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Your Quick Snort

IDF may or may not have killed Mohammed Deif, which may or may not have been one of Benjamin Netanyahu’s main war aims. This likely means that the war may or may not be a step closer to wrapping up. It’s hard to tell in network warfare.

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Reacting rising housing costs, President Biden unveiled a plan to cap rental prices nationally by giving landlords the option to cap rents increases at 5% or risk losing tax-breaks. Which will inevitably the make the problem worse...

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Elon Musk has pledged to move two of his California based companies, X and SpaceX to Texas after a California law banned the mandatory disclosure by teachers regarding student’s gender-identity. While it’s certainly weird as hell to allow teachers and students to have secrets like that without letting the parents in on it, the move was probably had more to do with California’s onerous regulation and tax-breaks tied to hiring by curiously narrow “diversity” requirements.

 

He’s not alone... the man has managed to supercharge a once progressive Silicon Valley behind Trump, regarded as more tech friendly that President Biden. Marc Andreessen and Ben Horowitz, prominent venture capitalists, have piled in as well.

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And yet... since the RNC convention kicked off, tech stocks like Nvidia and Qualcomm have fallen more than 5%, and semiconductors shares in general were down 2.7% weighing on both the Nasdaq and the S&P500. The Dutch company ASML shares slid sharply on a looming increase in US trade restrictions.  

 

At issue is an incoherence on everyone’s part: Trump has pledged to dial back regulation on Big Tech and AI, while driving up costs with a trade war. He then said that Taiwan “stole” America’s semiconductor industry and “should pay” if it wants an American security guarantee. Speaking to Bloomberg, Trump said it would be “very, very difficult” to come to Taiwan’s aid should China decide to eat it. TSMC, the world’s largest chipmaker, fell by 2.4% on the comments despite strong earnings.

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This is not the only election hedge... Given the hostility of Trump’s running mate, JD Vance, to aiding Ukraine. This week President Volodymyr Zelensky has proposed a second peace summit – this time actually inviting Moscow – to negotiate an end the war to be held shortly after the election. In a poll published on Monday, 44% of Ukrainians support starting peace negotiations with Russia, as doubts about Ukraine’s ability to break the stalemate grow. Yet most oppose ceding land to Russia. Which is its own incoherence. Moscow dismissed the summit out of hand but November is coming.

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Gold prices jumped to an all-time high as investors anticipate global interest rates to fall. They are also betting on a Trump presidency bringing a broader tariff war and World War III more or less in the offing.  Bitcoin has also rallied.

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Anthony Viggiano, veteran of Goldman Sachs and at Blackstone was sentenced to 28 months in prison for insider trading. The 27-year-old pleaded guilty to passing tips about eight planned mergers and partnerships to friends. He described his behavior as “catastrophically stupid” to the New York courtroom.

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