The Morning Market Briefing

Andrew, Ben, and Tom discuss China's $295 billion AI infrastructure plan that hands 80% of the buildout to Huawei and squeezes out Nvidia and AMD, Taiwan's tightening AI chip export controls, Korea's 8% rebound after yesterday's circuit breaker, OpenAI's S-1 filing as it races Anthropic to be the first AI lab to go public, the finalized $36 billion Apollo-Blackstone-Google-Anthropic-Broadcom TPU f...

Andrew, Tom, and Thomas discuss Korea's stock market hitting a circuit breaker overnight with an 8.5% drop, bond traders positioning for a 4.3% CPI surge that could complicate Kevin Warsh's rate-cut plans, and what the renewed inflation fears mean for markets, the Fed, and the AI trade. Join our live YouTube stream Monday through Friday at 8:30 AM EST: http://www.youtube.com/@TheMorningMarketBrief...

Andrew, Ben, and Tom discuss Zelensky's open letter to Putin proposing direct man-to-man peace talks with potential involvement from the US and Europe as security guarantors, while Trump is focused on Iran, and S&P Dow Jones Indices' surprise rejection of SpaceX's S&P 500 inclusion, citing GAAP profitability and float requirements. Join our live YouTube stream Monday through Friday at 8:30...

Andrew, Ben, and Tom discuss Netflix's integration of generative AI and natural language processing to help viewers cut through content overload with personalized recommendations and a voice user interface, alongside the latest Iran update with the Foreign Minister claiming no tangible progress in talks, Bibi Netanyahu's CNBC comments raising the prospect of restarting the war, Trump's hope for a...

Andrew, Ben, and Tom discuss the SpaceX IPO targeting a $1.75 trillion valuation with a record $75 billion raise pricing next Thursday, historical data on how mega-IPOs perform and float dynamics, the anomalous JOLTS job openings jump in the West, today's ISM Services and Fed Beige Book releases, and the USTR's new Section 301 tariffs of 10-12.5% on major trading partners including Canada, the EU,...

Andrew, Ben, and Tom discuss Google's $80 billion equity raise to fund AI infrastructure CapEx through mandatory convertible preferred stock, Class A and C common stock, and an at-the-market offering, Berkshire Hathaway taking a $10 billion stake at a discount, the administrative shift to corporate cash for employee RSU tax obligations, the broader AI cash crunch with $80 billion of SpaceX stock a...

Ben and Tom discuss Berkshire Hathaway's $6.8 billion acquisition of Taylor Morrison Homes at a 24% premium as Greg Abel's first big move as CEO and its integration with Clayton Homes for the Sunbelt first-time buyer market, and Nvidia's entry into the Windows PC market with the RTX Spark Superchip in Dell and Lenovo laptops, sending INTC, QCOM, and AMD shares lower. Join our live YouTube stream M...

Ben and Andrew discuss the Dell's strong earnings report, credit card defaults, and the impact of IPOs on the market.  Join our live YouTube stream Monday through Friday at 8:30 AM EST: http://www.youtube.com/@TheMorningMarketBriefing Please see disclosures: https://www.narwhal.com/disclosure

Ben and Tom discuss the PCE Inflation Report, small buisness formation, and the new Meta subscriptions.  Join our live YouTube stream Monday through Friday at 8:30 AM EST: http://www.youtube.com/@TheMorningMarketBriefing Please see disclosures: https://www.narwhal.com/disclosure

Andrew, Ben, and Tom discuss the AI-driven expansion of the trillion-dollar club with SK Hynix, Micron, and Eli Lilly crossing the $1T market cap threshold and Nvidia leading at $5.2T, Zscaler's 21% premarket drop on prudent guidance and sales leadership departures, the longer-term cybersecurity opportunity as AI expands endpoints, and Ben's case for why we don't own Micron in size. Join our live...

Andrew, Ben, and Tom discuss the reported two-phase US-Iran deal to reopen the Strait of Hormuz and dispose of enriched uranium, market reactions with oil dropping to the low $90s and the 10-year falling to 4.50%, Kevin Warsh's first comments as Fed Chair signaling reform, the WSJ piece on the vanishing equity risk premium, and Eli Lilly's VERVE-102 one-shot gene editing therapy showing up to 62%...

Tom and Hannah discuss early signs of the Iran war, high oil prices, and interest rates weighing on growth with the AIA Architectural Billings Survey and Philly Fed Index softening, US-Iran peace talks progressing but stalling over the Strait of Hormuz tolls and nuclear enrichment, Kevin Warsh's swearing-in as Fed Chair at the White House, and new studies showing GLP-1 weight loss drugs may slow c...

Andrew and Tom discuss the US quantum computing grants going to IBM, Rigetti, and GlobalFoundries, and Nvidia's earnings call highlights including the Vera CPU opening a new $200 billion TAM with $20 billion in visible revenue this year, plus NVDA gaining inference market share against Amazon's Trainium and Google's TPUs thanks to frontier model partners like Perplexity, Cursor, Anthropic, TML, an...

Ben and Tom discuss Trump's strong primary night with Burt Jones winning in Georgia and Gallrein beating Massie in Kentucky, Trump extending his Iran timeline beyond the prior 2-3 day window, and Target's better-than-expected Q1 results Join our live YouTube stream Monday through Friday at 8:30 AM EST: http://www.youtube.com/@TheMorningMarketBriefing Please see disclosures: https://www.narwhal.com...

Andrew, Ben, and Tom discuss Google and Blackstone teaming up on a massive $25 billion AI cloud infrastructure play to challenge CoreWeave, alongside the high-profile rollout of 600 new generic drugs on the expanded TrumpRx platform with Mark Cuban and Amazon. Join our live YouTube stream Monday through Friday at 8:30 AM EST: http://www.youtube.com/@TheMorningMarketBriefing Please see disclosures:...

Andrew, Ben, and Tom discuss NEE considering purchasing Dominion. Join our live YouTube stream Monday through Friday at 8:30 AM EST: http://www.youtube.com/@TheMorningMarketBriefing Please see disclosures: https://www.narwhal.com/disclosure

Andrew, Ben, and Tom Iran outlook and Trumps return from China. Join our live YouTube stream Monday through Friday at 8:30 AM EST: http://www.youtube.com/@TheMorningMarketBriefing Please see disclosures: https://www.narwhal.com/disclosure

Andrew, Ben, and Tom discuss Cisco's earnings and Trump's meeting with Xi.  Join our live YouTube stream Monday through Friday at 8:30 AM EST: http://www.youtube.com/@TheMorningMarketBriefing Please see disclosures: https://www.narwhal.com/disclosure

Andrew, Ben, and Tom discuss Trump's trip to China and PPI. Join our live YouTube stream Monday through Friday at 8:30 AM EST: http://www.youtube.com/@TheMorningMarketBriefing Please see disclosures: https://www.narwhal.com/disclosure

Andrew and Ben discuss this morning's CPI data, the state of the housing market, and NFIB small business.  Join our live YouTube stream Monday through Friday at 8:30 AM EST: http://www.youtube.com/@TheMorningMarketBriefing Please see disclosures: https://www.narwhal.com/disclosure

Andrew, Ben, and Tom discuss Trump's rejection of Iran's demands ahead of his visit to China.  Join our live YouTube stream Monday through Friday at 8:30 AM EST: http://www.youtube.com/@TheMorningMarketBriefing Please see disclosures: https://www.narwhal.com/disclosure

Andrew, Thomas, and Tom discuss the latest NFL streaming drama, Lime Scooters' IPO, and Trump's trip to China.  Join our live YouTube stream Monday through Friday at 8:30 AM EST: http://www.youtube.com/@TheMorningMarketBriefing Please see disclosures: https://www.narwhal.com/disclosure

Thomas and Tom discuss the insider trading scheme involving lawyers and an Iran update.  Join our live YouTube stream Monday through Friday at 8:30 AM EST: http://www.youtube.com/@TheMorningMarketBriefing Please see disclosures: https://www.narwhal.com/disclosure

Thomas and Tom discuss the price of memory and Nvidia's latest investment.   Join our live YouTube stream Monday through Friday at 8:30 AM EST: http://www.youtube.com/@TheMorningMarketBriefing Please see disclosures: https://www.narwhal.com/disclosure

Tom discusses Iran firing on US warships and Gamestop CEO Ryan Cohen's wild interview.  Join our live YouTube stream Monday through Friday at 8:30 AM EST: http://www.youtube.com/@TheMorningMarketBriefing Please see disclosures: https://www.narwhal.com/disclosure