A Quick Roundup
In this, I’ll go over the top headlines for a couple of sentences and give my quick thoughts. The first headline that comes to mind: Nvidia surpassed the $1 trillion mark, joining Microsoft, Apple, Alphabet, and Amazon. This is crazy to me because I remember alllll the way back in 2019 when Saudi Aramco was supposedly going to go public and it was set to be valued at $1 trillion, and people lost their minds. It was disparaged as a despicable case of capitalistic greed, especially when there were billions of kids starving in the streets around the world. Now, the $1 trillion club is populated with five different American companies. I don’t know how I feel about that. I’m not sure if that is a sign of economic might or a surrender to corporate overlords. I’m just glad that Meta hasn’t and hopefully will never reach that mark, I find their company to be creepy and without moral leadership. Back to Nvidia though, you can continue to wait it out if you want it to drop and save a couple of bucks or you can just bite the bullet and not be a dummy. The default prevention bill passed with flying colors, 314-187 through the House, and will now obviously go to the Senate. In the Senate, I am sure there will be much hemming and hawing about amendments that have to be added, but I promise it will pass. Both McConnell and Schumer (the minority and majority leaders of the Senate) want this passed, and a vote will be up by Thursday. Stocks will continue to slip as people for some reason inexplicable reason lose faith in our Federal government, and cheaper deals should be available. Particularly in government-heavy sectors like defense. For example, XAR one of the largest defense ETFs is down 3.5% over the past week. While that doesn’t sound large, eventually small wins like that begin to add up. People are reading stupid articles like “America’s debt-ceiling debacle is far from over” from Market Watch. In which they panic that the most stable financial system in the world will fall apart. They sell, and you buy. They lose money, and you win. In other news, JP Morgan is embarrassingly still dealing with the Epstein fallout. JP Morgan was sued by the US Virgin Islands upon which Epstein used to live, I won’t even make the joke. The Virgin Islands allege that JP Morgan was aware of Epsteins crimes and moved money around for him, allowing him to commit crimes on their soil. JP Morgan says that their CEO never even met Epstein and that there was no relationship/they didn’t even know what was happening. If I had to guess, some high-ranking executives knew what was happening with old Epstein. These guys are the best of the best, the most connected, they are the top of the game. I promise one or two executives knew, heard, or didn’t want to know about what Epstein was doing. Yet, they continued to help him. This won’t affect/effect (idk) JP Morgan at all, maybe some bad press, but they have so much money it doesn’t matter if they are ordered to pay a bajillion dollars to the Virgin Islands. I think that about sums up the past couple of days, good luck, and if you see Lindsey Graham or Ted Cruz on the street, feel free to trip them for me. I’ll pay your legal fees.
