Investors Shift Focus From Bitcoin to AI

0:00 Speaker 1 Sunday morning. Well, let’s have an update of what’s going on in the financial markets. But John Tarrett, Well, John, give us a game, give us your pulse of the situation.

0:11 Speaker 2 Good morning, John, Well. Last week was a week of great records and deep sell offs, as you know, one day, worrying about it, around the next day voting in favor of tech and AI or rotating into the banks. Now we have the Fed’s Beige Book last week as well.

0:24 It showed economic expansion in the US is increasing in ten of the twelve FED regions, and that’s better than April when it was eight. It also showed slightly stronger inflation about stable jobs as well. Now we had the ADP private job support on Wednesday, one hundred and twenty two thousand were added. And the big one, of course,

0:40 on Friday was the Non Farm’s government job support stunning report one hundred and seventy two thousand jobs added, beating economists who forecast eighty eight thousand. That is really quite a remarkable difference. Now this means, of course, the FED meets under Kevin Walsh for the first time on the sixteenth and seventeenth of June. There can’t be a raid

0:59 cut now aren’t be And Wall Street, I will tell you John is talking about a great hike, if not two before the year’s end, and they did not like that. On Wall Street on Friday you saw the big tech sell off, and the reason is technology stocks exciting though they are are often over leveraged. In other of US.

1:15 They have debt, they have borrowings, and when the interest rate goes up, they have to spend more on servicing their debt than they can on innovation, and that’s basically the problem. And Thropic last week, the AI company behind Mythos and Claude the bots filed confidentially for an IPO.

1:30 It means that they can go ahead and move towards having an IPO later in the year. We think probably the fall. They’ve beaten open ai, the people behind chat gpt their great rivals to the public domain. So that’s an interesting thing to watch. And of course Bitcoin at it’s lowest for two years this week. Two reasons for that.

1:47 First of all, people are looking at AI as the shiny new ball bull that they want to buy, not cryptocurrency anymore. And also a company called Strategy sold thirty two bitcoins last week to pay some dividends and that spoofed them. Mind many people sold off and that’s why bitcoin is so low this weekend. Next week, of course,

2:05 is going to be dominated by SpaceX, a seventy five billion dollar IPO with evaluation of one point seven trillion dollars. The pricing is already going up. They said it will be one hundred and thirty five dollars per share. Already people are buying in. So we’ll find out what the final price will be on June the eleventh, but it’s

2:21 likely to be more than the predicted one hundred and thirty five dollars per share. And of course next week the World Cup gets underweight, very exciting, biggest sporting event in the world. Brazil and Morocco. The first game in the Meadowlands and that’s Saturday at six pm.

2:33 Speaker 1 John, John Tyret, thank you so much for your report, and let’s catch up again real soon and let’s the sale is going to trying for the rest of the century, I.

2:42 Speaker 2 Think, do you know the forecast of this week is great. I might have to get my shorts out