The S&P is in trouble
- Korean retail investors are now the largest foreign buyers of US equities
- They account for 11% of foreign net US equity purchases in 2025
Meanwhile the Korean won is at crisis levels
last seen during the GFC and the Asian currency crisis
To stop capital outflows, Korea introduced an unusual policy.
- Incentivize investors to sell US equities
- Exempt capital gains tax only if proceeds are reinvested domestically for ≥1 yr
The goal is simple: Keep capital at home and support the won.
This could put meaningful selling pressure on US equities.
In response, Trump slapped a 25% tariff on Korean goods.
You are free to buy US equities.
Selling them is another story.
No surprise emerging markets are outperforming the US.
- Korean retail investors are now the largest foreign buyers of US equities
- They account for 11% of foreign net US equity purchases in 2025
Meanwhile the Korean won is at crisis levels
last seen during the GFC and the Asian currency crisis
To stop capital outflows, Korea introduced an unusual policy.
- Incentivize investors to sell US equities
- Exempt capital gains tax only if proceeds are reinvested domestically for ≥1 yr
The goal is simple: Keep capital at home and support the won.
This could put meaningful selling pressure on US equities.
In response, Trump slapped a 25% tariff on Korean goods.
You are free to buy US equities.
Selling them is another story.
No surprise emerging markets are outperforming the US.
The Shanghai Futures Exchange is experiencing massive silver draws.
- SHFE silver vaults were drawn down by ~10%
- This comes after a draw of ~15% on Friday
- ~10 more draws like this and all their silver is gone
While paper shorts are depressing prices, physical buyers are using low prices to buy all the #silver they can.
- SHFE silver vaults were drawn down by ~10%
- This comes after a draw of ~15% on Friday
- ~10 more draws like this and all their silver is gone
While paper shorts are depressing prices, physical buyers are using low prices to buy all the #silver they can.
#Gold supply–demand model is broken
Major gold discoveries are collapsing.
- 1990–2000 avg: ~170 discoveries
- 2000–2012 avg: ~130 discoveries
- 2012–2024 avg: ~37 discoveries
Despite much higher gold prices, major discoveries are down ~60% vs the 2000–2012 period. In 2023–2024, there were 0 major discoveries... this has never happened before.
It takes:
- ~12 yrs from discovery to production
- ~16 yrs from exploration to production
That means very few major deposits will enter production in the coming years.
Even discoveries made today would not produce before ~2042.
At the same time, central banks are remonetizing gold through record purchases.
We are still early.
Major gold discoveries are collapsing.
- 1990–2000 avg: ~170 discoveries
- 2000–2012 avg: ~130 discoveries
- 2012–2024 avg: ~37 discoveries
Despite much higher gold prices, major discoveries are down ~60% vs the 2000–2012 period. In 2023–2024, there were 0 major discoveries... this has never happened before.
It takes:
- ~12 yrs from discovery to production
- ~16 yrs from exploration to production
That means very few major deposits will enter production in the coming years.
Even discoveries made today would not produce before ~2042.
At the same time, central banks are remonetizing gold through record purchases.
We are still early.
🚨What’s really driving power demand to 2030
• Industry ⚙️
Electrification of steel, chemicals, mining.
Still the biggest volume driver.
• Buildings 🏢
Cooling, appliances, urbanisation.
Quietly massive. Structurally locked in.
• Data centres & AI 🧠⚡
Small base. Explosive growth post-2025.
Power, not chips, is the bottleneck.
• Heat pumps 🔥➡️⚡
Policy-driven shift from gas to power.
Europe and Asia lead.
• Transport (EVs) 🚗
Becomes material after 2025.
Adds convexity, not bulk.
This is a permanent reset of the energy system around electricity.
#energy #power #AI #datacenters #electrification
• Industry ⚙️
Electrification of steel, chemicals, mining.
Still the biggest volume driver.
• Buildings 🏢
Cooling, appliances, urbanisation.
Quietly massive. Structurally locked in.
• Data centres & AI 🧠⚡
Small base. Explosive growth post-2025.
Power, not chips, is the bottleneck.
• Heat pumps 🔥➡️⚡
Policy-driven shift from gas to power.
Europe and Asia lead.
• Transport (EVs) 🚗
Becomes material after 2025.
Adds convexity, not bulk.
This is a permanent reset of the energy system around electricity.
#energy #power #AI #datacenters #electrification
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Rick Rule: #Copper is the next bull market
- Copper offers the best risk/reward setup
- 7% of global copper supply has vanished
- In a market already in structural deficit
“The copper price has a coiled spring aspect to it”
At the same time, it is getting increasingly harder to find new copper deposits.
- Grades are lower
- Mines are deeper
- Risks are rising
As a result, exploration and mine development costs are surging.
#Copper has a bright future
- Copper offers the best risk/reward setup
- 7% of global copper supply has vanished
- In a market already in structural deficit
“The copper price has a coiled spring aspect to it”
At the same time, it is getting increasingly harder to find new copper deposits.
- Grades are lower
- Mines are deeper
- Risks are rising
As a result, exploration and mine development costs are surging.
#Copper has a bright future
The AI revolution is running into physical limits
By 2030:
- ~40% of AI data centers are expected to use onsite power generation
- Up 3x from 1 yr ago
- 27% are expected to run fully on onsite generation
- Up 27x from 1 yr ago
And this trend is accelerating.
The real question isn’t demand for AI....
It’s who supplies the power.
- Gas turbines are sold out through 2030
- Nuclear plants take ~10 yrs to build
- Solar + BESS cannot fully run AI data centers
- Diesel generators are one of the few near-term options
Power remains the true bottleneck.
By 2030:
- ~40% of AI data centers are expected to use onsite power generation
- Up 3x from 1 yr ago
- 27% are expected to run fully on onsite generation
- Up 27x from 1 yr ago
And this trend is accelerating.
The real question isn’t demand for AI....
It’s who supplies the power.
- Gas turbines are sold out through 2030
- Nuclear plants take ~10 yrs to build
- Solar + BESS cannot fully run AI data centers
- Diesel generators are one of the few near-term options
Power remains the true bottleneck.
#TETHER
Tether reports $137B in reserves, much of it in U.S. Treasuries
Tether is large enough to rank among the top 20 global holders of U.S. debt.
The company operates outside U.S. banking regulation, was barred from doing business in New York in 2021, and recently moved its headquarters to El Salvador for a more crypto-friendly framework.
Tether publishes reserve attestations, never full independent audits.
Tether reports $137B in reserves, much of it in U.S. Treasuries
Tether is large enough to rank among the top 20 global holders of U.S. debt.
The company operates outside U.S. banking regulation, was barred from doing business in New York in 2021, and recently moved its headquarters to El Salvador for a more crypto-friendly framework.
Tether publishes reserve attestations, never full independent audits.
🇨🇭 Global One SI - Prompt
#TETHER Tether reports $137B in reserves, much of it in U.S. Treasuries Tether is large enough to rank among the top 20 global holders of U.S. debt. The company operates outside U.S. banking regulation, was barred from doing business in New York in 2021…
The Stablecoin market is ripe for disruption:
In just 9 months in 2025, Tether ALONE reported $10 BILLION in profit from $USDT.
How is this possible?
Tether reported $137 BILLION in US Treasury holdings, making the company the 17th largest holder of US debt.
Tether takes the capital "invested" in $USDT, lends it to the US government, and collects the yield.
Stablecoin holders are effectively "lending" Tether capital at a 0% interest rate, which is then flipped on Treasuries.
Leading onchain innovation, Jupiter already launched $JUPUSD, the first onchain-focused Stablecoin designed to return this yield to ecosystem.
The Stablecoin yield model is changing.
In just 9 months in 2025, Tether ALONE reported $10 BILLION in profit from $USDT.
How is this possible?
Tether reported $137 BILLION in US Treasury holdings, making the company the 17th largest holder of US debt.
Tether takes the capital "invested" in $USDT, lends it to the US government, and collects the yield.
Stablecoin holders are effectively "lending" Tether capital at a 0% interest rate, which is then flipped on Treasuries.
Leading onchain innovation, Jupiter already launched $JUPUSD, the first onchain-focused Stablecoin designed to return this yield to ecosystem.
The Stablecoin yield model is changing.
🇺🇸THE US GRID JUST FLIPPED
☀️ SOLAR = 50% OF ALL NEW US POWER CAPACITY IN 2025
• Solar dominates most states. (#Texas , Southeast . #Midwest)
• Batteries explode in the West. Now core, not backup
• Wind still matters. But it’s regional
• Gas adds stability. Not growth
The transition isn’t coming.
It’s being built.
State by state.
Right now.
#energy
☀️ SOLAR = 50% OF ALL NEW US POWER CAPACITY IN 2025
• Solar dominates most states. (#Texas , Southeast . #Midwest)
• Batteries explode in the West. Now core, not backup
• Wind still matters. But it’s regional
• Gas adds stability. Not growth
The transition isn’t coming.
It’s being built.
State by state.
Right now.
#energy
🇨🇭 Global One SI - Prompt
Morgan Stanley has initiated coverage of $CIFR Cipher Mining with an Overweight rating and a $38 price target. Analyst highlights the potential for a REIT-style valuation for Bitcoin-to-data center conversions with stable long-term cash flows.
Morgan Stanley initiates $CIFR Overweight $38 PT
Do not miss rotation into this sector:
$CIFR - Low-cost U.S. power → scaling AI hosting + BTC mining
$MARA - Massive BTC treasury → leveraged to BTC upside cycles
$RIOT - Industrial-scale infrastructure → expanding HPC + AI hosting
$GLXY - Institutional bridge → TradFi capital entering digital assets
$HUT - Hybrid model → BTC mining + high-performance compute revenue
If BTC Rips, These Rip Harder
$BITF - Expansion + turnaround leverage
$WULF - Nuclear power narrative + HPC pivot
$CORZ - Post-restructure scale story
$BTBT - Aggressive HPC transition angle
$HIVE - GPU + AI compute optionality
Do not miss rotation into this sector:
$CIFR - Low-cost U.S. power → scaling AI hosting + BTC mining
$MARA - Massive BTC treasury → leveraged to BTC upside cycles
$RIOT - Industrial-scale infrastructure → expanding HPC + AI hosting
$GLXY - Institutional bridge → TradFi capital entering digital assets
$HUT - Hybrid model → BTC mining + high-performance compute revenue
If BTC Rips, These Rip Harder
$BITF - Expansion + turnaround leverage
$WULF - Nuclear power narrative + HPC pivot
$CORZ - Post-restructure scale story
$BTBT - Aggressive HPC transition angle
$HIVE - GPU + AI compute optionality
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