JPMorgan: "AI Bills Are Out Of Control"

"Investment analysts, particularly at HFs, are using a ton of AI. I’ve run into numerous analysts whose personal token budgets reach tens of thousands of dollars with some even exceeding $100K. If you’re not using AI in your investment process today, you are falling behind."


This Still Isn't Panic

Fear is spreading across macro, tech, and emerging markets. The uncomfortable part is that this still feels like orderly de-risking rather than outright panic.

The Potemkin Ballot

The history of elections suggests a Potemkin ballot: a public ritual of choice that frequently conceals prearranged outcomes driven by entrenched interests...

The Fragile Market

The scary part isn't volatility. It's how little it takes to create it. Markets increasingly resemble a giant short-gamma ecosystem where relatively small flows can produce outsized price moves.

Zerohedge store image

Stocks slide as tech tumbles and oil gains as Middle-East tensions boil - US Market Wrap

Softer-than-expected monthly Core CPI, headline M/M in line, yearly gauges rise as expected; US and Iran trade blows after US helicopter was downed; Trump said Iran has taken too long to negotiate a deal, now they will have to pay the price; Trump said will hit Iran very hard today; Trump said not looking to renew USMCA; Strong indirect demand on 10yr note auction, weak direct demand; BoC hold rates as expected; Hotter-than-expected Chinese & Japanese PPI, Norway Core CPI comes in hot; Crude stocks draw for seventh consecutive week; TSMC revenue rises in May

Stop Destroying Civilization!

The Left’s favorite moral crusades always end the same way: manufactured hysteria, institutional damage, and a quiet retreat from the wreckage...