One of the things I pride myself on in relation to Arb Letter is covering major stories or trends before they hit the mainstream news cycle.

These are stories and themes that I feel actually matter in our world, that for whatever reason, most people ignore, miss, or remain uninterested in.

By now if you have read Arb Letter for a while or followed me since my more irreverent Instagram days know that I value the following things:

• Personal sovereignty

• Freedom

• Questioning the mainstream narrative and social consensus

• Individual responsibility

• Technological progress

• Economic opportunity

• Strong communities

• National resilience

• Long term thinking over short term outrage

• Optimism grounded in reality

• Speaking the truth instead of seeking out comforting lies

I suspect these reasons are a large part of why many of you continue to subscribe to Arb Letter.

It is difficult to find many people out there these days that put these values at the forefront of their work.

Are financial markets, stocks, and crypto great? Yes. Are they at the core of my content? Yes. But that does not mean I cannot pivot to give attention to much more serious issues when the time calls for it, and the time certainly calls for me to just that, as I did during Covid, Ukraine, key elections, and other major world events.

This is not always popular, and I know that.

Lord knows if I was just a bit more corporate or normie, my following might be bigger, my reputation less controversial, my influence less targeted.

But then how would I take myself seriously? Knowing that I curtailed opinions, commentary, and issues that I know have great significance to simply appease the masses?

What should be the top media story across the entire globe right now, gained dire traction online this week.

The rape and grooming gang scandals that we have covered before that have plagued the United Kingdom for decades now, are finally receiving some attention, largely because men like Rupert Lowe have tirelessly fought for them to break beyond the elite bureaucratic censorship machine that dominates the UK and most of Europe.

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For those of you new to this gut wrenching crime against humanity, Grok on X synthesized the full report:

The Rape Gang Inquiry Report details systematic child sexual exploitation by predominantly Pakistani-heritage Muslim men targeting vulnerable white British girls. Key findings from the report: ~250,000 victims estimated since the 1950s; 87-95% perpetrators Muslim in analyzed cases. Grooming via drugs/alcohol/taxis, gang rapes, trafficking, blackmail, and racial/religious abuse.

This has been going on for decades. The Inquiry states that:

We found that the same unspeakable crimes occurred in at least 149 local authority districts – close to 40% of all such districts across the United Kingdom.

The truth has been suppressed for many years. The details are so gruesome and so unsettling, that I had to take multiple breaks from putting this piece together and summarizing it all for you today.

It’s not fun, enjoyable, or convenient to talk about this.

It is unpleasant, dark, and deeply upsetting.

But the reality is, we owe it to these girls and young women to tell this story and expose people to what is happening.

In university I spent time studying the use of child soldiers in Africa, the worst war crimes of the two World Wars, the Holocaust, the Holodomor, and other tragedies throughout history.

They struggle to compare to the sheer depravity of this crime against the British people as politicians enable continued depravity and lawlessness. Despite his betrayals of the British people the odds of PM Keir Starmer being ousted by July 31st sit at just 52%.

Today’s post is heavy, and I want to preface it by saying if you cannot handle it, there’s no issue with that, but I’d urge you to try to comprehend the urgency and gravity of what we will discuss today by at least making yourself aware.

We’ve been numbed to the human condition, to any shred of decency or common code of morals. We’ve become soft, too eager to turn the other cheek or accept grave abuses of power.

To think that the people of the UK, the people of the world, would accept that this could happen and do virtually nothing about it, is the ultimate blackpill.

Worse, when you get into the details of this enormous case, you realize people did much worse than turn a blind eye or ignore it, in many instances they actively enabled it, participated, or mocked the victims and their families.

Because the fact of the matter is, this transgression against British girls and women is nothing short of evil incarnate.

The wanton hate and malice shown by the perpetrators is difficult to even put in words.

But today we will try.

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Rape As a Weapon of War

The key to understanding this horrific series of events lies in recognizing that this was and is systematic targeting of women and girls from a racial and religious standpoint. This has been a silent war against predominantly White British people.

So for those of you who need it, let me give you a very sobering history lesson.

Rape, has long been an instrument of war.

One of the most disturbing aspects of the ongoing grooming gang inquiries in the UK is that they force society to confront an uncomfortable truth: sexual violence is not simply a byproduct of conflict, disorder, or criminality.

Throughout history, rape has often been used deliberately as a tool of power and domination of peoples.

For thousands of years, conquering armies understood that destroying a population was about more than just killing soldiers.

It was about breaking families, humiliating communities, erasing identity, and creating lasting psychological scars. Women and children frequently became targets not because they were combatants, but because they represented the future of a people.

Ancient chronicles from the Roman Empire, Mongol invasions, and countless medieval campaigns describe sexual violence accompanying conquest. In many cases it served multiple purposes at once including terrorizing civilians into submission, rewarding fighters with plunder, and demonstrating complete domination over a defeated population.

The phenomenon became particularly visible in the ethnic conflicts of the 20th century and more recently in the Middle East.

During the wars in the former Yugoslavia, especially in Bosnia and Herzegovina, international tribunals documented systematic rape campaigns used as instruments of ethnic cleansing.

Quite literally, physically erasing and altering the bloodlines of people.

Women were targeted because their attackers understood that the psychological and demographic effects would ripple through communities for generations. The goal was not merely individual victimization or pleasure seeking, it was the destruction of social cohesion itself.

Similar patterns emerged during the Rwandan genocide, where sexual violence was used alongside mass murder to terrorize and annihilate communities. Survivors often faced lifelong physical and emotional trauma, while entire villages struggled with the social consequences for decades.

Military historians frequently note that rape as a weapon of war operates on several levels:

• Terror - creating fear that spreads far beyond the immediate victims

• Humiliation - signaling that a community is powerless to protect its own

• Social destruction - damaging family structures and community trust.

• Demographic warfare - in some conflicts, intentionally altering ethnic or cultural identity

• Psychological domination - ensuring that the effects of conquest persist long after the fighting ends

Two of the most depraved and large scale instances of this that I’ve come across in my historical studies of major conflicts, come from the WWII era.

The Nanjing/Nanking Massacre (also called the Rape of Nanking) was one of the worst atrocities of the Second World War. In December 1937, Japanese forces captured the Chinese capital of Nanjing and unleashed a wave of mass killings that left hundreds of thousands of civilians and disarmed soldiers dead over the following weeks. Most estimates sit at 300,000 killed.

Warning - Extremely Graphic Content Ahead

Japanese forces quickly began murdering captured Chinese soldiers, lighting them on fire, shooting or bayoneting them, or participating in documented beheading competitions.

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Once males were removed from the equation they turned on the women:

After the destruction of the POWs, the soldiers turned their attention to the women of Nanking and an outright animalistic hunt ensued. Old women over the age of 70 as well as little girls under the age of 8 were dragged off to be sexually abused. More than 20,000 females (with some estimates as high as 80,000) were gang-raped by Japanese soldiers, then stabbed to death with bayonets or shot so they could never bear witness.

Pregnant women were not spared. In several instances, they were raped, then had their bellies slit open and the fetuses torn out. Sometimes, after storming into a house and encountering a whole family, the Japanese forced Chinese men to rape their own daughters, sons to rape their mothers, and brothers their sisters, while the rest of the family was made to watch.

(www.historyplace.com)

You are hard pressed to find more gruesome events throughout history than what took place in Nanking in 1937.

When the Soviets approached Berlin in 1945, few knew that one of the largest waves of sexual violence in modern European history was about to unfold.

The sheer scale would alter the face of the continent for decades to come.

As the Red Army pushed westward into Germany, years of brutal warfare, unimaginable casualties, and a desire for revenge against the nation that had invaded the Soviet Union combined to create a humanitarian catastrophe for German civilians.

Historians generally estimate that hundreds of thousands, and possibly more than a million, German women were subjected to sexual violence during the final months of the war and the occupation that followed.

The victims came from every segment of society.

Elderly women, young girls, mothers, refugees fleeing the front, and women sheltering in basements all found themselves vulnerable as Soviet troops entered towns and cities across eastern Germany. Berlin itself became the epicenter of the crisis. Contemporary diaries, witness accounts, and postwar research describe widespread assaults occurring in homes, apartment buildings, shelters, hospitals, and public spaces.

The Rape of Berlin and the events in Nanking stand as another grim reminder that throughout history, sexual violence has repeatedly accompanied literal conquest and occupation.

Whether in Nanking, Bosnia, Rwanda, or Berlin, the pattern is tragically familiar.

The battlefield ends, but the trauma inflicted upon civilians can endure for generations.

But the UK is not formally at war.

There are no traditional armies marching through London. No collapsing front lines. No surrendering soldiers. No artillery falling on British cities.

Which raises a deeply uncomfortable question.

How is it that acts of exploitation and abuse on such a scale were allowed to persist for years, and in some cases decades, inside one of the world’s oldest democracies?

The Rape of The United Kingdom

We have 2,000 subscribers in the UK. To be honest I don’t know how they even access Substack let alone Arb Letter, but you can rest assured they are some of the last good guys in that god forsaken nation.

And look, I’m not on some senseless mission to bash brits and I am certainly not pretending the US doesn’t have its share of issues, but the fact is the UK is close to collapsing on itself. It is a case study in the Orwellian/Dystopian future that awaits Western nations if radical change is not implemented.

The headlines are almost entirely unbelievable from past years:

• People arrested for tweets and media

• Insane censorship pushes by the government

• Religious exemptions to carry weapons for non whites

• Parents prevented from rescuing their children

• Blackmail and threats from the state to preserve “racial cohesion”

• Rape on a mass scale

Any freedom loving Brit who is not brainwashed knows his country is in a perilous place.

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The Rape Inquiry, highlighting the decades of sexual warfare and systematic violence against girls and women in the UK states that: Perpetrators from Pakistani Muslim and other Muslim backgrounds formed the core of the rape gangs nationwide.

Their techniques were largely the same, the men would start by showering the girls with attention, gifts, alcohol, and drugs. This would then escalate to coercion, gang rape, blackmail, violence, and trafficking. They transported victims across towns, shared them with friends and family, and sometimes forced conversions to Islam followed by religious marriages.

So how could all of this be allowed to happen?

This decades long war against the women and girls of the UK was facilitated by the stifling political bureaucracy that is destroying the once great nation. Woke virtue, cultural marxism, and progressivism denied this girls and women any chance at rescue or hope.

The phenomenon ramped up considerably in the 1970’s following Tony Blair’s 1997 victory in which mass migration followed.

The Inquiry puts it more eloquently than I ever could, and I would note that while this may be one of the major drivers of why these crimes went unaddressed for so long in the UK, you will notice this theme is prevalent in many Western countries, including the US:

What went wrong is now painfully clear. The post war liberal consensus that began with Wilson emphasised diversity, inclusion, and non-judgementalism as supreme virtues. Multiculturalism replaced national self-confidence as the guiding principle. Long-standing British norms around free speech, child protection, and impartial application of the law were subordinated to the need to avoid offending minority sensitivities at all costs.

Liberal elites in media, politics, and the public sector internalised the idea that acknowledging cultural or religious factors in crime was itself a form of bigotry. This mindset actively shielded the rape gangs by discouraging the very inquiries and interventions that could have saved thousands of children.

It was a complete systemic political failure and betrayal at every level.

Police participated.

Families were threatened to be quiet.

Foster homes pimped out their girls.

Institutions have not a single point of validity to stand on now (which is of course why you are seeing crackdowns on protests AND a complete push for censorship). You think PM Keir Starmer is passing social media bans for the youth to “protect them”?

No. He is preparing a date base of information on citizens to prevent wrong think and speak, and charge people where convenient. Tommy Robinson was charged for trying to get the truth out on all of this.

As the inquiry states, the The Labour Party bears the brunt of political blame here, having originally refused a public inquiry. They could not be bothered to acknowledge ANY of the demographic, cultural, and religious drivers of these crimes.

What’s almost as disturbing as the rapes and abuse is how the British judicial, social, and legal system enabled and in many instances facilitated this all to continue.

Every institution that existed to protect children instead enabled the gangs. Police forces across England and Scotland discouraged reporting, criminalized victims, destroyed evidence, allowed known rapists to walk free on bail, and in some cases actively participated in or shielded the networks.

Social care services undermined protective parents, placed children in trafficking hubs inside children’s homes, closed cases despite clear indicators of exploitation, and retaliated against whistleblowers.

The NHS recorded genital injuries, multiple sexually transmitted infections in children as young as 13, pregnancies caused by rape, and suicide attempts, yet discharged victims back to their abusers without safeguarding referrals or trauma care.

Schools observed older men collecting girls at the gates, heard disclosures of rape on school premises, and responded by excluding victims rather than protecting them. Taxi licensing authorities renewed permits for drivers who formed the logistical backbone of the networks and collapsed in the face of organised protests when basic safety measures were proposed.

Warning - Extremely Graphic Content Ahead

The individual stories about the system failing these girls and women is enough to make you throw up. There are thousands of survivors who could have provided evidence to the Rape Inquiry team, some were brave enough to come forward, documenting their experiences in the full inquiry.

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These are small anecdotes:

Chloe - They routinely drugged, abused, and raped her, including with objects including soft drink cans, keys, and a baseball bat. On one occasion she contacted the police to report an assault that was taking place in her house and, when they arrived, Chloe was threatened with arrest rather than the gang members as the property was registered in her name. The Inquiry asked her “Do you know how many men abused you over that time period?” She answered, “hundreds and hundreds and hundreds”.

Kate - Kate endured a decade of trafficking, filmed blackmail, “red rooms” of torture, animal rape, and witnessed murders of other girls. She received an NRM conclusive grounds, but despite this has received very little support and lives with trauma that she has to manage daily.

Michelle - Michelle was raped in bin sheds, threatened with a knife, and forced into sex with multiple men waiting in cars. She was drugged, beaten, burned with cigarettes, locked in rooms, and passed between men. An amusement arcade was used as a front for drug dealing and the sexual exploitation of children. She became pregnant four times as a child as a result of rape, leading to miscarriages, one abortion, and one surviving child. Of her abusers, she states: “98% of them were Pakistani Muslim. If not, they were Iraqi Muslim or Kurdish.”

Taylor - “Before they raped me, they would chant ‘Bismillah Hir Rahman Nir Rahim’.”

(Translation: In the name of Allah, The Most Gracious and The Most Merciful.)

Jen - At the age of 17, Jen was introduced to a gang of Iraqi Kurdish Muslim men by a friend who she now believes was, herself, groomed. The gang members – all of whom were illegal migrants – trafficked Jen to numerous towns and cities across the Midlands where she was raped by multiple men at what were described as “parties.”

She describes “a closed and intimidating social world governed by fear, loyalty, and silence,” in which racially supremacist attitudes were openly and regularly expressed. White British people were described as “white trash,” and white girls as “English pig‑dogs.” Perpetrators insisted that children “choose” exploitation, and Britain and its institutions were described as “soft” and “easy” to exploit. They boasted of receiving “free money” from the British state, and on multiple occasions Jen was forced to fill in asylum benefit applications on their behalf.

There are many stark takeaways and patterns from the Inquiry but chief among them is the racial and religious component at play. White British girls were intentionally and systematically targeted.

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It is not an exaggeration to compare this to genocide.

What’s even more gut wrenching is who these men targeted specifically. Lower to middle class girls from troubled backgrounds, stuck in foster or state homes, or from unstable households, girls from well off backgrounds, students, nobody was spared.

Voiceless and defenseless.

Left to fend for themselves against foreign hordes of silent invaders.

And then there is the sheer scale described in the Inquiry that is difficult to comprehend, and let’s be brutally honest.

250,000 is the conservative estimate of women and girls impacted.

I bet it’s at least double that number, maybe even approaching 1,000,000. These are just reported cases in an already highly censored country that is SCRAMBLING to do damage control with each passing day.

The UK is a stark example but this is not an isolated trend.

Visegrad24 and other outlets reported this morning that a French woman who was sexually assaulted by a Tunisian migrant might be sentenced to prison today for “incitement to racial hatred.” During a TV discussion, she said that “the main danger for women in France is Black African and Arab immigrant men.” She was initially given a six month suspended prison sentence and a €3,000 fine, but she appealed the sentence, with the new verdict expected later today.

Look at nearly 100% of these instances and the underlying driver is the same. All across Europe.

ANYTHING is better than “racism” guys. We can’t offend savages going after our women and girls. That would be unkind.

You are watching the curtain get pulled back on the sacrificial altar of progressivism and multiculturalism.

You really must see how wild this has all gotten, and the darker part of it, is that it is so insane, so absolutely ass backwards, that it’s nearly impossible this isn’t all intentional.

How could this NOT be the desired outcome?

The complete assault and dismantlement of once proud nations from within through the most horrendous of means.

Conclusion

I realize this can be quite a lot to wrap your head around. That is spiritually upsetting and depressing. Imagine if one of these girls was someone you knew? A family member or a relative.

It’s never been more obvious that the wolves are in the pasture and the shepherds and sheepdogs are nowhere to be found (or worse, they are letting the wolves in).

We cannot forget this. We cannot look past it.

And so I would ask you, share this.

Forward it to people you know that care about the truth. To people that understand the stakes of the cultural and global war that is being fought across Western nations each day.

No matter how uncomfortable it may be. People need to understand what’s taken place, and realize that if it can happen in the UK it can (and likely is) happening in other places.

You cannot begin to get to the root of this phenomena without acknowledging the cold facts of who did this, how this was able to persist, how the perpetrators view Westerners, and why nobody pushed to stop it.

As far as a solution or response?

It’s simple. In my mind, there is virtually NO response to this travesty that I would consider “overdoing it”.

Even in today’s soft society and world where the powers that be tell you endlessly that violence, force, and strength are undesirable. That they are unattractive qualities that make YOU the “dangerous” one or the “far right” antagonist, while your enemies leverage every weakness, political loophole, and progressive virtue they can to wage unrelenting and savage war against children, girls, women, and the defenseless of our nations.

These crimes merit a forceful response.

They merit, decisive and unforgiving punishment and reprisal for every single person involved who participated, encouraged, facilitated, or turned a blind eye.

Zero exceptions. Bring down the fucking hammer.

Enough.

Anything short of that is arguably the most severe series of injustices the world has seen in a very long time.

If you have some spare time and want to better understand the magnitude of this scandal you can read The Full Report HERE.

I will see you guys next week. Godspeed, and if you’re feeling up to it say a prayer for these girls and women as you go about your Thursday morning.

They have experienced hell on earth.

Andy

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Looks like the vibes might have shifted in our favor over the weekend. As President Trump rolls out a wild display of American aura at the White House with motocross flips and UFC knockouts, markets loved the peace deal announced this weekend.

On Sunday Trump announced a preliminary U.S. peace deal with Iran that would open the Strait of Hormuz. Markets reacted almost instantly with oil dumping and major indices ripping Monday morning. Bitcoin reclaimed $66,000, Ethereum climbed over $1,800 and several alt coins mooned over 10%.

It would appear at least for the moment - WE ARE BACK with crazy happenings and predictions popping up left and right:

Elon Musk is now a trillionaire.

The Knicks are NBA champs.

Some random country named Cape Verde held Spain to a draw in the World Cup, dropping Spain’s odds of winning to 15%.

UFC Fighter Josh Hokit went psycho mode and said “Michelle Obama is a man” live on TV.

The S&P 500 has logged 23 all time highs in 2026.

Goldman Sachs raised its year end S&P 500 target to 8,000.

Defense, AI, robotics, energy, nuclear, and space are all seeing massive capital flows at the same time.

Major news headlines and drama aside, what is becoming harder to ignore is the sheer number of turbo bullish developments occurring simultaneously. AI spending continues to accelerate. Data centers are being built at a pace that would have sounded ridiculous just a few years ago.

Defense budgets are expanding around the world at record pace. Nuclear power is making a sneaky little comeback. Space is becoming investable to the masses. Robotics are leaving the lab and entering the workforce.

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I think the argument that we are closer to a generational god pump than a crippling recession is becoming stronger by the day, not because every risk has disappeared, but because the scale of innovation, capital investment, and technological progress underway is becoming impossible to ignore.

Think about it brother.

Entire industries are being rebuilt in real time. Trillions of dollars are being deployed into infrastructure, energy, compute, automation, and defense. Markets may continue to experience volatility along the way, but it just seems like the long term direction of travel remains remarkably clear. We all know they are just going to keep printing and printing.

At some point, investors have to stop focusing on what can go wrong and start focusing on what is actually being built and what is ripping in front of their faces.

Today we’re going to review this latest surge in markets and the stocks picks and crypto highlights worth paying attention to this week. You can feel a major trend shift cooking under the surface that I don’t think most people are ready for.

There are some excellent opportunities to capitalize on and some signs that sentiment might be changing (especially in crypto land). Once again, our attempt is to front run the normie hordes and get you guys positioned before everyone is 100% “certain” that things have changed.

By then, gains will be had already and you might end up like this guy.

Dark stuff.

It’s time for you to lock in king. A few good plays can change your life.

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As a follow up today to our post on Tuesday (which I apologize, did go out a bit late), I wanted to not only get everyone caught up on the state of financial markets, but air out some of the biggest issues on earth right now including:

• The reversal and dump in global markets

• The verdict in the Austin Metcalf murder

• The riots and unrest in the UK and Ireland

• Iran war escalation

Covid was certainly one of the biggest moments in our lifetimes where the “matrix” or “big illusion” of society fractured.

Since then it’s been a non stop circus on every front: markets, society, etc. It is almost impossible to keep up with all of it.

Despite all of that noise and bullshit, the truth is right in front of everyone’s faces regardless of if they want to acknowledge it or not.

What makes it difficult sometimes is that the powers that be, intentionally obfuscate the truth. They gaslight you. They lie to your face, sometimes with such audacity and gall, it is truly unbelievable.

As I like to say, the world is changing quick, don’t get left behind.

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Markets Take A turn For The Worse

Our little gain party might be temporarily over.

This week the Nasdaq led the decline as chip stocks came under heavy pressure. Nvidia Broadcom, Marvell, Super Micro Computer , and other AI linked names all saw meaningful dumping. The broader semiconductor complex has now erased hundreds of billions in market value over the past several sessions.

By yesterday, the selling accelerated with the Dow dropping nearly 1,000 points in a single session while the S&P 500 fell more than 1.5% and the Nasdaq slid roughly 2%.

Despite this weakness gents, it’s worth remembering that much of this appears to be a correction within a larger uptrend rather than a full blown bear market (for now).

That being said this week’s CPI report shows us that inflation is not completely dead. Headline CPI came in at 4.2% year-over-year, the highest reading in roughly three years, driven largely by soaring energy prices and ongoing tensions in the Middle East.

Core CPI, which strips out food and energy, remained relatively contained at 2.9% annually and just 0.2% month-over-month.

In other words, much of the inflation spike appears tied to oil and gasoline rather than broad based price increases across the economy. PPI comes out today at 8:30 A.M. Eastern Time.

• OpenAI is reportedly planning their IPO with a targeted valuation between $730 billion and $850 billion (CNBC/Unusual Whales)

• Anthropic CEO Dario Amodei warned recently AI could create a world of “hypergrowth, hyper-inequality” and lasting job displacement (Polymarket)

• Oracle shares came under pressure after hours dumping 5%

• Intel unveiled additional details surrounding its next generation AI accelerator roadmap

• Defense spending across NATO countries continues to trend higher, benefiting contractors such as Lockheed Martin, RTX, Northrop Grumman, General Dynamics

• Singapore's DBS bank is set to launch tokenized physical gold for retail customers via its digibank app (CoinTelegraph)

• Citadel and Citadel Securities just unveiled their largest internship class to date choosing 350 interns out of 115,900 applicants

Few potential IPOs have generated as much excitement and hype as SpaceX, set to go live Friday, June 12 on the Nasdaq under ticker SPCX.

The company has become one of the most valuable private businesses in the world thanks to its dominance in commercial launches, Starlink's rapidly growing satellite internet network, and its long-term ambitions surrounding Mars exploration.

The demand remains enormous — one chick in a recent interview on X said she tried taking out a $5,000 loan just to ape this name today lol — but many analysts argue expectations have become extremely aggressive, with private market valuations already pricing in years of lofty future growth and execution.

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A Bloomberg report stated the IPO is expected to create around 4,400 new millionaires including cafeteria workers and lower employees at SpaceX who have been squirreling away shares.

Not sure I will be dabbling out of the gate with this name BUT I am curious to see how it performs through end of week.

When it comes to crypto our nice little bounce got slammed just as hard as equities with Bitcoin now trading near $62,000 and Ethereum at $1,600. The chart below is from a stream by Bitcoin analyst and commentator Benjamin Cowen. It displays the percentage of Bitcoin in profit and loss. It’s a pretty clear cyclical picture that coordinates with cycle lows and highs quite well.

As Ben points out in this video, the cycle bottom does not occur until AFTER the supply of Bitcoin in profit and loss CROSSES.

This could suggest we are some time into the bear market and the better days are on the horizon if we can avoid a global economic meltdown.

As we await positive news on the Clarity Act this summer, Senator Cynthia Lummis has said “Other nations are accumulating Bitcoin quietly. We should be doing it loudly, on the record, by law”.

In regards to the broader markets pull back this week, corrections are normal.

Question now is whether this is simply a healthy pullback or the beginning of some type of deeper repricing as inflation, interest rates, and Iran drama screw us over for a longer period of time.

Next week we will throw together a shopping list if it continues. If you want to get ahead of our thoughts there would be great to review the post below as it looks like many of these names will be on sale.

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Iran & Geopolitics

Heading into the week, reports suggested that backchannel negotiations between the United States and Iran were making progress, with several media outlets indicating that both sides were moving closer to a framework agreement.

It looked pretty solid and crypto took it as a small green light to bump.

Oil prices initially softened on the hopes that a diplomatic breakthrough could reduce tensions but Iran really just can’t play out for us and end so that we can move onto the next big thing.

Tensions in the Persian Gulf escalated again this week after reports emerged that an Iranian drone became entangled with a U.S. Apache helicopter operating near the Strait of Hormuz. Odds on Polymarket sit at 28% that we get a permanent peace deal with Iran. Not completely cooked but not high enough to instill confidence we are close to the end.

According to U.S. officials and reports, the aircraft was forced into an emergency ditching after the drone caught fire, though both pilots were successfully rescued in a sick maritime snatch.

The recovery operation was notable for reportedly marking the first time an unmanned surface vessel was used to rescue American service members in an active military environment. A 24-foot Saronic Corsair autonomous surface vessel (USV) from Saronic Technologies was used for the rescue.

The incident then triggered a swift U.S. response, with multiple retaliatory strikes carried out against Iranian linked targets.

This exchange serves as another reminder to us that the Strait of Hormuz remains one of the world’s most strategically important chokepoints, where even isolated/small incidents can rapidly escalate and then have implications for energy markets, shipping lanes, and continued regional stability. It’s just a complete clusterf*ck right now.

Yesterday President Trump said he will "bomb the shit" out of Iran if they do not sign a deal by tomorrow.

At this point, markets are essentially caught between two wildly different outcomes. On one hand, the first scent of a diplomatic breakthrough could send oil lower and remove one of the largest overhangs facing markets and on the other, we see a major escalation by the US or Israel that bleeds this conflict out well into the summer.

Today will be big for updates so make sure you’re on X.

Ireland & UK Immigration Explosion

It appears that the Irish and British people have had enough of their countries being invaded by immigrants and third worlders.

Most recently the UK saw demonstrations surge in the aftermath of the killing of Henry Nowak by a Sikh and then the boiling point was reached this week when a Sudanese man attacked and attempted to cut off the head of a British man.

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Rioters have torched vehicles, buses, homes, and makeshift barricades while hurling petrol bombs, fireworks, and masonry at police officers.

The truly insane part of all of this, aside from the lunatic trying to behead a man in the street, is the predictable reaction from leftist elites in the UK.

UK PM Keir Starmer said this week:

There is no justification for the acts of violence and arson that we saw in Belfast last night. It is completely unacceptable. I urge for calm. We must let the police get on with their work.

The Minister of Northern Ireland said this week that she wishes “people didn’t see that video”.

Can you imagine?

She’s inconvenienced that people saw a Sudanese man cutting a dudes head off.

Their pathetic cries and cope are falling on deaf ears.

People don’t give a f*ck now.

You are in a war.

You think voting solves this? You think appealing to the same politicians who enabled all of this to happen in the first place is going to work?

This is the real world. Where violence and force rule. Nothing is off the table now. The people have clearly had enough.

You as a reader should understand this because the narratives the establishment and left are pushing rely on emotional appeal, virtue signaling, and pearl clutching. The same things that got us into this mess to begin with. THEY facilitated the conditions people are reacting to.

The audacity to ACTUALLY signal or imply you care more about justifiable outrage than the beheading of a man in the street, or grooming gangs systematically raping thousands and thousands of young women and girls over decades is disgusting.

And it is war worthy. People absolutely believe it is worthy of the violent retaliation in the streets. Protests continued last night, with police deploying water cannons to stave off protestors.

British politicians are now pushing for more limitations on X to curb free speech. the reality is they are inconvenienced by the platform, given people around the world can really see what is happening. They would prefer a complete blackout in which they can determine what people see.

It’s entirely Orwellian.

This morning we received news that Defence Secretary John Healey stepped down from his position, citing concerns that the government's planned defense spending increases were insufficient given the growing security challenges facing the country. In his resignation statement, Healey argued that current funding levels could leave Britain's armed forces underprepared at a time when geopolitical risks are rising across Europe, the Middle East, and beyond.

Wonder if this had anything to do with what is going on at home as well.

Austin Metcalf & Karmelo Anthony

It’s not just overseas where social issues are driving unrest. The state of race relations in the US continues to deteriorate as the verdict on the Austin Metcalf & Karmelo Anthony trial came in this week.

The case stemmed from a fatal altercation at a Texas high school track meet in April 2025, where 17 year old Austin Metcalf was stabbed and killed during a dispute under a team tent. Karmelo Anthony, who was also 17 at the time, claimed he acted in self-defense, while prosecutors argued the stabbing was unjustified and constituted murder.

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After a closely watched trial that drew national attention and sparked heated debate online, a jury rejected the self defense argument, finding Anthony guilty of murder.

This week, Anthony was sentenced to 35 years in prison. The case was pretty clear cut from the start but suffered from the typical race and societal implications that muddies what should otherwise be a straightforward determination.

Karmelo Anthony is now said to be appealing his conviction after his family and supporters allege racial bias. Can’t make this shit up.

Outside the court house it was an ugly scene.

One supporter of Karmelo said "What do I tell my 5 boys? What do we do now!?"

Well for starters you could have them not stab people? Right?

Another said “F*ck white lives”

Others in this video said Karmelo should have killed Austin’s twin brother as well.

And so the position most of these people defending Karmelo are taking is entirely indefensible lol.

Unless of course, they really don’t care. It’s not about the truth here, it’s about white vs. black. No black jurors were seated on the final panel, with Prosecutors saying that those jurors were removed because they were educators/teachers, and the state did not want educators serving on a jury involving a case between high school students at a school event. I’m wondering if there’s more to that story.

When you have people who are openly willing to excuse, celebrate, or justify violence based on the race of either the victim or the perpetrator, you’re approaching levels of social division that become very difficult to reverse. At that point, facts become secondary/don’t matter.

Every event gets filtered through the lens of identity, politics, and group loyalties.

That’s ultimately what makes cases like this so troubling. A tragedy that should unite people in condemning the loss of a young life instead becomes another battleground in a broader cultural war. The victim’s race, the defendant’s race, the composition of the jury, and the political implications end up receiving more attention than the simple reality that a teenager is dead and another will likely spend decades behind bars.

The uncomfortable truth is that this isn’t happening in a vacuum. Across the West, we’re seeing trust in institutions decline, political polarization deepen, and people increasingly sort themselves into competing tribes.

Social media only accelerates the process, rewarding outrage, grievance, and division while punishing nuance. Some of the posts I am seeing about Austin Metcalf on X look strikingly similar to those celebrating Charlie Kirk’s murder.

What’s taking place in the United States is emblematic of a broader trend unfolding across much of the developed world. The lines separating race, politics, culture, and identity continue to harden. When every issue becomes a tribal issue, compromise becomes almost impossible and social cohesion begins to break down (like we are seeing in the streets of the UK).

That may be the most concerning verdict to come out of this entire case in my opinion.

As usual if you guys enjoyed this edition of Arb Letter make sure to forward it to friends and like minded folks. Does us a huge favor in getting the word out!

See you next week. If shit pops off this weekend we will drop a quick update.

Andy

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An interesting moment I had online this past weekend gave me a glimpse into where people’s heads really are these days. Nowadays you never really know what is going to go turbo viral online. After 9 years in media I can generally get a sense of what might do super well, but sometimes, especially on platforms like X, it can be an enigma.

This post I made below did just that on June 6th 2026.

As of today it sits at 3,800,000 views, 35,000 likes, and 5,000 retweets. Likely my most engaged “tweet” I have ever made. If you’re unaware the clip is from the Brecourt Manor Assault by Lt. Dick Winters of the 101st Airborne in Normandy on June 6th 2026 from the HBO miniseries Band of Brothers. Winters and a handful of airborne and other troops quickly took out German artillery hammering the men on the beaches.

It was a textbook assault and is taught still to this day at West Point Military Academy.

You can see my caption below (which I crafted in about 5 seconds) to not only post a quick ode to June 6th (D-Day) but to also highlight the vast differences between life today and in 1944. In this case yes, I used the laughably familiar millennial and Gen Z meme of having high anxiety over a life defined by a corporate job.

This clip generated an ENORMOUS amount of discussion on:

• War

• Society

• The ruling elite (futility of war)

• Modern day vs. boomer/older generation lifestyles

• WWII conspiracies (which I do love)

I quite enjoyed seeing all of the different takes. Some people were pissed, some agreed with some my sentiment, and others had unique interpretations. One thing was striking to me though. There was a large group of commenters posting that they’d prefer THIS over a corporate or email job.

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And while there may have been some joking/jest involved, I actually think there’s some truth and merit to that idea (as crazy as it might seem). Do I think people would prefer to get shot to death in a muddy trench over sitting through Microsoft Teams meetings? No.

Do I think people, and especially young men, lack a mission or uniting factor these days? Absolutely I do.

We’ve touched on this idea before in Modern Man’s Guide to Happiness.

What struck me wasn’t that people were romanticizing war. I don’t think that’s what most were doing at all (and it definitely wasn’t what I was doing contrary to what the trolls thought).

What they were reacting to was the purpose.

In 1944, or in this particular example LT. Winters and his men knew exactly who they were, exactly what their objective was, and exactly what was expected of them. Their lives were dangerous, uncomfortable, and often brutally short.

But they were not ambiguous.

And that makes your existence fairly simple.

Compare that to the modern experience. Millions of people wake up, answer emails, sit in useless meetings, commute hours, update spreadsheets, scroll social media, consume content, eat slop, and repeat the process day after day.

They are materially richer than any generation in human history, yet many seem profoundly dissatisfied and depressed.

Comfort and technology have advanced us, but they have also killed the part of us that carried any sort of spark. We are shielded from the raw nature of the world, we communicate digitally, and dodge confrontation at the first sign. Life can be entirely ambiguous.

Don’t say this, don’t do that, your country and community are worse off but we can’t exactly see or say who or what is responsible for it.

It’s not because life is necessarily harder now than it was in 1944.

It’s because I think human beings (especially men) have a deep psychological need for meaning, challenge, camaraderie, and a clear shared struggle. Throughout most of history those things were unavoidable.

Today they often have to be actively sought out.

And not everyone chooses to do that, resulting in perpetual frustration and unfulfillment.

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Welcome to the 200 new subscribers that joined us after our post examining the impact of mass immigration on the West. The post was timely considering ramping escalation in the UK after the death Henry Nowak and new migrant riots in central Brussels today.

Another man was shot with a crossbow in the UK at the University of Surrey today. So things are looking up!

I appreciate the feedback some of you guys have shared on Substack as well, always good to hear that I have managed to differentiate this publication from other options out there. That was always the goal. I urge you to share these posts with like minded people so we can continue to grow the community internationally. We are now read in nearly every state and country on earth.

Today we’re going to talk about the elephant in the room for global markets that most of us care about.

Crypto.

The last several days have been ugly for digital assets. Bitcoin has broken below key support levels and briefly traded into the low to mid $60,000s, while Ethereum has fallen back toward and below the $2,000 level.

Many of the higher beta altcoins have been hit even harder, with speculative names getting absolutely smoked as traders rush for the exits.

Though there are a few exceptions we will cover today.

As always in crypto, price declines have been amplified by excessive leverage and the arrival of institutions. More than $1.5 billion worth of positions have been liquidated across the market in roughly 24 hours, impacting over 200,000 traders.

Crypto markets have officially erased over $2 trillion in market cap since the record high seen in October 2025 (Kobeissi Letter).

Bitcoin and Ethereum alone accounted for well over $1 billion of the damage as forced selling cascaded through the system.

While the primary culprit of this dump eludes many, the suspected catalysts are familiar to most of us who have been around for a bit.

Persistent ETF outflows, renewed geopolitical tensions, macro uncertainty, and a broader risk off environment that has pushed capital toward cash, bonds, gold, and select AI equities. When fear enters the market, crypto is still the asset class that tends to get sold first and hardest, even if this has been going on for some time now.

Perhaps most importantly, sentiment has completely flipped.

I would describe it as horrific lol.

Just a few months ago investors were talking about institutional adoption, strategic reserves, and higher six figure Bitcoin targets. Today the conversation has shifted to liquidations, technical support levels, and whether a deeper correction is coming for our bags.

Still Polymarket shows SOME hope on the horizon with a 7% chance we still hit 150K by end of year. Can someone say “inject me with hopium?”.

Today we are going to cover:

• What is going on underneath the surface

• Timelines for a potential recovery

• Strategies for surviving these down periods

• Bright spots in the chaos you need to pay attention to

This year marks my 8th year in crypto. While I am far from an expert I have seen quite a bit in my time and we have managed to get this publication to the top of the charts in the crypto section on Substack.

This is no small feat considering how many people and organizations write about crypto and publish their research online. Tens of thousands of you have continued to ride with us through uptrends and downtrends. We will prevail this time as well.

Crypto is not over. Bitcoin has not failed.

But, the current market is chewing people up alive and we can talk about some of the best ways for smartly navigating it so you can make it the other side.

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What is going on underneath the surface

Shit looks dark for sure, Cardano’s founder basically said peace out, the selling isn’t stopping, and we have to watch equities chug higher and higher while our internet magic coins force us to eat McDonalds or 711 meat sticks for dinner.

According to data from CoinGecko, the cryptocurrency market currently sits at roughly $2.3 trillion in total value, down about 4% over the last 24 hours and roughly one-third below levels seen a year ago.

Pretty insane steady drop now for months.

Bitcoin remains the dominant force in the space (though dominance is shifting) with a market capitalization of approximately $1.3 trillion, accounting for nearly 56% of the entire crypto market.

Meanwhile, we have stablecoins that have grown into a massive asset class of their own, with a combined valuation of around $315 billion, representing close to 14% of all cryptocurrency market value and providing much of the liquidity that keeps the ecosystem functioning.

We started to go over some of the reasons for the constant selling last week but as a refresher:

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Hopefully you scanned our stock picks over the last few weeks to stave off some of the crypto linked depression (things will get better but we’ve got to ride it out for now). We talked about for a few weeks and she is on an absolute tear this morning…..

Today we’re going to talk about what is I think is likely the single largest issue facing the Western world today.

Mass immigration and the escalation of disruption inside Western countries.

Depending on the circles you run in or the mediums you follow online, you either have a sober grasp on this threat or you’re entirely oblivious to it. You think it is exaggeration or hyperbole.

Worse you fall into the classic trap of “oh that’s offensive or racist” to discuss. You genuinely see a problem with talking about the events and facts we will cover today.

But the world is waking up. And how could it not be?

• The United States refused to participate in the UN’s review of the Global Compact on Migration stating “UN agencies systematically facilitated mass migration into America and Europe, even as citizens of these nations called for restrictions on migration. Now the Global Compact’s latest report urges nations to expand migration pathways and pursue “regularization” of migrants”

• The US Bureau of Labor Statistics reported that “9 of every 10 new American jobs since pre-COVID went to someone born outside the country. Foreign-born employment is growing 42x faster than native-born since 2019” (LayoffHedge)

• Conservative Dutch political commentator Eva Vlaardingerbroek initiated gathering signatures for the ‘Save Europe Act’

• AusIntegrity and Australian news sources reported that a new immigrant is added to Australia every 75 seconds. In the last 25 years alone, Australia has added about 10 million, with plans to hit 30 million before 2030

• The New York Post and others reported last week non-whites are set to become the majority for the first time in the US by 2050, a situation mirrored in up to 16 states, including New York, New Jersey and Connecticut, according to new census data. They added: In 1980, the US was 80% white, but that figure is expected to drop to 47% by 2050 and 44% by 2060.

This global trend is undeniable.

Everywhere you look these days there is evidence of the great push to spread globalism and multicultural societies at all costs. It was fun for awhile for idealists and the establishment left got away with it for years, but now in 2026?

Well people are beginning to realize the dream they were sold is simply not realistic, safe, or conducive to functioning nations.

Worse, they are realizing the people being brought into their countries despise them and have zero plans to make any effort to assimilate or adopt the culture of the nations they happily entered.

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Importing The Third World

In his controversial classic Camp of the Saints, author Jean Raspail quite literally predicted the world we now find ourselves in, particularly if you live in a Western country.

The novel envisioned a future shaped by mass migration, political paralysis, elite moral posturing, institutional hesitation, declining social cohesion, and a widening gulf between official narratives and the lived reality experienced by ordinary citizens.

While critics and soys have long condemned the book as inflammatory or extreme, supporters argue that many of its themes now resemble headlines rather than fiction.

Perhaps you’ve seen the quote below on X or other platforms. It was quite fitting when a Moroccan man lit a cigarette and squatted on the Tomb of The Unknown Soldier, or when an Algerian recently climbed on top of the Joan of Arc statue in Paris and vandalized it.

Whether viewed as prophetic warning, political allegory, or controversial piece the book’s relevance has only grown as Western societies and people now wrestle with questions of sovereignty, assimilation, security, and the future character of their nations.

This is serious, heavy stuff to discuss.

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I wanted to at least give you all a preview and primer of what this week might hold before markets open.

There’s been a number of stocks that have follow the same pattern. Either Trump mentions them OR online communities on X get the hype rolling and they proceed to do absurd runs.

INTC did it, IBM is doing it this week, ARM is on a run, the list is endless.

As I say on here frequently sometimes you have to ramp up the monkey side of your brain and stop asking so many questions. Logic left the chat a long time ago and many on the sidelines are simply watching stocks go vertical each day with no horse in the race.

It is fairly evident now (and we have outlined it countless times) what you NEED to hold. I would suggest re-reading this post below in conjunction with today’s list.

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We’ve entered a similar paradigm to the Covid stock madness where names are pulling insane multiples and gains off sheer hype.

I polled some folks on our Instagram and poured over X to find the best chatter on equities people will be focused on this week.

I’m not saying these are guaranteed or continued winners but I want to put the most popular names in front of you so you don’t get to Friday this week and wonder why you missed out on another 50% OR we see some selling and you have to scramble to come up with a worthy shopping list.

These are the names people are hyper focused on right now.

High Traction Stock Names On The Radar Right Now

IBM - Big Blue is quietly finding new life as investors revisit legacy enterprise names with real AI integration potential. Up almost 12% in premarket trading

INTC - Intel remains a favorite turnaround and policy trade. Any renewed focus on domestic chip production, reshoring, or semiconductor nationalism could put it back in the spotlight. They just unveiled fresh AI chip initiatives aimed at competing more aggressively in the data center and inference market, reinforcing their ambition to claw back relevance in the AI race

ARM - One of the core names behind modern chip architecture. Expensive and crowded, but still viewed as a foundational layer of the broader AI and computing ecosystem. Up 11% in pre market trading

BBAI - A speculative defense AI name sitting at the intersection of analytics, government contracts, and national security themes. I think she is due for a big run. I hold call options and commons. BigBear just announced stronger backlog growth, including over $60 million tied to national security contracts, while continuing to lean hard into defense, border, trade, and mission focused AI

PLTR - One of the market’s clearest plays on defense software, sovereign AI, and government data infrastructure. Continues to attract strong institutional and retail interest and I really think this is next in line for the Trump Pump after INTC DELL and other names Trump has explicitly mentioned. I am max long on this going into this week

NOW - Getting huge retail momentum now. Enterprise software momentum has improved, and ServiceNow is benefiting from the growing narrative around AI driven workflow automation. Up 22% in the last week

SNOW - Went on a nice tear last week. key data infrastructure player that keeps finding its way into the AI conversation, particularly around enterprise data organization and analytics

KTOS -My third biggest defense holding. Defense and autonomous systems exposure continue to make Kratos a closely watched name in the drone and military technology trade

ONDS - You know the deal here. Absolute stellar week last week and some major clues online that this could be a big benefactor of Trump contracts and integration with PLTR and anti drone pushes domestically

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MU - Be careful with this absolute unit. She breached $1,000 in pre market. One of the major beneficiaries of the AI hardware boom, driven by growing demand for advanced memory and data center infrastructure. Just an insane run, congratulations to those of you who caught it

DELL - The big story last week, when it ripped 57%. Once considered a slower hardware story, Dell has now clearly re emerged as a meaningful player in AI server demand and enterprise infrastructure

HPE - Another legacy technology name gaining traction. Usually boring but has a new spark, up 140% in the last year

CSCO - Investors seem to be rediscovering networking and infrastructure plays as AI expansion drives demand for connectivity and data center backbone equipment. Cisco is up 37% in the last month

WDC - Positioned around storage capacity and data center demand, Western Digital remains tied to the broader infrastructure side of the AI story and has crushed it in past year up 940%

STX - Already a huge winner in the last year. Data storage demand has revived interest in names that once looked firmly old economy but now benefit from AI expansion. A rising retail AI mania tide helps all the ships. STX might continue its run

NVDA - Still the dominant force in the AI market narrative and often the stock setting the tone for every asset on earth lmao. You have to own it.

MSFT - My third largest position in my brokerage and one I just keep adding to each week. The central player in enterprise AI, cloud computing, and software deployment with continued relevance across multiple technology themes. Do not write her off. I think she could go on a nice tear soon

CDNS - I think chip design software exposure makes Cadence a less obvious but important name tied to long term semiconductor growth

AVGO - Love me some AVGO. Broadcom remains one of the stronger infrastructure plays thanks to their exposure to custom chips, networking, and hyperscaler demand

LITE - Optical and networking technology

CRWD - Cybersecurity continues to hold up as a strong software theme, particularly as AI reshapes digital risk and enterprise security. Could be a major runner this week

PANW - Cybersecurity platform consolidation and AI driven security concerns continue to support interest in this name. Up about 2% in pre market trading right now

OKLO - This one just keeps popping up on my feed and in my DMs. Nuclear energy speculation remains active as investors connect rising AI power demand with long-term energy infrastructure needs

IONQ - Can’t forget quantum. Quantum computing remains a high risk, high attention speculative pocket of the market for traders looking beyond the AI craze. I own a bit of this right now

RGTI - A pretty volatile quantum computing name that continues to draw interest whenever next generation computing narratives manage to gain momentum and attention from degens

QBTS - Another quantum name benefiting from enthusiasm around future computing technologies

RCAT - Drone and autonomous defense themes continue to support interest in the stock

UMAC - A small cap drone and defense adjacent name that has generated attention among traders watching the domestic drone ecosystem. Ties to Trump’s sons and one of the more explicit beneficiaries of billions to come into the space soon. Careful, she’s been on a big tear as of late pulling ahead of other names in the space

AVAV - More established exposure to drones, loitering munitions, and defense technology demand. Higher risk than some of the other names on this list I think

OUST - Positioned around lidar, autonomy, and security related applications that connect to broader defense and industrial technology themes

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RDW - Space and defense infrastructure exposure keeps Redwire tied to satellite, aerospace, and national security narratives. Pumped hard on the Trump drone theme last week

PL - Geospatial intelligence and satellite imagery exposure position Planet Labs within the broader defense and data ecosystem

IBM - Big Blue is quietly finding new life as investors revisit legacy enterprise names with real AI integration potential. Between hybrid cloud, enterprise AI deployments, and deep corporate relationships, IBM has found itself back in the conversation as a steadier “grown up” AI play with some solid Trump momentum

BB - No longer the retro smartphone story, BlackBerry has reinvented itself around cybersecurity, embedded software, automotive operating systems, and connected device infrastructure. Retail loves them. We might see a run back of the Covid meme craze as retail looks for “more affordable” bets in the market

NOK - Sneakily transforming from telecom legacy name into an AI infrastructure and networking play. Reports of heavy insider buying as well

VRT - I have mentioned Vertiv before and this seems to be a favorite in the discord and in DMs on the Arbitrage Andy instagram crowd. One of the cleaner second order AI infrastructure trades. While most investors chase chips, Vertiv sits behind the scenes supplying the power, cooling, and physical infrastructure needed

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Iran remains in a deeply unsettled position. Nuclear negotiations are still hung up on major sticking points including sanctions relief, enriched uranium stockpiles, regional security guarantees, and the future of Iranian influence across the Middle East.

I think most people are kind of tired of this conflict (similar narrative exhaustion to Ukraine).

Tensions around the Strait of Hormuz, proxy activity tied to Hezbollah and regional militias continue to complicate any diplomacy efforts we see each week. Iran has executed missile attacks on Kuwait over the weekend along with their classic “until every American leaves the region” rhetoric.

Peace odds have fluctuated a bit on Polymarket (you can view them here). Right now we have a 71% chance of permanent peace by year end and about 25% by the end of June.

• The Czech Republic is reportedly likely to miss its NATO defense-spending target (Polymarket)

• Saudi Arabia has condemned Iranian strikes on Kuwait

• Pro-Iran hackers gained access to the official Instagram account of John Bentivegna, the top enlisted guardian in Space Force (TaskandPurpose)

• China launched patrols east of Taiwan in response to Japan and the Philippines opening maritime border talks (Polymarket)

Anyway tomorrow we delve into the continued destruction of Western countries by mass immigration which is a topic I have touched on over the years.

The grooming gangs in the UK, the infiltration of France and other parts of Europe, the mass H1-b ploys in corporate circles, and yes, the complete subversion of the US under the Biden years with millions and millions of people. Entire fabric of countries altered right under people’s noses.

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You really had to look to further than the “celebrations” across France by “French” people in the wake of the Arsenal x PSG match to see this playing out live. Crowds in Paris and several other cities saw clashes with police, fires, vandalism, looting, and hundreds of arrests as authorities struggled to contain the chaos.

Political correctness, virtue signaling, and suicidal empathy have doomed Europe and the West.

People can no longer even call things out for what they are, which in this case is a full on third world invasion. It is intentional. It is designed this way, and the ramifications are dark.

Sad shit and truly irreversible if it is not addressed soon.

See you guys tomorrow morning. If you have names I missed feel free to plug them in the comments.

Have a great Monday.

Andy.

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Happy Friday.

Welcome new subscribers.

Congratulations to those of you who stayed patient. It was obvious that there was going to be a similar announcement for drones/defense as there was for metals and chips. Drone names rallied yesterday as investors responded to the U.S. government’s recent push to strengthen domestic drone capabilities.

New policy support around American made drones, expanded operational use, and unmanned systems development boosted sentiment across the drone and defense tech space.

went on a fat tear yesterday. Sorry haters, but she’s going much higher. I keep telling people to expand their view and attention span but they want to chase the next shiny thing in the markets. Paid subs reaped the benefits if they positioned after our drone guides (which you can find below).

I literally told you what to buy here in March.

and others joined the pump party as well while the classic Trump adjacent play Unusual Machines ripped almost 60%. Likely going to get a pentagon deal worth millions and millions.

continues on an insane bender, up 60% in the last month and 138% in the last 6 months. Hopefully you added when we called it out months ago. I did the same thing with yesterday. I knew she was a laggard and the criminal issues were an overreaction. She has a lot of catching up to do with AI and memory hype names.

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rallied after delivering a major earnings beat driven by explosive AI infrastructure demand. Revenue and EPS came in well above expectations, AI server sales surged, and the company raised full year guidance as enterprise and hyperscaler spending on AI hardware remained strong.

You might remember when President Trump gave Dell a nice little shoutout….. the guy is literally telling you what pumps next.

even ripped. The company just signed a commercial deal with Panama Transshipment Group for the deployment of AI-driven logistics and cargo optimization technology aimed at improving operational efficiency, visibility, and supply chain decision-making across port and transportation operations.

If you couldn’t tell, we are in some sort of insane mania phase in markets. Sideliners are in immense pain as names are mooning left and right. We covered this crazy time on Wednesday in Trading and Surviving Financial Market Bubbles.

Markets News

Markets continue acting like gravity is optional.

The major U.S. indices remain parked near some juicy record highs, with the S&P 500 and Nasdaq grinding higher on the back of the unending AI enthusiasm, resilient corporate earnings, and non stop dip buying.

Even the Dow has rejoined the party as the market leadership broadens beyond just the usual mega cap names. Outside the USA several international markets are also showing strength, with Japan and South Korea notably touching fresh highs. Seems folks think the Iran conflict is winding down for the time being and odds on Polymarket for a permanent peace deal by July 31 sit at 56%.

That being said every time an update comes out Iran contradicts it so I am not holding my breath. The current proposed US Iran peace deal includes a $300 billion reconstruction fund for Iran according to the NYT.

• Tech billionaire Peter Thiel has plans to relocate to Argentina, after citing concerns about the U.S. future and shared ideology with major leadership

• South Korea's stock market rose to a fresh record high, now up +101% in 2026, as AI stocks continue to surge (Kobeissi Letter)

• Treasury Secretary Scott Bessent said this week: "There will be no central bank digital currency” (Unusual Whales)

• Anthropic announced on X yesterday: We’ve raised $65 billion in Series H funding at a $965 billion post-money valuation, led by AltimeterCap, Dragoneer, Greenoaks and sequoia

• American Eagle shares AEO fell 11% after the clothing retailer reported total comparable sales for the first quarter that missed the average analyst estimate (ZeroHedge)

• Anthropic announced it will roll out Claude Mythos “in the coming weeks” despite growing fears over the model’s cyber capabilities (Polymarket)

Size lord Jeff Bezos’ Blue Origin made headlines after its New Glenn rocket absolutely exploded during ground testing at its Florida launch facility.

The incident occurred during pre launch operations tied to the company’s heavy lift launch system, marking a pretty brutal setback for one of the most closely watched challengers to SpaceX in the commercial space race.

This event serves as another reminder that rocketry is a rather unforgiving business where technical failures, delays, and explosions are just table stakes.

For SpaceX, my sense is the news may reinforce perceptions of its growing competitive moat. Musk’s company has built a massive lead across launch frequency, reusable rocket technology, satellite infrastructure, and government contracts.

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You can see the ignition below:

Quick note, I am not telling you guys what to do but at this point it might make sense to start drawing the conclusion on what it means when Trump tweets or posts about stocks/companies. We had the insane Intel run. Now we have the Dell run. If you recall, he posted about Palantir as well…..

I will be adding some and maybe dabbling in some calls. Also closely watching and

Crypto

Poor crypto. Sentiment has got to be near bear market lows and Bitcoin continues grinding in a frustrating range despite risk assets, AI names, and parts of the equity market pushing higher.

Ethereum has struggled to reclaim sustained momentum, while many alt coins remain well off their highs.

Hey listen good news for Ethereum is Vitalik announced a book he is writing.

• The SEC granted the first blockchain-native company ‘Paxos’ approval to clear and settle securities transactions this week (WatcherGuru)

• Intercontinental Exchange (ICE) founder Jeff Sprecher said recently Hyperliquid is bigger than NASDAQ and is being run by just 11 people, calling it “pretty something” (CoinTelegraph)

• Texas announced the creation of the "Texas Strategic Bitcoin Reserve Advisory Committee” (BitcoinMagazine)

Even with ongoing institutional adoption headlines, ETF flows, and long term bullish narratives intact, price action has felt far less inspiring than many expected.

I am sure of one thing, attention on crypto has to be near all time lows, which is interesting if you remain bullish long term (like me). The AI surge and stock market mania is simply too strong right now.

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We had a subscriber ask to cover the decoupling of crypto from the stock market and what the theories/causes might be. So here is the TLDR version (just my opinion):

• It is possible crypto already front ran the big move. One potential argument is that crypto massively outperformed ahead of equities and is just now digesting gains while stocks play catch up, particularly AI, defense, and momentum names. Remember bitcoin hit $127,000

• While it is not the sole culprit, liquidity is clearly flowing elsewhere right now. Right now, degen retail and speculative capital may be chasing the hottest narratives in public equities which are AI infrastructure, quantum, defense, robotics, nuclear, etc. Crypto is no longer the only “high beta future” trade

• Remember we now have the post ETF structural shift, which some consider the devil’s bargain in crypto. Spot Bitcoin ETFs brought in waves of institutional money, but they may have also changed crypto’s behavior. More traditional capital, arbitrage flows, and basis trades likely make BTC trade differently than the old purely retail driven crypto cycles that just went straight up

• Macro ambiguity and rate implications need to be considered. Crypto tends to like falling yields, easy liquidity, and aggressive monetary easing. Markets are likely still wrestling with the questions of sticky inflation, Fed uncertainty, deficits, and the higher for longer dynamics that are being discussed more now. I know stocks seem like they don’t care, but the AI narrative is simply too strong to deter people right now

• Simple crypto fatigue and a sentiment reset are possible as well. Sometimes markets simply get tired. After all the years of regulatory battles, exchange blowups, meme cycles, and nonstop “institutional adoption is coming” headlines, traders and investors may just be demanding stronger proof through price and this makes sense, especially when we look at alt coins

These are the big ones for me. I know it is frustrating to watch stocks go vertical while your crypto bags flatline but my long term views on crypto are completely unchanged. If this is your first big down period in crypto, congrats, you are earning your stripes. This is the part where most people give up.

We will cover crypto in depth next week.

Hold strong kings. This is the hardest part.

Global News

It has been awhile since one of our spicy US based political posts, but rest assured the time will come for them again soon (likely as we get closer to midterms). Today we can get into a little bit.

Iran tension SEEMS to be easing a bit with reports pointing toward continued diplomatic engagement, discussions around extending de escalation measures, and some progress toward a broader framework to cool the regional tensions.

• Foreign born workers have accounted for more than half of U.S. labor force growth since 2007, according to analyses of BLS data (LeadingReport)

• The White House's "aliens.​gov" domain was revealed to be an illegal immigrant reporting site (Polymarket)

• An ex-CIA official allegedly stole $40 million in gold bars (size!) from federal government. He also had an impressive collection of luxury watches (Fox News/Unusual Whales)

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• A 28-year-old Dutch citizen was arrested yesterday in the City Hall of The Hague, Netherlands for making bomb threats. Before you ask, yes.

• Two Minnesota residents from Somalia were arrested this week for a $21,000,000 Medicaid fraud scheme

• A Texas man has been arrested after allegedly threatening to kill Turning Point USA CEO Erika Kirk and making online comments about bombing a Turning Point USA event in downtown San Antonio (Breaking911)

• Japan's population including foreign residents fell by a record 3.10 million, or 2.5 percent (KyodoNews)
  

Thiel Hedging the US with Argentina

Billionaire investor Peter Thiel is reportedly strengthening his footprint in Argentina, spending more time in Buenos Aires, buying property, and even enrolling his children locally.

His move reflects a broader trend among parts of the global elite seeking geographic optionality amid political uncertainty, rising taxes, and shifting institutional dynamics in the West. Everyone’s heard of the bunker complexes in New Zealand….

Argentina’s Milei era is increasingly being viewed by some as a live experiment in libertarian reform and economic reset. Basically the view is Argentina is further along in their cycle than the US is (i.e. we still need our hard reset).

Thiel is known for his skepticism of bloated institutions, centralization, and the long term trajectory of the Western political and economic model, making Argentina’s aggressive free market pivot a natural point of interest.

And as many pointed out it wouldn’t be the first time a German fled to Argentina.

As I said we can expand on this in the coming weeks but here is what you really need to grasp if you live in the U.S., UK, and certain European countries.

We’re getting to a nasty crossroads of politics, wealth gaps, technology, and demographic change. The market and “big thing” headline of the week, be it alien disclosure, hantavirus, Ebola, Iran, etc. is only going to buy so much time before some type of reckoning comes. Thiel can probably see that on the horizon and so can the world elites.

It is predictable the left is going to be bloodthirsty come midterms and the next presidential election. There will be a resurgence in street demonstrations. What’s scary now is the rapid expansion of the surveillance state and leaps in technology. These things can and will be abused.

Opponents of the current administration think they live in a fascist state now, but the reality is they would have already been rounded up and put in camps if that were the case.

Should the right lose power in the midterms and the next presidential election, it wouldn’t surprise me to see arrests, reversals of legislation/orders, and a complete unraveling of the progress made so far when it comes to common sense issues (borders, deportations, etc.).

I’ve touched on this formerly, communist sentiment is spreading fast, just look at Mamdani’s New York.

The wealth tax debate is heating up again, particularly after renewed discussion around California exploring versions of taxing ultra high net worth individuals. The basic idea is straightforward. Instead of taxing only income or realized gains, governments would tax accumulated wealth itself, investments, businesses, real estate, and other assets. Sound fun?!

Don’t you want to fund more Somali- Minnesota day cares and prison inmate sex changes?

Don’t be surprised if this becomes a national proposal by the left in the next election.

The AI/unemployment/wealth gaps narratives pair all too well with this. People are mad. They are struggling. They are threatening and targeting tech and AI executives over data centers and job losses. Even reasonable folks grow tired of the bureaucracy and lies in the government. This creates the ideal environment for some radical change to take place (and with it, unrest).

I don’t know specifically why Thiel is setting up a hedge in Argentina, but it cannot bode well for the nation.

Enjoy your Friday and good luck out there, I will be on X and Discord this weekend.

See you guys next week.

Andy

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Before you log on to get into the full swing of a corporate Wednesday, we need to talk about what is going on in markets and what is likely coming next.

Stocks (many we highlighted) are continuing their god pump.

The word “bubble” gets thrown around constantly in markets. Today it’s AI, semiconductors and anything remotely tied to exponential technology.

Four centuries ago, it was tulips. In 1630s Holland, rare tulip bulbs became objects of outright speculation. Prices exploded to absurd levels. Contracts traded hands. Fortunes were made quickly. Fortunes disappeared even quicker.

One bulb could allegedly cost more than a house.

Then, almost overnight, confidence cracked and the entire thing imploded.

The lesson people take from tulips is simple. Bubbles are irrational and they end badly. The lesson investors often miss (and the entire reason for this post today) is more uncomfortable.

Some of the biggest money in history was made riding the mania before the music stopped.

Every generation thinks its bubble is different. In the late 90s, investors slapped billion-dollar valuations on companies with no profits and barely functioning websites. In 2021, degens bought JPEG monkeys and dog coins like civilization depended on it.

Today, the debate centers on AI, semiconductors, and whether we’re witnessing another historic speculative blowoff. The problem with bubbles is not that they’re hard to identify. The problem is that markets can stay euphoric and incredibly profitable (as we have seen) far longer than skeptics like Michael Burry expect.

The S&P 500 and Nasdaq just closed at new all-time highs. AI names that I highlighted over the last few weeks like and continue to soar higher and higher. Semis now make up something like 18% of the S&P.

Our paid subs are printing. Retail thinks they are the smartest people in the room. People are jolly.

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But it does beg the question: how is this all going to play out? Is a violent reversal on the horizon? I did some digging this morning and found an interesting market on Polymarket: AI Bubble Burst By…?

This market has the following conditions and a 21% chance it plays out by December 31st (3 need to hit):

• NVIDIA Corporation (NVDA) closing stock price is down 50% from its all-time high

• iShares PHLX Semiconductor ETF (SOXX) closing stock price is down 40% from its all-time high

• OpenAI, Inc. or Anthropic PBC declares bankruptcy

• OpenAI, Inc. is acquired

• H100 rental price falls to $1.00 or lower for five consecutive days, as shown on the SiliconData Silicon Index

• Major AI Hardware Supplier Collapse: Taiwan Semiconductor Manufacturing Company Limited (TSM), ASML Holding N.V. (ASML), Broadcom Inc. (AVGO), Arista Networks, Inc. (ANET), or Super Micro Computer, Inc. (SMCI), closing stock price is down 50% from its all-time high.

Pretty interesting. The market clearly does not think there is a high chance of these things happening. Will be good to monitor this data point moving forward.

Today we are going to discuss the following:

• Are we actually in a bubble?

• The #1 mistake people make during market bubbles (how to avoid)

• The ways to trade euphoria and hype so you do not lose

Maybe this is a late stage speculative blowoff and a brutal unwind is closer than most people realize.

Or maybe we are simply in the middle innings of a genuine technological revolution that continues dragging equities, semiconductors, crypto, and AI infrastructure substantially higher with no regard for sidelined betas and soyboys.

Hopefully it is obvious to all of our readers why I have stressed for years now that you need to acquire assets at a rapid pace. People who are sidelined are missing out on profits and a massive class change that is playing out before our eyes. Owning a piece of this “bubble” is now table stakes.

Millionaires are being minted every hour in this market and people are achieving upward mobility as a result.

Tough part is knowing when to step away from the table before you lose everything.

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Since we talked about the AI revolution, job layoffs, and alternative options to ensure you are hedged if SHTF at your job, we’ve gotten a whole host of new updates this week.

• began executing their layoffs of 8,000

• Intuit announced major layoffs this week, cutting roughly 17% of its workforce, around 3,000 employees

• LinkedIn announced workforce reductions as the company restructures around operational efficiency, organizational priorities, and future growth initiatives. The move adds to the broader trend of technology firms streamlining operations while adapting to a rapidly evolving software and AI landscape

• Cloudflare implemented fresh layoffs as part of a broader push toward efficiency, leaner operations, and strategic growth priorities

We are entering a fairly interesting stretch of 2026. The bears are screaming for a sizable market correction. The bulls think we are on the cusp of a seismic leg higher.

At the same time, AI capabilities continue improving at a pace that is difficult to ignore. The hype is ridiculous.

Major corporations are cutting costs, flattening organizations, and increasingly reallocating capital toward automation, software, and AI infrastructure. Or they are just using AI as an excuse to cut over-hiring from Covid. The uncomfortable question hanging in the background is no longer whether artificial intelligence will materially reshape parts of the labor market.

It is how quickly it happens.

For white collar workers especially, the window for complacency may be narrowing.

Which makes this a worthwhile time to revisit a simple question:

If your industry changed faster than expected, would you actually be ready or would it catch you by complete surprise?

Not everyone gets a fat severance package like the folks at META to weather the storm.

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Markets, Quantum Stock Picks

Alright let’s get into it.

US markets have seen a mixed and somewhat volatile week as investors navigate the familiar mix of AI optimism, rising Treasury yields, inflation concerns, and continued geopolitical developments.

Stocks seem to have been facing pressure earlier in the week amid higher rates and energy market volatility before stabilizing just a tad bit as sentiment improved mildly.

The broader theme remains intact in my opinion, markets continue to balance strong enthusiasm around AI, tech, and earnings growth against the persistent macroeconomic and geopolitical headwinds we see. Inflation is a major concern as are rising rates.

As of now the odds of a Fed rate hike are climbing steadily. On Polymarket there’s a 34% chance of a hike before December 9th. For monkey brained individuals like myself, this suggests markets are becoming increasingly concerned that inflation, economic resilience, or rising prices could force the Fed to reverse course and now tighten policy again rather than continue cutting rates. Personally?

I think they have no choice but to print as usual.

• JPMorgan executive Lorna Hajdini is suing ex-banker Chirayu Rana for defamation over “sex slave” allegations. Moment of silence for his “fishhead” wife

• The 10 largest US stocks are now accounting for a record 41% of the S&P 500’s market cap (Kobeissi Letter)

• JPMorgan CEO Jamie Dimon said recently the bank will hire more AI specialists and fewer traditional bankers, adding that AI “will reduce our jobs down the road” (CoinTelegraph)

• Jeff Bezos said on a recent interview that AI will "elevate" people at work, not replace jobs (CNBC)

• Claude AI developer Anthropic is set to pay Elon Musk's SpaceX $1.25 billion per month until May 2029 (WatcherGuru)

• U.S. national debt officially hits $39 trillion, adding approximately $5 billion a day since October (FORTUNE/Unusual Whales)

• has announced : Acquisition of Omnisys is now closed. Omnisys is expected to deliver more than $100 million in revenue over 2026 and 2027, providing a high margin contribution to the Ondas platform.

Nvidia posted another massive earnings report, driven by sustained explosive demand for AI infrastructure and data center hardware.

Their revenue and earnings came in well ahead of expectations, while forward guidance suggested AI spending from hyperscalers and enterprises remains extremely strong.

The company also announced a major new $80 billion stock buyback authorization, underscoring management’s confidence in long term growth, profitability, and sustained AI demand. For now, we might be saved again by Jensen and his behemoth company that has absolutely printed for us for years now.

Stock is a bit muted in trading so far today.

Quantum Stock Pick List

So what do you know about quantum?

I didn’t know much until last year.

At a high level, quantum computing is an insane next generation form of computing that leverages the strange rules of quantum physics to solve certain problems dramatically faster than traditional computers. You’ve probably heard about the quantum Bitcoin FUD before.

Let’s shoot straight though, if quantum is successful at scale, the technology could have enormous implications across fields like AI, cybersecurity, defense, pharmaceuticals, logistics, finance, and encryption, which is exactly why we see governments, hyperscalers, and investors beginning to take it increasingly seriously.

The big news pre market today was that the U.S. just made a major move in quantum computing. Washington announced a multi-billion dollar ($2B) initiative supporting key players across quantum hardware, infrastructure, and manufacturing, signaling that quantum is increasingly being treated as a strategic frontier alongside AI, semiconductors, and defense.

This is similar to the metals/minerals trend we saw earlier this year and the deal with which absolutely printed for some of you.

Worth noting this announcement also comes amid growing global competition, particularly between the United States and China, to secure leadership in advanced computing technologies.

Governments and major corporations alike are going to be pouring capital into the space under the belief that the eventual winners in quantum could control critical technological advantages in the coming decades. Watch closely today but likely a good idea to have broad exposure moving forward.

Some of these names are vertical today and it could be the next trend to ride. Let’s take a look.

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Hope everyone had a solid weekend and okay Monday.

As I said last week, we had a few subscribers ask for us to revert back to one of our traditional Arb Letter “development” guides.

In the past, something that helped drive a large amount of engagement (and good reception) from readers were the classic guides I’ve done on everything from dating to personal development to how to evolve in a changing world.

Today we’re expanding on the concept of replacement.

Now anybody worth their salt (who reads me or others like me) is aware of the great replacement theory when it comes to immigration.

What was once dismissed outright as fringe rhetoric has increasingly moved into mainstream political and policy discussions. Recently, the United States rejected a UN migration declaration, citing “replacement migration” and broader efforts tied to demographic restructuring across Western nations.

It is undeniably a phenomenon present only in Western countries. The UK, rampant with culture clashes in the last several years, had a MASSIVE demonstration related to immigration just this past week.

Regardless of where you fall politically, the reality is that mass migration, collapsing birth rates, aging populations, and labor shortages are reshaping the economic, cultural, and political future of the West in real time. We will expand on this again in due time…..

But while most people remain fixated on this outlandish demographic replacement, another form of replacement is unfolding much faster and arguably with even larger implications for the average person.

White collar America is now staring directly into its own replacement cycle.

The same system that spent decades promising stability through degrees, corporate careers, and comfortable office jobs is quietly beginning to automate, compress, outsource, and eliminate the very people it was designed to produce.

And unlike some previous technological disruptions, this one is not coming for truck drivers, factory workers, or cashiers first (though it will come for them eventually).

AI is coming for the laptop class quickly.

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Lawyers. Analysts. Recruiters. Marketers. Junior coders. Customer service teams. Designers. Researchers. Account managers. Bankers. Consultants. Middle management.

Entire layers of administrative and coordination work that large language models and AI agents are increasingly able to perform faster, cheaper, and at scale.

The trend is accelerating this week. We just got news that plans to lay off more than 8,000 team members this Wednesday, telling employees to work from home. The tech company said they are slashing managerial roles as a part of the cuts.

Polymarket odds are on the move with a 85% chance tech layoffs keep pumping in 2026. No chance this over yet.

The world has changed immensely in the last 10 years or so. Beyond the social, political, and geopolitical changes, now we find a crisis right where it hurts people most.

Their livelihood and means of making a living (in an already cost heavy and inflationary environment). Corporate teams are being asked to help implement agentic AI into existing workflows (digging their own grave).

People who previously thought their jobs were safe are finding themselves unemployed without options over night. Young people literally have no options out of school.

Entire categories of knowledge work are being forced to compete not only against lower cost global labor (H1-B explosion), but against software that never sleeps, never asks for a raise, never burns out, and improves every quarter (or week at this rate lol).

To be clear, I am not writing this as some apocalyptic anti-technology rant.

AI is not going away. The productivity gains are real. The opportunities are enormous.

Some people and businesses are going to become extraordinarily wealthy and effective because of this transition.

But pretending this shift is not happening, or assuming your particular role, degree, industry, or company is somehow exempt, is increasingly becoming a dangerous bet in my opinion.

So what do you do?

How do you position yourself in a world where replacement is no longer just a political talking point, but an economic and professional reality beginning to touch millions of people?

That’s what we’re going to unpack today. Let’s get it.

I went home one Friday actually fairly depressed by this because you could just see how this was going to have such a dramatic impact on society.

— Citadel’s Ken Griffin on the impact of AI on jobs

Alarm Bells Sounding

There’s been this dichotomy when it comes to AI and job replacement over the past year or so. Some think that this is the beginning of the end for meaningful employment people in all kinds of sectors.

Others have said for months that it is all overblown.

Reality, as usual, is probably somewhere in the middle. But the warning signs are getting harder and harder to ignore.

Over the last several months, major firms across technology, finance, consulting, media, software, and customer support have increasingly pointed toward AI as a direct driver of leaner teams, reduced hiring, or outright workforce restructuring.

Microsoft recently announced another major round of layoffs while aggressively scaling internal AI deployment and automation initiatives.

Google, Amazon, Salesforce, IBM, and others have all made public comments over the last 12–18 months about efficiency gains from AI, flatter organizations, and the ability to accomplish more with fewer employees.

Comments or discussions are one thing, layoff announcements are another, and they are beginning to stack up.

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Standard Chartered announced plans to cut more than 7,000 jobs by 2030 while expanding AI and automation across back-office and support functions. As noted in the intro, META is culling big time this week, letting go of about 7,000 to 8,000 people. In regards to META:

Employees will be moved to four new organizations focused on building new A.I. tools and apps, Janelle Gale, Meta’s head of human resources, said in an internal memo. The organizations will use “A.I. native design structures” and have fewer managers per employee than other parts of the company, she said, adding that company leaders will send details about the new roles on Wednesday.

— New York Times

Starbucks announced 250 corporate employees will be laid off starting July 17. ZoomInfo, Kraken, Cisco, Dell, and Amazon have paved the way in 2026 with layoffs of their own as well.

So the pressure is building.

In my humble opinion, we have passed the threshold of “will AI pose a real and timely threat” to white collar jobs. It is very much here and it is happening more quickly than people realize.

One of the major developments in the last couple weeks came from Citadel’s Ken Griffin. Citadel manages roughly $68B. It’s never good when one of the most successful hedge fund managers of all time, who spends his time trying to hire the smartest people on earth, tells you that he went home depressed after beginning to understand the implications of AI on his workforce.

Griffin said the following last week.

“Number one is, in the last few months, there has been a step change in the productivity of the AI toolkit. It is profoundly more powerful than it was just nine months ago.

And for us at Citadel, that has allowed us to unleash a much broader array of use cases for AI. And it has been really interesting to watch, to be blunt, work that we would usually do with people with masters and PhDs in finance over the course of weeks or months being done by AI agents over the course of hours or days.

These are not these are not mid-tier white collar jobs. These are like extraordinarily high skilled jobs being, I'm going to pick a word, automated by agentic AI. And I gotta tell you, I went home one Friday actually fairly depressed by this because you could just see how this was going to have such a dramatic impact on society.

When you witness it in your own four walls, when you see work that used to be man years of work being done in days or weeks, it's like, wow, like that's the first time I've seen real impact in our four walls.”

We’re not talking your average fresh out of school analyst getting his job taken by AI, we are talking about PHD holders and scientists being displaced……

What does that mean for your vanilla corporate worker?

Nothing good.

It’s worth noting that the pushback AGAINST AI is very telling as well. Public opinion is drastically turning negative.

Former Google CEO, Eric Schmidt was booed at the University of Arizona graduation ceremony/commencement speech when he began to talk about how AI will touch all jobs. In response to the boos Schmidt said, "There is a fear in your generation that the future has already been written, that the machines are coming, that the jobs are evaporating, that the climate is breaking, that politics are fractured, and that you are inheriting a mess that you did not create."

Same thing happened at Glendale Community College. Some students reported their names being skipped and the president took to the stage to explain it was because of new AI name-reading system they were using.

Initially she told them (in her best corporate HR style) that they couldn’t walk across the stage again properly but after booing and pressure they were allowed to.

Can you imagine lol?

Same thing happened at Middle Tennessee State where music executive Scott Borchetta was speaking and smugly telling students to “deal with it”.

We’ve covered the mass pushback against data center build outs as well. Communities have pushed back over enormous electricity demands, water consumption, land usage, environmental concerns, noise, and fears about strained local infrastructure.

We have billionaire hedge fund managers privately worrying about what this means for highly skilled labor.

We have students openly hostile to being told their future careers may be partially automated before they even begin.

We have communities resisting the physical infrastructure required to power the AI economy.

Let’s just call it like it is, this is not normal skepticism, this is a broad societal signal and importantly, none of this resistance appears to be slowing deployment at all lol.
Capital spending is exploding. Corporate adoption is accelerating.

The machine is moving forward anyway.

Hedging Against All of This & What To Do

Now some have highlighted (especially in the case of Microsoft) that the AI layoff story is a cover to allow the H1-B scheme to continue at full tilt. That may be true in part or, as others suggest, this might still be the perfect excuse to continue culling the herd after over hiring sprees during COVID.

I don’t think we can fully attribute the layoff trends to any one of these themes but the bottom line is does it matter?

The layoffs are happening. I’ve already heard from friends at all sorts of companies that management teams are asking them to begin implementing AI into existing workflows (know where that inevitably leads?).

Where will those 7,000 people laid off by META go? Another company that is weeks away from their own layoff announcement?

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It does nothing to sit and bitch about a problem without trying to formulate a solution so here’s mine for you.

The days of cushy corporate roles with high security are completely over. In my 9 years in corporate the amount of clowns I met who held roles nobody could even explain or define was truly unbelievable. Many of these roles went hand in hand with DEI initiatives (which isn’t surprising) but my point is the amount of fluff was laughable, truly.

The sheer number of USELESS middle managers was mind blowing.

Being front office/sales most of my career, I had numbers to hit. If I didn’t hit the number I got canned. But these other roles I describe were esoteric and subjective. Redundant to an absurd degree.

They paid well! And if you could get one it was great! But I those days are likely long gone.

So what now?

• If you are young understand that producer roles are safest for now. AI cannot take over a sales position and client book seamlessly by end of this year. Alternatively if you’re a math geek or brainiac you can take the approach of trying to be the best engineer possible, but if you take this route you MUST be a Swiss Army knife. You must know the layout of the AI landscape and how to optimize it, harness it, and deploy it

• If you are young think long and hard about the specific industry and role you want post college. Long gone are the days a random history or communications major bags a cushy corporate role straight out of school

• Not many could’ve predicted how aggressively this AI trend was going to play out (definitely not me). My long standing advice of building a business or side hustle hits doubly as hard now. I did it because I didn’t want to work in corporate forever. Now, it’s a well welcomed hedge against white collar work into the future. Stop delaying this. Give yourself options and flexibility given this uncertain climate

• Lean into this tech. AI is not going away. There are 14 years olds vibe coding and leveraging AI like experts. You can get mad and stay skeptical but while you do that there are people learning to harness the power of this absurd digital beast to benefit themselves

• Do not assume if you are a manager or middle manager you are safe. In the case of META, those folks were targeted first

• Consider building skills that exist in the physical world. This may sound odd in a discussion centered around white collar work and AI, but there is a reason electricians, plumbers, mechanics, nurses, firefighters, pilots, operators, and skilled trades remain harder targets for immediate disruption. If you are up for a career change or want to try something new this isn’t a bad bet

• Own assets, audiences, or leverage. This lesson matters more than ever. If your entire economic existence depends on selling hours into a single employer relationship, you are more exposed than you may realize. Building an audience, business, investment portfolio, intellectual property, niche expertise, digital product, real estate exposure, or ownership stake creates optionality. You want systems that can generate value even when labor markets become more volatile. In a world of accelerating automation, ownership and leverage matter more than ever (hint - this goes hand in hand with starting your own business)

Axios reported this week that “For 70 years, a bachelor’s degree was the most reliable on-ramp to a stable career. That’s no longer true”. Haven’t had a chance to read the full article but I agree. I don’t know how many of our readers here are still in college or younger, but college has lost much of its allure in past years.

Think about it.

Unless you are going for engineering, medicine, law, or some other hyper specialized discipline, what’s the point? Even for those fields, in 10 years, things could look very different.

I looked at my 3 year old son the other day playing in the yard and thought to myself “what is he actually going to be able to do when it comes time for him to start a career?”.

It’s wild to think about.

We will continue to talk about these shifts, but I think with recent headlines it was worth pointing out that it appears we’ve passed a milestone. For better or for worse, AI continues to be the culprit and scapegoat behind more and more layoffs and we need to adjust if we sit in the path of this massive technological shift.

If you want some more tips and pointers to become more sovereign, prepare some side hustles, etc. check out our top rated guides below:

The 2026 Blueprint: Survive the Chaos, Profit From the Future

Adapt Or You Will Fall Behind

Markets Review

Quick run down of the top market headlines from today and yesterday:

• Japan’s 30-year yield made a new all-time high this week

• Michael Saylor’s Strategy bought another 24,869 BTC for about $2 billion

• The 30-year Treasury yield has soared to 5.13%, the highest level since 2007 (Polymarket)

• The odds of the Fed hiking interest rates in 2026 surge to a new high of 35% (Kobeissi Letter/Polymarket)

• Japan officially now recognizes foreign-issued crypto stablecoins as legal electronic payment methods starting June 1 (WatcherGuru)

• KPMG is integrating Anthropic’s Claude across its core business and 276,000+ workforce (CoinTelegraph)

Hope this was good food for thought kings.

I think we would all be better served taking many of the latest signs we see in corporate, traditional realms of work, and life more seriously. The changes seem now like they will end up being pretty impactful on work, labor, and the future job landscape for us and for our kids.

We will be back on Thursday with a markets review for paid subs.

See you on Discord and X.

Andy

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Morning lords.

Hope everyone had a great week.

Rally we are witnessing in markets keeps stretching the bounds of sanity. While we will cover it today another one of our picks decided to begin a nice rip with . We will review all of the top Arb Letter plays at year end of course, but right now the track record on home run equities looks solid.

And yeah, I know we are in a ridiculous bull market but some of these names have truly outperformed. to name a few.

If you wanted to get a quick refresher on some of the “fresher” names I have on my watchlist make sure to check out the post below as well as Tuesdays.

Next week we will get back into self development topics as I have had a few of you ask for us to revisit them. Things like:

• Building a side business

• Navigating society in 2026

• Fitness

• How the world is changing

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Markets & Equities

With President Trump’s visit to China apparently going well, markets continue to pump higher although futures this morning are red.

Markets are looking weaker this morning as degenerates and investors begin reassessing whether the recent AI and tech driven rally can continue in the face of rising yields, sticky inflation concerns, and the lingering geopolitical tension around the world.

Trump’s visit to China this week brought together a major group of American business leaders and executives as discussions centered around trade, AI, semiconductors, manufacturing, and broader economic cooperation between the two countries.

Caked up executives tied to companies including Tesla, Apple, Nvidia, Boeing, BlackRock, Goldman Sachs, Qualcomm, and Micron reportedly participated in meetings surrounding the summit, highlighting how important China remains to global supply chains and future technology growth.

Elon even contributed some good doses of super autism to the festivities.

Much of the attention for this visit focused on AI infrastructure, chips, electric vehicles, and autonomous systems, with Nvidia and Tesla seen as particularly important players given their exposure to both AI demand and the Chinese market. Safe to say you should have exposure to every company represented at these meetings.

The broader tone of the meetings appeared aimed at stabilizing economic relations after years of tension. Seems pretty positive for now.

Morgan Stanley revised their year end target for the S&P500 recently, saying it is now 8000. Bull Theory on X highlighted yesterday that the US stock market just hit an all time high, crossing $77 trillion in market cap for the first time in history.

Absolute madness.

Are we going to let some air out soon or just keep the party going?

• US household debt jumped +$18 billion in Q1 2026, to a record $18.8 trillion (Kobeissi Letter)

• Global money supply is now up to a record $121.9 trillion dollars (Kobeissi Letter)

• Anduril announced their Series H raise of $5 billion which brings the valuation to $61 billion, led by Thrive Capital and Andreessen Horowitz

• Copper made a new all-time high

• Tesla is set to invest an additional $250 million in battery cell plant outside Berlin (Polymarket)

• Cloudflare will reduce their workforce by more than 1,100 employees globally

• is rallying hard with Clarity passing the Senate and Bitcoin pumping

Futures are lower across major indexes following the end of the Trump + Xi summit without any major breakthrough headlines, while the 10 year Treasury yield has climbed back above a high 4.5% (first time since summer of 2025).

On the bright side our favorite drone play went vertical yesterday, up almost 27%. It’s funny too, I had just started to get the DMs “Bro WTF IS GOING ON WITH ONDS?!” “THIS IS SHIT!”.

Guys patience. You have to be patient lol. It’s like everyone’s dopamine is just fried and they want the 5-10x overnight.

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Shares were up sharply on heavy volume after the company delivered some explosive year-over-year growth and a rapidly expanding backlog (that we have covered here). Investors appear increasingly focused on Ondas as a potential player in the future of autonomous warfare, counter drone systems, ISR, and battlefield robotics.

Key highlights from their quarter included:

• Revenue of roughly $50 million, up more than 1,000% year-over-year

• Gross margins improving to nearly 50%

• Backlog expanding to approximately $457 million

• Raised full year revenue guidance to at least $390 million

• Strong demand across autonomous defense technologies and drone-related systems

Management pointed to momentum in military and security-related applications ($PLTR partnership), while acquisitions continue expanding the company’s capabilities across AI driven defense infrastructure. Wall Street price targets for ONDS sit in the 20’s mostly.

The broader excitement around the name comes from growing investor interest in defense technology, autonomous systems, and AI-powered military applications. was up big as well and bounced a bit.

As I said last week, regardless of what happens in the short term with Iran, you have to be out of your mind to avoid drone exposure in the coming decade.

Besides drone themes I am eager to buy even more and potentially some .

Crypto

Clarity is the big item this week for crypto as Bitcoin showed some life yesterday.

This week the Senate Banking Committee advanced the CLARITY Act in a bipartisan vote, marking a major step forward for U.S. crypto regulation (and hopefully for the odds this thing gets passed soon). Polymarket with a strong 68% chance this gets signed into law this year.

TLDR for those unfamiliar, this legislation aims to create clearer rules around digital assets, stablecoins, token classification, and which agencies oversee different parts of the crypto market.

Refer a friend

The latest revisions reportedly include some updated provisions tied to stablecoin incentives, DeFi related protections, and broader consumer safeguards following months of negotiations between regulators, lawmakers, banks, and crypto companies.

It has been months of stalls, revisions, rebuttals (looking at your Coinbase) but it looks like there is a chance it gets over the finish line despite Elizabeth Warren bitching and moaning about the evils of crypto.

While it is looking optimistic remember the bill still has to go to a full Senate floor vote and a conference reconciliation process. Far from done.

• Coinbase CEO Brian Armstrong said this week that the crypto market structure legislation is “closer than ever” to being passed

• The Senate has officially confirmed pro-crypto Kevin Warsh as the Federal Reserve Chair to replace lord Jerome Powell

• IREN recently completed a $3 billion convertible senior notes offering after strong investor demand drove their deal size up from an initially proposed $2 billion (CoinDesk)

Hyperliquid has been one of the strongest performers in crypto over the last 24 hours, with HYPE sharply outperforming both Bitcoin and much of the broader altcoin market (up about 17% in last 24H).

Part of the move definitely appears to be tied to optimism surrounding the CLARITY Act, which many believe could favor more decentralized on chain trading platforms over time.

I really just think Hyperliquid is increasingly being viewed less as a niche perpetuals exchange and more as a serious player in the future of decentralized market infrastructure. Keep an eye on the alts that rip as we get closer to Clarity being codified.

Moves could come faster than folks are ready for.

Global News

This week we have CIA Director John Ratcliffe leading a US delegation to Havana to meet with Cuban government officials on their energy crisis and US relations.

In Asia, markets are closely watching the aftermath of the Trump/Xi summit and tensions in the Middle East continue escalating as oil markets remain focused on the Strait of Hormuz

• France holds over 1,700 people on a cruise ship after suspected norovirus outbreak

• Five Italian nationals died this week following a tragic scuba diving accident in the Maldives (CNN/Reuters)

• The Pentagon has signed new deals to “aggressively expand” U.S. cruise & hypersonic missile production

• A new Ebola outbreak in Congo's remote Ituri province has started, with 246 suspected cases and 65 deaths recorded so far (CBS News)

• The DOJ has said that Yale medical school discriminated against Asian, White applicants according to the Washington Post (Unusual Whales)

Terror Plot in Alabama?

One of the more alarming domestic security stories this week came out of Alabama after authorities discovered a grenade style improvised explosive device attached underwater near the Converse Reservoir dam, a major piece of critical infrastructure tied to the Mobile area’s water supply.

The device was reportedly found during a maintenance dive, triggering a large scale response involving federal agencies, bomb squads, and maritime security teams before it was safely detonated.

This incident has fueled renewed concerns around the domestic threat profile facing U.S. infrastructure, particularly as utilities, dams, power grids, rail systems, and communication networks become increasingly exposed to sabotage risks, lone actors, and asymmetric style attacks inside the United States.

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Just this past week federal prosecutors announced charges tied to an alleged Chinese influence operation involving a former California mayor (AKA she was a spy).

This week we also had the conviction of a New York man accused of operating a covert Chinese government-linked “police station” inside Manhattan’s Chinatown. This is not the first “police station” found in NYC.

Officials have not yet publicly identified a suspect or motive in Alabama. I suppose it could be some crackhead who got bored when he got skunked catfishing or it could be a lone wolf foreign operator with a plan to sabotage US infrastructure.

We haven’t really covered this kind of stuff given the recent War in Iran and the ridiculous market action of the past few months, but rest assured there’s still a significant threat profile stateside that I expect to ramp up ahead of midterms.

I will try to get an Arbitrage Andy schizo edit out on Instagram before the weekend. Have one cooking in the lab.

Godspeed. I need to go destroy my body in the gym to repent for my sins on vacation.

Andy

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This week we are getting back on our regular schedule with Arb Letter given I had little time with travel last week.

Markets went berserker mode last week and yesterday and on top of that we have constant global headlines breaking on everything from Hanta Virus to Iran to extraterrestrial disclosures.

Big post today and a metric shit ton to cover.

For some reason we are continuing to see a massive influx of new subscribers so welcome to everyone. Maybe it is the market conditions, maybe it is the ripper AI plays we have nailed this year. Regardless, welcome kings.

Today we are going to review:

• Where the stock market is (are we in a bubble?)

• Refreshed stock picks

• Layoff news (some big updates)

• Crypto thoughts for Spring and Summer

• Hanta Virus and other breaking global news points

On top of all that we have CPI this morning (Tuesday, May 12) dropping at 8:30 AM ET.

Buckle up, rest of the week is going to be spicy.

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Is A Bubble About to Burst?

Well folks the S&P 500 closed at a new all-time high of 7,412 yesterday propelled higher by semiconductors and the AI mania that has defined the last year.

The big question online right now and in most finance circles is: are we in a bubble that is close to bursting? Depending on who you speak to you are going to get wildly different answers.

Some point to very real technical and historical indicators that do show cause for SOME concern.

These include:

• Extremely elevated (and sometimes laughable) valuations in parts of the AI and semiconductor sector, with certain names trading at levels that imply years of near-perfect execution and continued exponential demand growth

• Record concentration in major indices, where a small handful of size lord mega-cap tech companies now account for an outsized percentage of total market performance and index weighting

• Rising global debt burdens and structurally higher interest rates, which historically create pressure on richly valued growth assets if liquidity conditions tighten unexpectedly

• Signs of excessive optimism across sentiment indicators, with many investors and retail degens increasingly conditioned to buy every dip under the assumption that central banks and liquidity will ultimately support markets (guilty lmao)

• A growing disconnect between certain asset prices and underlying economic realities, particularly as we have consumers continue facing elevated costs, weakening savings rates, and pressure from higher borrowing costs. On top of that the wealth gap keeps growing at a ridiculous spread

Let’s be honest though, we’ve made a lot of money in this chaos lol. Currently Polymarket has a 66% chance that SPY trades over $760 this month. Can the rally really continue? Overnight trading last night in Asia looked a bit grim…..

Semiconductor stocks are the stars of the show in the tech and AI explosion. Kevin Gordon on X highlighted yesterday that the semiconductor industry is now a record 17.4% of the S&P 500's market cap.

Pretty absurd.

Semis are now trading 63% above their 200 day moving average which is the largest margin since the Dot Com Bubble Burst (Barchart).

We’ve absolutely printed on names like and others, but it does beg the question, is a violent correction coming soon? What names still have some room to run if not?

What is going to happen?

Read more

HUGE influx of new subs in last 48 hours.

Welcome all.

As you receive this I will still be sleeping off Mai Tais and Tequila pineapples, preparing my holy body for another 18 holes of golf before rotting in the sun all afternoon like a beached baby sea turtle.

Island life suits me but by day seven I start to get antsy to get back to the real world.

I missed real time coverage of a heinous JPMorgan sex scandal, an absurd Gamestop interview, and some wild crypto action so I need to get back to my dual monitors and captain’s chair ASAP.

That being said paid subs should be pretty happy this week.

Both and are going turbo vertical and were picks we highlighted many times last year. Intel, around the time that the US government announced a position (~$20) and for well over a year now as she was lagging $NVDA.

AMD is now up 253% in the last year and Intel sits at 433%.

It’s way I never really understand the folks DMing me asking for “discounts” or “free” passes to the paid version of Arb Letter.

I will always offer you a free version of content, but if you want to make sure you’re not missing these homeruns hop on paid guys. A single win can pay for a lifetime subscription 100x over lol. It’s that simple. Think about all the dumb shit you spend $8 on weekly? Anyway, rant over.

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Bitcoin Creeping Up

The orange coin has been lurking and sneaky pumping…..

Bitcoin is back above $80,000 and the tone shift is impossible to ignore IF you are paying attention. The majority are not which is why this move is so striking.

Is she about to go turbo vertical and catch up with equities?

Read more

Short one today as I am halfway around the world on vacation in a completely different time zone.

If you guys missed Tuesday’s post you can find it below. We talk about the missing or dead scientists related to UFOs, defense, and nuclear research, and the dive into the programs and stories we know are intertwined with much of this fuckery (Lockheed Martin’s Skunkworks Program, etc.).

You can read it here.

Also, make sure you read the post from last week below. Guys are DMing me telling me they hit some absolute homers on these plays.

Financial Markets & Equities

The Fed kept rates unchanged at 3.50%–3.75% this week, marking a third straight pause. The 8–4 vote showed the most internal disagreement in decades, highlighting a growing divide within the Committee.

While the decision was largely expected and already reflected in markets, it comes against a backdrop of stubborn inflation tied to energy shocks and ongoing geopolitical tension (Iran War, energy shocks, etc.)

The Fed pointed to steady economic growth but softer hiring trends, though the officials weren’t aligned on how aggressively to signal future easing.

One of the more dovish members pushed for an immediate 25bps cut, but the broader tone from Powell’s final meeting still leaned cautious and data driven heading into Q2 (his trademark style).

Bottom line in my opinion? The “higher for longer” narrative is still very much alive, especially with oil and core inflation pressures refusing to fully cool.

Jerome Powell then announced he will remain at the Federal Reserve as a governor which raised a few eyebrows given Trump’s previous comments and the diverging opinions the two share on economic conditions.

Polymarket rate cut odds paint more of the story with the odds of 0 rate cuts for the duration of 2026 still at almost 56%. Will be interesting to see how The Fed interacts with the Trump administration moving forward given the recent announcement from JPOW.

• Jerome Powell announced he will remain on Federal Reserve Board as Governor after Fed Chair term ends.

• Coatue has launched a new venture called Next Frontier to buy land for data centers, potentially spending tens of billions of dollars on the effort (WSJ/MTS Live)

• Meta to offer stablecoin payouts for influencers (Polymarket)

• is now worth more than the entire Indian Stock Market lol

• Amazon stock fell over -6% earlier this week despite posting stronger than expected Q1 2026 earnings results (Kobeissi Letter)

• Spirit Airlines is now projected to shut down by the end of the month (Polymarket)

• The national debt just exceeded 100% of GDP for the first time since 1946, per WSJ (Unusual Whales)

• Over $6 trillion was added to the US stock market this month (WatcherGuru)

Markets pushed higher this week, extending the momentum out of April, but with a noticeable increase in volatility.

The S&P 500 and Nasdaq both tagged some nice fresh highs early, driven mostly by continued the absurd strength in AI-linked names, before momentum started to fade. Many of our 2026 plays like and continue to print. The Dow has held up relatively well, supported by industrial and infrastructure plays tied to the buildout of data centers and energy demand.

As we watched the week progress, leadership narrowed and tech saw a bit of profit-taking despite strong earnings, hinting at growing sensitivity to costs and positioning.

The broader tone is still constructive I would say, but markets are starting to react more sharply to creeping inflation signals, the same slogging geopolitical headlines, and the scale of capital being deployed into the AI arms race.

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JPM Sex Scandal

X and the internet exploded on Wednesday afternoon with a story from the Daily Mail alleging (key word here) that executive director in JPMorgan's Leveraged Finance (Lorna Hajdini) abused her position to carry out months of coercive sexual misconduct with a junior male broker who was married.

He claimed she threatened career retaliation and slashing of his bonus if he did not comply.

Basically the dude said he was her sex slave gimp boy. I will refrain from posting the allegations (you can find them on daily mail) but it is safe to say this will go down as one of wildest finance stories to break in some time.

According to the filing, the relationship began shortly after the employee joined the firm in 2024 and quickly escalated into a pattern of alleged harassment, manipulation, and abuse.

The plaintiff (now identified as Chirayu Rana) claims the executive used her authority to pressure him into non-consensual encounters while simultaneously threatening his career if he resisted. The lawsuit also includes allegations of drugging, racial harassment, and invasive control over his personal and financial life.

Hajdini hit back in a statement issued to The Post via her lawyers: “Lorna categorically denies the allegations. She never engaged in any inappropriate conduct with this individual of any kind and has never even been to the location where the alleged sexual assault supposedly took place.” (NYPost)

While most close to the case have been tight lipped, spokesperson at JPMorgan said this week “Following an investigation, we don’t believe there’s any merit to these claims”

Wild week on the internet that’s for sure and can’t help but feel some sympathy for Hajdini who appears to have had her reputation tarnished over what might be some unhinged fabrication.

Crypto

Crypto really does continue to hang in this nice holding pattern. Not really decoupling from equities but not turbo dumping either. I am watching closely, looking for the first moment that we see alt coins surge independently of majors.

• Eric Trump said this week that bitcoin in its “greatest period ever” as Wall Street falls in line

• Paul Tudor Jones called bitcoin the 'best inflation hedge,' and warned of overvalued stocks (CoinDesk)

• Chainlink has now facilitated more than $30 trillion worth of transactions through its industry-leading oracle solutions (BSCN)

• Tokenized real-world assets (RWAs) hit $19.3B in Q1 2026 per CoinGecko, up 256.7% from $5.42B in 2025 (LINKWIRE)

• Securitize has partnered with transfer agent Computershare to help U.S. companies issue securities as digital tokens on a blockchain (Polymarket Money)

Bitwise dropped a solid article on Chainlink this morning on X, saying “Chainlink in Plain English” – why Chainlink matters for stablecoins, tokenization, and mass-scale adoption.” In this piece Bitwise emphasizes some of what we already know which is that Chainlink is the bridge between blockchains and the real world.

Remember, on their own, blockchains are closed systems that can’t access outside data or communicate across networks. Chainlink fixes that by acting as a decentralized oracle layer, feeding smart contracts real world information like prices, events, and payments so they can actually function.

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Why am I (and Bitwise) so bullish on LINK?

As we see more financial activity moves on-chain, demand for reliable data and interoperability explodes. Everything from stablecoins and DeFi to tokenized assets and cross chain settlement depends on this infrastructure, and Chainlink has quietly positioned itself as a core provider. They sit right smack in the middle of the new financial world order.

Regardless of price action at the moment, institutions are increasingly treating Chainlink as foundational plumbing. Banks, payment networks, and large financial players are already experimenting with it to connect traditional systems to blockchain rails.

At the time I am writing this crypto is looking solid with Bitcoin trading around $78,600 and Ethereum ranging around the $2,300 level.

You can read the full piece in Chainlink HERE.

Global News

The Strait of Hormuz situation is still front and center this week, with a fragile ceasefire in place but U.S. naval pressure on Iran continuing to disrupt a meaningful share of global oil flows.

Crude has pushed above $120, reigniting inflation concerns and forcing central banks to rethink how quickly they can begin to ease policy.

In a major shift, the UAE has moved to leave OPEC, signaling a breakdown in coordinated supply strategy among Gulf producers. The TLDR version of this is that this now introduces a new layer of uncertainty into global energy markets, where a fragile state of cohesion has historically been the backbone of price control.

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If we start to see other producers begin prioritizing market share over discipline, it raises the risk of more volatile oil prices and potential oversupply scenarios.

At the same time, Ukraine has stepped up pressure on Russia, keeping the Eastern European front active alongside Middle East tensions. The effects are already spreading, with governments and consumers accelerating the push toward energy security and alternatives as volatility resets expectations.

• On the heels of our post on UFOs, missing scientists, and black budget defense programs President Trump revealed this week that the government will be releasing "as much as we can" on UFOs in the near future

• A drone hitting an airliner was reported in San Diego, California, on a Boeing 737 jumbo jet operated by United Airlines

• The FBI announced that 25 defendants have been convicted in $215 million Nigerian-linked fraud scheme targeting over 1,000 victims across 47 states (Polymarket)

The Department of War on X announced that they have entered into new agreements with 7 of the world’s largest AI companies in an effort to deploy the leading edge tech to the front lines.

SpaceX, OpenAI, Google, NVIDIA, Reflection, Microsoft and Amazon Web Services, several of which already work with the Pentagon, are now all going to be integrated into the Pentagon’s Impact Levels 6 and 7 network environments giving more of the military access to their products, the Pentagon said in a statement.

The Pentagon’s main AI platform GenAI.mil has been used by over 1.3 million Defense Department personnel, the agency noted in its release, after five months of operation (NBC News).

That’s it for today guys - I will see you next week. Have a great weekend if I don’t see you on X or Discord.

Andy

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Disclaimer - I am a monkey brained former salesman and trader who enjoys writing about crypto, markets, and global events. None of this is to be considered formal financial advice. Always invest in accordance with your own personal risk tolerance and thresholds in mind. God speed.

Welcome to all the new subs that came onboard last week, hope you guys enjoyed the Assets That Will Separate Winners From Everyone Else post. Most of our plays there pumped pretty hard last week, so make sure to give it a read if you missed it.

Saturday night, a likely third assassination attempt against President Trump was foiled at the White House Correspondents’ dinner. Cole Allen, a 31 year old former CalTech student was charged.

Video showed him running through a security checkpoint at the Washington Hilton. He had multiple weapons on him (shotgun, handgun, and knives) and fired before being taken down by security and apprehended.

He told investigators (and his manifesto stated) he was specifically targeting Trump administration officials.

Before we start today - major headlines from the weekend and Monday:

• The S&P500 closed at a new all time high yesterday

• Billionaire Ken Griffin and New York supreme leader Mayor Zohran Mamdani are beefing after Mamdani used his 24,000-square-foot Manhattan penthouse as the setting for a “tax-the-rich” video. This is causing Griffin to hint that he may reconsider his firm’s investment footprint in the city

• OpenAI has reportedly fallen short of its internal targets for user growth and revenue, raising concerns about whether its heavy spending on data centers is sustainable. Leadership, including CFO Sarah Friar, is focused on tightening costs as the company balances ambitious expansion plans with financial discipline ahead of a potential IPO

• has signed a classified AI deal with the Pentagon

Something Dark is Happening

So what are we talking about this morning?

If you live elsewhere in the world or somehow missed it in the US, let me bring you up to speed.

The FBI is reviewing cases of at least 13 scientists who have died or disappeared since 2022, most of whom had connections to nuclear, space, and UFO/alien-related information.

This comes at the same time as:

• Mass drone/UFO/UAP sightings in US cities and around the world

• The Trump administration announcing they will begin declassifying UFO and potential alien life records

• A massive jump in drone and defense technology

Last week I ran a poll on if folks would be interested in a run down on the bizarre string of disappearances and deaths of UFO adjacent scientists in the US over the past 2 years.

You guys overwhelmingly asked for it, so that’s what we are going to get into today.

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Aliens, UFOs, extraterrestrial life, and deep government shadow groups are topics most normies acknowledge for half a moment before going back to their day. However, in the last several years, if you’ve been paying attention, it is obvious SOMETHING is going on.

It is looking more and more as if 2026 might hold some new revelations for us in one of the most hallowed conspiracy corners of all history.

Polymarket even has the odds that the US confirms the existence of aliens at 20% before the end of 2026. Kind of high no?

Let’s spend some time trying to figure out what the hell is going on.

UFO Researchers & Government Officials Disappearing & Dying

So instead of you giving you some wordy and lengthy mumbo jumbo post on all of this, let’s get super specific.

Roughly a dozen scientists across aerospace, defense, and nuclear fields have died or disappeared in recent years, drawing attention due to the clustering of cases and leading some to believe there is something deeper going on.

We’re not going to rehash an entire introduction into UFO/defense tech history today, if you want that I suggest listening to the Risk On episode I did on this topic last year. The concepts we will cover today expand on basic UFO history, government initiatives, and developments in the space, so if you are reading along and suddenly go “I am lost” go give it a listen.

To give you some idea of what we are talking about here, the following individuals have “died” or gone missing in the past several years.

Though sources and reporting vary, it is thought right now that approximately 13 UFO/advanced technology scientists and government officials have either died, committed suicide, or gone missing in the past several years, with multiple instances in 2026. The Federal Bureau of Investigation is said to be investigating any connections currently.

Take a minute to read through this whole list. It is pretty shocking. You simply cannot make this string of events up if you tried.

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One of those weeks where there’s just too many stories to cover at once. We have the 12th scientist/UFO researcher to go missing dead in a reported suicide (insert Dr Evil “Righttttt” meme). A major breaking story about fraud within the Southern Poverty Law Center, who was, wait for it, sending millions to far right groups to help finance demonstrations and activity. Bitcoin seems like it has zero intention of ever leaving the high 70’s range.

We have continued tensions over the Strait of Hormuz and pending peace talks between Iran and the US and we have markets that look coiled chugging higher and higher despite all of this chaos.

If you missed our guide that dropped on Tuesday morning, make sure you give it a look before end of week.

We covered 60+ of my top picks in equities, crypto, and commodities. Many of the names like and have been on solid rips the last two weeks.

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Markets

Even with the non stop chop from the Iran conflict and the next batch of tweets or headlines from Iranian leadership and the Trump administration, markets have climbed higher.

The Nasdaq just closed at fresh all-time highs, up roughly 1.5–2% yesterday, driven once again by strength in tech and semis. Semis have been on a godly run with breaching the $300 level this week.

What stands out to me is the backdrop this is happening in. Oil remains elevated and tensions around the Strait of Hormuz haven’t fully cooled. Officials are still saying it will take 6 months to de-mine the strait (remove seaborne mines).

Polymarket odds currently sit at about 36% that a US x Iran diplomatic meeting takes place by April 29th.

This comes as mixed messages come out of Iran on whether or not they are willing to engage in peace negotiations WITHOUT the inclusion of a partial lift on sanctions.

• Lufthansa is set to cut 20,000 European flights this summer to save on jet fuel

• Six senior Coinbase marketing executives, including its former CMO, have joined OpenAI over the past 18 months (CoinTelegraph)

• Tesla beat earnings and ended up soaring +4% after-hours

• Lyft is set to purchase London ridesharing app Gett

• Raising a child to age 18 now costs more than $303,000, an increase of 27.8% since 2023 (FOX/Unusual Whales)

• The Trump administration is reportedly nearing a rescue deal for Spirit Airlines that would loan the discount carrier as much as $500 million (WSJ)

Good news for defense kings.

The Pentagon is floating a massive $1.5 trillion defense budget, signaling one of the most aggressive military spending ramps in modern history.

It’s a sharp jump from current levels and points to a clear shift toward a more hardened and conflict ready posture in the coming years.

The bulk of the funding is aimed at three areas.

First, next-generation military systems, including advanced aircraft, naval expansion, and a layered missile defense shield designed to counter evolving threats.

Second, a heavy push into drones, autonomous systems, and AI, reflecting how modern conflicts are being fought and where the battlefield is headed. It appears $75B is set aside JUST for drone tech. Imagine that….

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Third, a major rebuild of munitions and weapons stockpiles, which have been depleted after years of global tensions and proxy conflicts.

Here is your short list of drone plays that benefit if this goes through:

The U.S. is doubling down on hard power, industrial capacity, and technologically driven warfare as the foundation of the next decade.

Palantir announced this week that the company is partnering with the US Department of Agriculture to modernize services for American farmers:

"Protecting America’s farmland is protecting America itself, and this work gives USDA the visibility and speed needed to safeguard our food supply,” said USDA Chief Information Officer Sam Berry. “Our farmers sustain this nation, and modern tools help us support them with greater precision. I look forward to working with Palantir as we continue serving the American farming community, which serves all of us every single day.”

The name is up almost 6% this week.

Big year for defense tech.

Crypto

My gut tells me crypto is on the cusp of surprising us. Bitcoin has held a solid level for a while now and most recently ripped up to the $79,400 range amid mixed headlines coming out of Iran.

US Indo-Pacific Commander Admiral Samuel Paparo raised some eyebrows when he recently told Congress the military is currently running a Bitcoin node for network security tests and called Bitcoin a tool for American power projection.

Bitcoin now solidifying some position in defense circles.

• Blockchain Capital seeks $700 million for two new funds (The Block/Bloomberg)

• A coalition of 100+ crypto firms including Coinbase, Ripple, Kraken,

  and a16z are urging the Senate Banking Committee to advance the CLARITY Act (CoinDesk)

• Morgan Stanley bought $11,300,000 worth of Bitcoin yesterday in MSBT

• Sweden’s H100 Group AB signed a binding deal to raise its Bitcoin holdings to ~3,500 from about 1,000 (CoinTelegraph)

• Bridgetower adopted Chainlink to tokenize $11B+ in securities from the DOM X Arizona Copper-Gold Project (Chainlink)

Chainlink continues to gain momentum throughout this bear period. Arcamids on X highlighted the activity from major institutions via the Grayscale Chainlink Trust ETF.

Check out the names on the left side (hopefully you can see them. Citadel, Royal Bank of Canada, Jane Street, and others. Arcamids pointed out the two highlighted shifts below:

Accurate Wealth Management ($1.7B AUM): +40,009 shares (160% increase)

McElhenny Sheffield ($663M AUM): +30 shares

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This product is essentially a wrapper for Chainlink, meaning any meaningful inflows translate into direct demand for LINK itself. Unlike broad crypto funds, this is a targeted allocation into a single piece of infrastructure, not just general market exposure.

I know we all tend to lose our day to day interest in crypto (and alt coins) when we’re not ripping to new highs but Chainlink sits at the center of a much bigger narrative: connecting real-world data, financial systems, and blockchains.

It’s not competing as a currency or even just a smart contract platform, it’s positioning itself as the plumbing layer between traditional finance and on-chain markets which is why I have been talking about it for 5 years.

So if institutions are stepping in here, they’re not just chasing price action. They’re hungry for fat gains and positioning around:

• Tokenization of real-world assets

• On-chain settlement rails

• The continued integration of banks, funds, and data into blockchain systems

In other words young kings, they’re betting on the infrastructure behind the next financial system, not just the assets that sit on top of it. Own the plumbing and toll booths.

Sounds pretty bullish.

Global News - SPLC Fraud Bust

In some insane (but not necessarily surprising news) The US Department of Justice announced an indictment against the Southern Poverty Law Center ("SPLC"). Their indictment alleged that the SPLC secretly funneled more than $3 Million in funds to members of white supremacist and extremist groups including:

-Ku Klux Klan
-American Nazi Party
-Aryan Nation
-United Klans of America
-Unite the Right

Why?

Well to stage fake events to justify being around.

According to prosecutors, the organization misled donors, raising money to fight extremism while financially supporting individuals inside those same networks.

If true, this flips the entire model and what we’ve been told for years on its head.

It casts significant doubts on Charlottesville and other events in which the media had a field day pointing to instances of supposed “white supremacist aggression”.

Turns out these events were likely funded by the same organization condemning and “fighting” them lol.

Refer a friend

Acting Attorney General Todd Blanche said "The SPLC is manufacturing racism to justify its existence. Using donor money to allegedly profit off Klansmen cannot go unchecked."

The SPLC has always been full of true extremists views.

In this video from years ago an SPLC employee (Mark Potok) is seen speaking with an interviewer and we get a glimpse of his wall in his office.

On it, you can see he has a calendar/tracker of sorts following the decline in White populations in Europe.

Pretty absurd shit.

Other headlines:

• UFO researcher David Wilcock was found dead at the age of 53 in Boulder County, Colorado, authorities confirmed.​ This marks the latest in a string of deaths involving individuals connected to the UFO disclosure and research community. Wilcock said on stream shortly before his death "People are disappearing. Scientists are going missing. The President himself is looking into this. It's a little bit scary." Gets weirder though, his biographer died 48 hours before him. We may have to expand on this in a schizo rant. Comment “Thiccc Alien Cheeks” in the comments if you want that

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• The US Department of War announced on X this morning: Overnight, U.S. forces carried out a maritime interdiction and right-of-visit boarding of the sanctioned stateless vessel M/T Majestic X transporting oil from Iran, in the Indian Ocean within the INDOPACOM area of responsibility

• The US Senate has voted to advance $70 billion funding plan for ICE and Border Patrol agencies (InsiderPaper)

• Germany is committing to building Europe’s strongest conventional military by 2039, expanding forces to 460,000 troops to bolster deterrence against Russia (SolidIntel)

• Trump's acting attorney general has reclassified state-licensed medical marijuana as a less-dangerous drug in a major shift (AP/NewsWire)

• President Trump ordered the U.S. Navy to “shoot & kill” any boat laying mines in the Strait of Hormuz this morning (InsiderWire)

Have a great rest of the week guys.

We will be back on our regular schedule next week unless something truly bonkers happens over the weekend, in which case we will be right back at it.

Don’t forget to check out the Arbitrage Andy store if you want some new T Shirts for Spring and Summer.

Godspeed

Andy

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If you’re a time tested subscriber of Arb Letter, welcome back.

If you’re new here, I am glad you found this guide today as it is going to be an excellent summarization of the themes and names I am betting on in the coming decade.

If you take a moment to look at the state of the world since Covid, it’s apparent we’ve entered a new realm entirely in financial markets. Signs are everywhere.

The Palantir thread we covered yesterday.

The War in Iran and expansion of US military prowess around the globe.

The AI arms race.

The global battle between socialism and nationalism.

Money printing at an unprecedented scale.

Resource hoarding and shortages.

Society becoming even more digital ad online than we thought was possible.

All of these highlight the fast changing world we live in.

Today we’re compiling all stock, crypto, ETF, and asset picks/recommendations into one post.

After sheer bangers you guys printed on like
Bitcoin, and others, I figured it would be most valuable to lay my current plays out in the same post. Longtime readers will be the first to tell you that just one of these plays pays for years of what it costs to join this community for the year.

I never understood why people haggle and whine about $8 when they see folks knocking it out of the park with some of the plays we lay out here.

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There’s no secret, I just remove all the fluff. It’s not normie slop. It just works.

All the noise and BS that still litters mainstream media, publications, and influencer commentary gets cut out.

I explain and lay things out the way they are. Not the way people want them to be or the way that benefits other individuals and organizations.

I know nothing for sure (nobody does), but there are plenty of signs on what is probably going to separate modern serfs from asset owners who have true freedom down the line.

I don’t have to reiterate the stakes for you guys:

• Homes are unaffordable

• The cost of living is soaring

• AI is culling jobs left and right

• College grads are jobless for longer periods

• Markets are defying all logic while inflation remains stubborn

• Your money just doesn’t go as far

You simply HAVE to get smarter to get ahead (or just maintain a certain standard of living).

Aside from the typical career hedges and personal development concepts we cover here regularly, owning the right companies and assets is your ticket to ensuring you can secure your future in this clusterf*ck world we find ourselves in.

Trump is set to appear on CNBC this morning at 8:30am ET which is sure to dictate which way markets turn today (will be get a “good time to buy” comment?) and that’s against what I personally think is an increasingly bullish backdrop.

Markets are tiring of the Iran nonsense despite US Vice President JD Vance traveling to Pakistan for new peace talks, we have retail is frothing at the mouth to ape into markets, and the AI supercycle isn’t losing any momentum.

Regardless of short term pullbacks and more TACO chaos, you can tell that we might be on the verge of full blown mania in risk assets. That liftoff or squeeze is not something you want to (or can afford to) miss. Over the last three weeks the markets are telling us they are begging to explode higher.

Our list and guide today is comprised of:

• 60+ tickers, companies, and assets I consider must owns

• Quick run downs on why these are worth holding

• ETFs for broader exposure if you don’t want to bet on one horse

• The 5 Sectors/Spaces that will be table stakes in the next decade

TLDR version is this guide is packed with the absolute bangers. The GOATED names you should hold at all costs if you want to print. Everything in this list is a bet on one thing.

The world is becoming more unstable, more digital, and more resource constrained at the same time. Adjust accordingly brother.

Let’s get started.

Technology & AI (Artificial Intelligence)

The artificial intelligence arms race has been one of the most profound in markets in decades. It has become the defining battleground of this cycle, not just in tech but across geopolitics, defense, and capital markets.

What started as a software story has quickly evolved into an infrastructure race with chips, data centers, energy, and distribution. Every major player, from Big Tech to governments, are now competing for dominance because the winners will not just generate returns, they will control the rails of the next global economy.

It’s full blown mayhem.

Amazon is committing tens of billions into AI partnerships and cloud infrastructure, with total spend expected to reach well into the hundreds of billions over time. At the same time, leading AI labs are locking in enormous amounts of compute capacity, requiring energy on the scale of entire power grids just to train and operate models.

On the hardware side, the race is expanding beyond just NVIDIA (which you should already hold ideally). Companies are now signing long term deals to develop custom AI chips, signaling that control over silicon is becoming just as important if not more important as software.

The majority of you who have already generated outsized returns over the past 10 years likely hold some of these, but I think with recent software routs and AI bubble panic, there’s an opportunity to top off the war chest with some classic names and new horses.

Amazon

• Just announced they will invest up to another $25 billion in Anthropic as a part of an AI infrastructure deal. Additionally, Bezos announced that he is set to close a $10 billion funding round for his new AI startup code-named “Project Prometheus”. Sounds ominous and profitable…..

Microsoft $MSFT

• One of our solid plays since the last market dip, Microsoft is deeply embedded across enterprise software and AI. Their partnership with OpenAI and integration of copilots across Office, Azure, and Windows makes them one of the clearest long-term winners in tech and AI. Do not fade the classics.

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Good morning lords. Hope everyone had a solid weekend.

It’s Monday, the weather is drastically improving. I am sure most of us would rather be somewhere else besides the office or online.

But there’s still developments to stay on top of, alpha to be found, and markets open in a little over an hour. So we have to lock in for our future grandchildren’s sake.

There are sales to close. Deals to manifest. Reps in the gym to crush. Situations to monitor and a new week to conquer.

Quick reminder the spring deal sled deal is live through midnight this evening on Jay Butler. 15% off the entire site. A bunch of you have already taken advantage to cop some new sleds for the warmer months.

Cop a Pair Here and get ready for the tropics, the Hamptons, or wherever you are going to frequent this spring and summer.

And remember, it’s always better to rock them veiny style (no socks). Women can sense your business aura and deal closing abilities when you walk up looking like you could simultaneously vacation in St Tropez AND close illicit weapons deals with a sketchy European Bank.

Let’s get into it today.

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Markets & Equities

After a bullish week last week across the board, we got yet another TACO reversal.

Various outlets and sources reported sometime this weekend that Iran has rejected taking part in the second round of talks with the United States, this came after a planned new series of negotiations with US VP JD Vance in Pakistan.

Futures did not like this news collapsing alongside crypto, which shed some of the gains it had accumulated late last week.

Then things go kinetic in the Arabian Sea.

The guided-missile destroyer USS Spruance (DDG 111) intercepted the Iranian vessel “Touska”

The DOW Rapid Response account (Department of War) announced on X:

After Touska’s crew failed to comply with repeated warnings over a six-hour period, Spruance directed the vessel to evacuate its engine room. Spruance disabled Touska’s propulsion by firing several rounds from the destroyer’s 5-inch MK 45 Gun into Touska’s engine room. U.S. Marines from the 31st Marine Expeditionary Unit later boarded the non-compliant vessel, which remains in U.S. custody.

So things continue to escalate. New headlines jerk markets around every hour.

We’ve seen this dance again and again.

Zerohedge is even reporting talks are now back on the table AGAIN as of 8:30am.

Even with the non stop fuckery, there’s some interesting signs continuing to emerge. Rate cut odds in 2026 are sneaking up with the upcoming transition to Trump’s Kevin Warsh.

On Polymarket odds sit at about 21% that Warsh ends up cutting at the first Fed meeting of 2026. That’s a non trivial number for sure. It is not consensus obviously (yet), but it is enough to show the market is starting to price in a policy pivot risk earlier than expected. It likely reflects growing sensitivity to slowing growth, tighter financial conditions, or something breaking under the surface.

If those odds start climbing, it’s a signal the market is shifting from “higher for longer” toward “something’s about to force the Fed’s hand.”

This morning we will look to see what markets make of the latest reversal in deal progress with Iran. I have a strong feeling we get more chop followed by green.

You can only FUD so many times with the same story.

Anyways, many of the picks we’ve highlighted in paid posts soared last week:

MSFT AVGO PLTR AMD QUIK AMZN to name a few.

Will the Nasdaq 100s 13-day winning streak come to an end today? If it does you will get yet another opportunity to scoop up some solid names (especially Mag7) before the inevitable reversal.

I added a position in last week, which invests in companies enabling the electrification of the economy (AI data centers). It is a long term position I will just continue to add to monthly. I haven’t had a chance to look at any names that might be flying under the radar in this space yet.

We will go much deeper on new picks tomorrow.

If you missed the Guide I posted on making money online in 2026, check it out HERE. Pair that with the post tomorrow and you will be well situated going into the summer.

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Market Headlines

• Singapore urged banks to “plug their cybersecurity holes” in preparation for Claude Mythos this past week (Polymarket)

• Peter Mill, the global head of commodities technology strategy and head of markets technology for EMEA at Macquarie, is joining Balyasny Asset Management as head of commodities technology (efinancialcareers)

• hit $150 after reports is working with them on custom AI silicon for inference

• RAVE cryptocurrency fell 98% to $0.5, erasing $6.7 billion from its market cap in two days (WatcherGuru). Crime season in full swing.

• Barchart noted this morning that the Shiller PE Ratio hit the 2nd highest level of all-time, only slightly behind the Dot Com Bubble. The Shiller PE Ratio measures

• Charles Schwab and Citadel Securities are reportedly starting to look at prediction markets (Cointelegraph)

• JPMorgan said recently it sees little stock upside left in Europe this year (Bloomberg/Unusual Whales)

• Digital asset investment products saw $1.4B in inflows last week, marking the strongest weekly total since January (Cointelegraph)

• Michael Saylor announced Strategy has acquired ANOTHER 34,164 BTC for ~$2.54 billion at ~$74,395 per bitcoin and has achieved BTC Yield of 9.5% YTD 2026. The sheer conviction is wild to see

• USA Rare Earth Inc agreed to acquire Brazil’s Serra Verde Group in a $2.8B deal

• Polymarket is talking to investors to raise $400 million in new funding at a $15 billion valuation The Information reported this morning (The Block)

Global News

Palantir dropped a pretty viral thread over the weekend in which they expand on some of the core concepts covered in Alex Karp’s Technological Republic. If you haven’t read it yet, highly suggest getting it.

The thread lays out a worldview often associated with Palantir leadership, basically a call for a “Technological Republic” where Silicon Valley, government, and national defense are tightly aligned.

The idea that Silicon Valley has a duty to the state
Tech elites didn’t rise in some sort of vacuum, they benefited from U.S. institutions and should actively contribute to national defense and security, especially through software and AI. Anduril’s Palmer Luckey talks about this concepts in various interviews.

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Hard power over soft power ( that is now powered by software)
Moral arguments alone don’t win conflicts anymore. The next era of global dominance will be driven by AI, software, and defense tech, not just classic diplomacy (which seems to be failing fantastically in the Middle East right now).

AI warfare is inevitable
The debate isn’t whether AI weapons are going to get built, it’s who builds them first and controls them. Our adversaries aren’t hesitating.

There are a few big cultural critiques of modern America. The thread criticizes:

• Consumer tech stagnation (“tyranny of apps”)

• Political over psychologizing

• Elites prioritizing comfort over responsibility

• Declining standards in governance and public service

Call for shared national responsibility
Ideas like universal national service and broader participation in defense reflect a push against a detached, all volunteer system. This is one of the more aggressive postures lol. Mandatory service.

Reindustrialization and a building mindset
There’s strong support for people like Elon Musk and for ambitious, large-scale building, especially where markets have failed ( things like defense, infrastructure, crime prevention).

A shift to a new deterrence era
We’re quickly moving from nuclear deterrence into AI/software-driven deterrence, which will define future geopolitics. We are bringing terminator type predicaments entirely on our own heads.

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Pro American but also self-aware
The U.S. is framed as uniquely powerful and opportunity-rich, but currently at risk of decadence, complacency, and internal decay. You will note these are also big themes in Neil Howe and Ray Dalio’s “Fourth Turning” “cycle” theories. Good times weak men etc.

These all seem pretty solid to me if I’m being honest and pair well with the changing nature of the world in 2026.

However, critics of this book and of this type of thinking highlight the risk of what they call “techno-fascism” or concentrated abuses of power which is essentially a world where a small group of engineers, contractors, and government actors control surveillance, defense systems, and decision-making infrastructure with limited oversight (you could make the argument that this is already happening).

If you can’t beat em (and you can beat PLTR FYI) you have to join em.

Bullish into the foreseeable future.

Global Headlines

• Two U.S. Army soldiers from the 11th Airborne Division were reportedly injured in a brown bear attack during land navigation training this weekend

• A french ship was damaged recently by warning shots in the Strait of Hormuz

• A major fire breaks out at Russia's Tuapse Oil Refinery following Ukrainian drone attack

• A bomb threat was reported on United Airlines flight 2408 Enroute to Washington D.C. from Denver (InsiderWire)

• Tick bites are sending Americans to the ER at highest rate in nearly a decade according to the CDC

In this insane video below shared by Artemis II Astronaut Reid Wiseman, you can see the Earth setting behind the Moon on the recent voyage (filmed on an Iphone).

Wiseman said on X:

Like watching sunset at the beach from the most foreign seat in the cosmos, I couldn’t resist a cell phone video of Earthset. I could barely see the Moon through the docking hatch window but the iPhone was the perfect size to catch the view…this is uncropped, uncut with 8x zoom which is quite comparable to the view of the human eye. Enjoy.

As some pointed out online, might be the wildest iphone video every recorded.

That’s it for this morning guys.

Because I have some longer travel coming up in the next 10 days or so I want to provide a larger guide for paid subs tomorrow morning. A complete comprehensive update on asset classes, stock picks, and my thoughts about how you need to be positioned for the rest of the 2026.

I will shoot to have that out on the earlier side tomorrow morning so you guys can get into it before markets open (think ~7:45am ET).

We will be on the Discord and on X the rest of today monitoring market open.

Godspeed.

Andy

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Disclaimer - I am a monkey brained former salesman and trader who enjoys writing about crypto, markets, and global events. None of this is to be considered formal financial advice. Always invest in accordance with your own personal risk tolerance and thresholds in mind. God speed.

My mood is substantially elevated on this fine day. It was 80 degrees yesterday, I just broke out the deal sled collection, and the markets are looking absurdly bullish (for now).

Congratulations on making it through your winter arc and into the spring abundance period where we are going to run up some stacks of fat bandos and make the haters cry.

Some quick house keeping before we dive in today. I am in the process of updating the Arbitrage Andy store and we have some new additions including the Strait of Hormuz Yacht Club T Shirt and a new Defense Contractor piece as well. You can check them out here.

We will likely do a Saturday morning post this weekend as many of you had indicated you’d like to see that when we ran a poll in March.

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Today we have to talk through the S&P 500 new ATH, Allbirds pivoting to becoming an AI company, crypto institutional news continuing to drop, and tech names that are running hard on this market leg higher.

Sentiment seems to be improving, which means more opportunity.

Let’s get it.

S&P Goes Psycho Mode to New All Time High

If you look at markets since the Covid bottom, we really are living through insane times.

Markets ripped higher yesterday, with the S&P 500 pushing toward fresh highs as dip buyers stepped in aggressively once again. The Nasdaq is on one of the most insane winning streaks since 2021.

The move was thick and broad (giggity), led by tech and momentum names as investors leaned back into the classic “buy everything” trade despite lingering uncertainty over Trump’s next move on Iran.

Panic sellers are down astronomically. Polymarket odds are rising now that the S&P ends the year between $7,000 and $7,500. Deutsche Bank had set a year-end 2026 price target of 8,000 just months ago.

Most picks we highlighted from two weeks ago are now well into the money including AMZN, AVGO, PLTR, and AMD.

Paid subs are printing right now on our call with the stock up 10.5% in the last 5 days of trading. up massive too along with .

is leading the drone pump.

I maintain the story on this name is pretty tight despite it selling off a bit into the start of April. You get defense exposure, autonomous systems, new partnerships weekly, and it is positioned as a smaller, more agile version of the primes. That’s enough to attract serious momentum and attention online. The ONDS subsidiary Sentrycs, was picked for counter drone defense at the World Cup.

Today if I buy anything it will likely be some and some .

That being said, if you think crypto is about to pump likely not a bad time to also reexamine some cyclical crypto plays in traditional markets, things like etc.

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The Allbirds Psycho Run

Yesterday we saw a new story that seems like it came straight from the Gamestop era.

Allbirds, the shoe company, announced a pivot to AI. Yes I am serious. The stock was up 800% at one point yesterday.

The stock, which had been effectively dead after collapsing since its 2021 peak, suddenly exploded higher after the company revealed plans to rebrand as “NewBird AI” and raise capital to move into GPU infrastructure and AI compute.

This whole thing is adding fuel to the “AI bubble” fire given it is also quite similar to what took place during the dotcom bubble where narrative consistently outpaced fundamentals, and anything even loosely tied to the theme caught a bid. Back then it was companies slapping “.com” onto their name and doubling overnight.

Today, it’s legacy or struggling businesses invoking “AI transformation” and getting rewarded for the story alone.

Instead of making shitty techbro sneakers they’re pivoting to compete with major AI players! Instant value!

Allbirds of course isn’t an AI company yet, but it is a valuable lesson of where the crowd will flock when the market is aggressively chasing exposure to anything tied to the current theme (AI).

I will not be chasing this lol.

Market Headlines:

• Spirit Airlines is reportedly at risk of liquidation as rising fuel costs worsen its financial crisis (Polymarket) Shame!

• US oil exports hit a record 5.2 million barrels per day last week (WatcherGuru)

• Call option volume has surged to 47 million contracts per day, up 75% since the start of the month while put volume has fallen 15% to 32 million (Polymarket Money)

• Mark Zuckerberg of reportedly physically moved his desk to be closer to Meta’s AI team, and has been “coding all day long” (Polymarket)

• Tesla added about 8% this week on Elon updates regarding chip progress

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SEC Change

The U.S. Securities and Exchange Commission is reportedly scrapping the Pattern Day Trader rule, eliminating the long standing $25,000 minimum to actively trade equities and replacing it with a more flexible intraday margin system.

On the surface, it’s a major win for accessibility. In reality, it likely injects even more volatility and degeneracy into the system.

Removing PDT opens the door for a wave of smaller, highly active traders now able to move in and out of positions freely.

That means we get faster flows, more crowding, and sharper intraday swings, essentially hardwiring the kind of behavior seen during the GameStop short squeeze into everyday market structure.

More participation doesn’t really mean more stability, in this cases it means more speed, more leverage, and more reflexivity.

Buckle up, if you thought things got crazy during Covid the future is going to make it look like child’s play. Many many young people believe hyper gambling in financial markets is one of the only ways to “make it” now and the truth is, they may not be entirely wrong about that.

Crypto

While the stock market continues to go bonkers, crypto looks like a silent little cobra just coiled up and hanging out in the shade.

Is it going to go parabolic soon? Or roll over again and send Bitcoin back to $60,000s hell?

An interesting data point that CoinDesk pointed out is that Bitcoin funding rates have dropped to their most negative levels since 2023, according to Glassnode.

Historically, periods of deeply negative funding have lined up with local bottoms, including March 2020, mid-2021, and the aftermath of the FTX collapse in 2022. You also have billionaire Tim Draper predicting a $250,000 bitcoin price in a recent series of comments he made on the state of crypto.

Short term I don’t care (though my gut tells me things are coiling right now). I am paying attention to who is building and what they are focused on during this time period.

Morgan Stanley is making it clear that tokenization is moving from concept to core infrastructure within its wealth business. There’s a reason I have been pushing our tokenization guides non stop for months (you can find them below)

The Next Generational Wealth Opportunity

The Next Generational Wealth Opportunity Part 2

On its latest earnings call, leadership pointed to a future where assets, funds, and credit products operate on blockchain rails rather than traditional account based systems.

The focus is on faster settlement, improved transparency, and the ability to move capital more efficiently across portfolios and counterparties. This is not being framed as an edgy crypto experiment anymore but as a structural upgrade to how financial assets are issued, tracked, and traded. It is quite literally the next logical extension of finance and markets.

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The implications for crypto are significant.

If major institutions begin integrating tokenized assets into advisory and portfolio construction, it creates real demand for the underlying rails that make this possible.

Which ideally you have exposure to…..

That includes smart contract platforms, tokenization protocols, custody solutions, and onchain liquidity venues. Instead of relying purely on speculation, certain tokens begin to tie directly into financial infrastructure and transaction flow.

In my opinion it also reinforces the idea that the next phase of crypto adoption is not retail driven hype but serious institutional integration. The winners in that environment are likely to be protocols that can handle compliance, scale, and interoperability with existing financial systems.

In short, this is less about crypto replacing Wall Street and more about Wall Street showing that they are moving onchain (during a time when most retail folks have thrown in the towel or are distracted by stocks).

• Bitwise launched its Avalanche ETF ($BAVA) this week, with in-house staking offering 5.4% staking rewards to investors (CoinTelegraph)

• Whales have accumulated 270,000 BTC in 30 days, the largest buying spree since 2013 (Bitfinex)

• CoinDesk is reporting that negotiations on the crypto CLARITY Act have been narrowed to just 2-3 unresolved issues with a Senate staffer describing the draft as “very close,” citing to a JPMorgan report

• Morgan Stanley clients accumulated over $100,000,000 worth of $BTC in the first week of its ETF going live (WhaleInsider)

• Chainlink partners with SIX Group, operator of the Swiss and Spanish national exchanges, to bring €2+ trillion in European equities data onchain (CoinTelegraph)

Additionally, it is worth highlighting the onchain AI narrative is starting to take shape as the next layer of crypto infrastructure and gain steam online.

Instead of just tokenizing assets, teams are starting to put data, models, and agents directly onchain, enabling autonomous systems to execute trades, manage treasuries, and interact with protocols in real time.

The real unlock here is coordination. AI agents can plug into DeFi rails and operate 24/7, allocating capital, arbitraging markets, and optimizing strategies without human input. That turns crypto from a passive asset class into an active, machine driven economy. Pretty wild to watch this all coming together.

If this scales, the value shifts toward tokens tied to data access, compute, and agent coordination rather than just simple financial primitives, stuff like:

Chainlink (LINK)

The Graph (GRT)

Render (RENDER)

Near Protocol (NEAR)

Akash Network (AKT)

The endgame here is essentially a fully onchain system where capital and intelligence move together.

As I have said guys, now is not the time to ignore this space. There is still a disconnect between crypto and legacy markets for now. Don’t wait until that changes.

Global News

It would seem my monkey brained thesis that the markets are getting immune to Iran headlines has some validity to it. After the initial spike in oil and volatility, the reaction has clearly faded.

Equities have stabilized, oil has pulled back from its highs, and the broader market is starting to look through the conflict rather than react to every headline.

On top of that we now we even have Trump indicating Cuba might be next.

The Pentagon has reportedly began early stage discussions with automakers like General Motors and Ford Motor Company about potentially shifting manufacturing capacity toward weapons and military equipment as U.S. stockpiles get drawn down.

Refer a friend

One thing is for sure, you can likely feel good about your defense positions for the remainder of the Trump administration as we continue to see a steady drumbeat of geopolitical tension, rising global defense budgets, and a clear shift toward hard power.

From Middle East flare ups to Eastern Europe and now the growing focus on China, the direction is consistent. More spending, faster procurement cycles, and a heavy emphasis on next-gen warfare including drones, AI, and autonomous systems.

• Trump said this week China has agreed not to send weapons to Iran (InsiderWire)

• The IEA announced that Europe has just 6 weeks worth of jet fuel remaining as the Iran War shortage worsens (Kobeissi Letter)

• Minnesota legislators filed to impeach Tim Walz this week (InsiderWire)

• Pete Hegseth announced that the U.S. will launch “Operation Economic Fury” on Iran

• Syria says that it has taken control of all bases previously operated by US forces (AFP/Insider Paper)

• Former Virginia Lt. Governor Justin Fairfax and his wife found dead in apparent murder-suicide (BNO News)

• The White House has said it will investigate reports that 10 US nuclear scientists have recently gone missing or died (Remarks)

• Police in South Africa said Thursday they arrested anti-Western activist Kemi Seba, who is wanted in Benin for “inciting rebellion (The Africa Report)

Have a great rest of the week guys - we will be back with a short review on Saturday morning for all of the early morning espresso enjoyers.

See you guys on X. Make sure to head to the store if you want to cop a new Yacht Club T Shirt. I will be re-launching the Somalia Yacht Club shirt later today in summer colors.

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Disclaimer - I am a monkey brained former salesman and trader who enjoys writing about crypto, markets, and global events. None of this is to be considered formal financial advice. Always invest in accordance with your own personal risk tolerance and thresholds in mind. God speed.