AShamaluevMusic DISCLAIMER This content is marketing material. Trading financial instruments carries risks. Always ensure that you understand these risks before trading. This material does not contain investment advice or an encouragement to invest in a particular manner. Historic performance is not a guarantee of future results. The instrument(s) referenced in this content may be issued by a partner, from whom Saxo Bank A/S receives promotional fees, payment or retrocessions. While Saxo may receive compensation from these partnerships, all content is created with the aim of providing clients with valuable information and options.

Today, a look at the very strong day for US equity markets yesterday as the S&P 500 vaulted to a strong new all-time high amidst broad gains across sectors, with tech stocks roaring higher but the Nasdaq 100 not yet reaching a new peak. We look at the SpaceX earnings announcement and market reaction, including the announcement of a new Nvidia-chip based Starmind concept that is intended as the platform for the eventual SpaceX space-based AI data centers. Elsewhere, a look at the latest action in Macro and FX, especially whether the gold and silver surge yesterday suggests greater potential from here. Today's pod was hosted by Saxo Global Head of Macro Strategy John J. Hardy. Links SpaceX's new Starmind AI1 concept - a compact data center unit based on the next generation Nvidia Vera Rubin chips that will start in earth-based data centers, but is intended for SpaceX's eventual space-based data centers. The legendary Barry Eichengreen on " The real message in the JPY intervention ". About twice per week (in normal times, hopefully soon to resume), you will find links discussed on the podcast and a chart-of-the-day over at the John J. Hardy substack . Read daily in-depth market updates from the Saxo Market Call and the Saxo Strategy Team here . Please reach out to us at marketcall@saxobank.com for feedback and questions. Click here to open an account with Saxo . Intro music by AShamaluevMusic DISCLAIMER This content is marketing material. Trading financial instruments carries risks. Always ensure that you understand these risks before trading. This material does not contain investment advice or an encouragement to invest in a particular manner. Historic performance is not a guarantee of future results. The instrument(s) referenced in this content may be issued by a partner, from whom Saxo Bank A/S receives promotional fees, payment or retrocessions. While Saxo may receive compensation from these partnerships, all content is created with the aim of providing clients with valuable information and options.