AI concentration and financing risks were the dominant concern, while gold and Bitcoin views diverged sharply.
Fed 4.00% CPI 3.35% +0.05 pts Aug Bitcoin $83,431 −0.3% Gold $4,195 −0.5% Dollar 121.38 −0.3% Oct 2 closes of Oct 2–Oct 12
The period’s material centred on an AI-led market boom increasingly being tested by valuation, financing and concentration concerns. Speakers also linked higher yields, inflation and debt risks to weaker gold performance, while the dollar was described as regaining safe-haven support and gold’s next major catalyst as potentially delayed Fed cuts 19 31 39 40 . Bitcoin drew sharply different characterisations, from a speculative digital pyramid scheme to a market barometer affected by institutional participation 28 32 . The followed Federal Reserve System received no attention in the supplied pool, despite being followed.
What happened
Markets hit fresh all-time highs led by AI names while many individual S&P 500 stocks remained well below their highs, highlighting extreme concentration.2 25 27
2 of 21
The collapse or pullback of planned AI-related IPOs and GPU-backed financing was described as a potential canary in the coal mine for broader weakness in the AI trade and financing discipline.1 3 14
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Views on Bitcoin diverged sharply, with one speaker calling it a 'digital pyramid scheme' and another treating it as a barometer tied to free money, regulatory laxity and political support.28 32
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Show 1 more Show fewer
Commentary linked flat year-to-date gold performance to higher rates and delayed Fed cuts, and noted the dollar regaining safe-haven strength.31 39 40
1 of 21
“It is just a digital pyramid scheme.”
Where they disagree AI market outlook
JS No reversal sign2
1 voice
AI IPO as canary1
1 voice
The desk How the desk is calling it
35 of 40 voices lean bullish on gold. Calls settled lately: 1 right. Next to settle: CPI on Oct 14; 24 calls open.
Where they stand · gold
i
Reading the chart ✕ COMEX gold futures · Google Finance
An arrow is one voice's position on the day they took it. Hover or tap an arrow for who it was and what they said.
Calls · since Sep 12 Full · since Jul 14 COMEX gold futures, 2026-09-12 to 2026-10-12, where the desk's voices took positions $4,200 $4,300 $4,400 Sep 15 Oct 1 Luke Gromen · Sep 14 · up — He would rather hold gold as duration than TLT, and sees oil-exporter surpluses returning as a bullish driver for gold. Luke Gromen · Sep 15 · up — Gromen expects capital to flow into gold, with central banks and others piling in, supporting its price. Robin Brooks · Sep 16 · down — Gold is flat to slightly down after the hike and hawkish press conference. jeroen blokland · Sep 17 · up — Blokland sees gold as a scarce monetary asset that bonds will not outperform. Jurrien Timmer · Sep 18 · up — Timmer expects gold to rise from its $4k support to $5k or higher in the coming months on global liquidity and rising demand. The Kobeissi Letter · Sep 20 · up — If gold prices catch up with the recent rise in ETF holdings, they could surge above $5,000 in the coming months. Josef Schachter · Sep 23 · up — Suggests holding gold, precious metals and uranium in the portfolio. Luke Gromen · Sep 23 · up — Gromen expects gold to surge sharply ("moon") as part of his proposed policy sequence. Hugh Agro · Sep 24 · up — Agro calls it an exciting time to be in the gold business with a receptive market for exploration. James Stanley · Sep 25 · down — Gold is being faded on bounces and looks set for a deeper low, with an open door to a 4100 test. Peter Schiff · Sep 25 · up — Schiff says rising yields and inflation are bullish for gold, and gold prices will accelerate higher. Robin Brooks · Sep 25 · up — Brooks expects gold to do well in the coming months as positive catalysts stack up. Robin Brooks · Sep 26 · up — Brooks expects gold to rally as the debasement trade takes off again. Brent Johnson · Sep 27 · up — He would not be surprised by a short-term jump in gold, though he doubts a return to February levels soon. Doomberg · Sep 27 · up — Doomberg says gold is the best hedge against dollar debasement and its nominal price goes up. Chris Vermeulen · Sep 28 · down — Gold is in a topping phase that will fizzle and sell off, with downside to about $3,100 an ounce. Elizabeth Thomas · Sep 28 · up — She initiated a gold position and sees more upside as fear and instability drive buying, though not from central banks. Fiona Cincotta · Sep 28 · down — Gold has broken key moving averages and could fall further until the Fed closes the door on hikes and the dollar and oil weaken. Gary Bohm · Sep 28 · up — Gold may look weak today, but it will be supported once officials keep printing money rather than let the bond market break. Guy Adami · Sep 28 · up — He keeps his bullish gold view intact, expecting more countries to repatriate gold. Jeffrey Christian · Sep 29 · up — Christian remains bullish on gold: the drivers pushing rates higher are far more positive for gold than higher rates are negative. Lawrence Lepard · Sep 29 · up — Lepard expects gold to keep rising, heading over $5,000 and probably $6,000-$7,000 within 18 months. Steve H. Hanke · Sep 29 · up — Hanke says gold's secular bull market is intact and it will keep going up, topping out around $6,000. Daniel Lacalle · Sep 30 · up — Lacalle prefers gold over bonds, implying he expects gold to do better. Laks Ganapathi · Sep 30 · up — Ganapathi favors gold and gold proxies as the consistent, proven asset. David Rosenberg · Oct 1 · up — Rosenberg calls the gold pullback a corrective phase within an intact secular bull market driven by central bank reserve diversification. Craig Shapiro · Oct 2 · up — Expects a great opportunity to add to gold in coming weeks and months, holding it for eventual money printing. Guy Adami · Oct 2 · up — Expects gold to flourish materially if the bond market continues to erode and yields stay high. Paul Cronin · Oct 2 · up — Expects gold to keep rising, perform very well before year end and have a long way to run. Ted Oakley · Oct 2 · up — Looking out a year or two, gold is okay; he'd buy here or on a dip below $4,000, with rates not staying high forever and countries still buying. James Stanley · Oct 3 · up — Remains long-term bullish on gold, expecting it to keep going up as government spending balloons. Henrik Zeberg · Oct 4 · up — Expects gold to go a lot higher, seeing 27,000-29,000 by 2030 as not controversial. jeroen blokland · Oct 5 · up — Expects gold to keep rising as central banks diversify into it and investors wake up to its portfolio-protection role. John Black · Oct 5 · up — Expects a very robust gold market alongside copper. Mark Skousen · Oct 5 · down — Relatively bearish on gold, saying it is in a kind of bear market and will not hit $6,000. Gareth Soloway · Oct 6 · up — Expects gold to reach 13,000 by 2029-2031, and calls 3,500 a steal. Todd Horwitz · Oct 6 · up — Expects gold to move higher again after its bear market, and has been buying it. Brad Langille · Oct 7 · up — Expects a strong bull market in the metal price, with the best setup he has seen in his career. Clem Chambers · Oct 7 · up — Keeps calling for gold at 3,500 and expects another run after a rest of a year or two. Joaquin Marias · Oct 7 · up — Expects gold grades to rise with copper at depth and the gold-copper system to keep going below Carmen and other targets. Michael Boutros · Oct 7 · down — Expects gold to stay weighted to the downside, with a weekly close below 4103 opening a retest of the yearly lows. Adrian Day · Oct 8 · steady — Expects gold to stay in a soft, volatile trading range and not break out to $5,000 while interest rates keep backing up. Brent Johnson · Oct 8 · up — Expects gold to make a fairly big move higher in the next few weeks, though he would buy a lower low if wrong. jim iuorio · Oct 8 · up — Expects gold and silver to be the place to be if the Fed starts buying long-end bonds and the debasement trade returns. Luke Gromen · Oct 8 · up — Expects gold to be the beneficiary of the US debt and fiscal situation, and thinks selling gold on rising US rates is a mistake. Gary Wagner · Oct 9 · up — Expects gold to bottom here and rally to a possible new high by Q1/Q2 of next year, over the next six to eight months. Matt Simpson · Oct 9 · up — Expects gold to hold above the 4,000 level and sees upside potential over the near term, though not a new record high soon. Chris Marcus · Oct 10 · up — Expects a gold revaluation — either government-led or forced by the market — and says it is already underway. David Scutt · Oct 10 · up — Expects gold's breakout to extend, targeting $4,225–$4,235 an ounce initially, then $4,300, $4,333 and $4,400. Robin Brooks · Oct 10 · up — Expects the reasons for gold to stage another rally are building. Peter Schiff · Oct 11 · up — Expects rising nominal rates with faster inflation to be bullish for gold. COMEX gold futures, 2026-09-18 to 2026-10-12, where the desk's voices took positions $4,200 $4,300 $4,400 Oct 1 Jurrien Timmer · Sep 18 · up — Timmer expects gold to rise from its $4k support to $5k or higher in the coming months on global liquidity and rising demand. The Kobeissi Letter · Sep 20 · up — If gold prices catch up with the recent rise in ETF holdings, they could surge above $5,000 in the coming months. Josef Schachter · Sep 23 · up — Suggests holding gold, precious metals and uranium in the portfolio. Luke Gromen · Sep 23 · up — Gromen expects gold to surge sharply ("moon") as part of his proposed policy sequence. Hugh Agro · Sep 24 · up — Agro calls it an exciting time to be in the gold business with a receptive market for exploration. James Stanley · Sep 25 · down — Gold is being faded on bounces and looks set for a deeper low, with an open door to a 4100 test. Peter Schiff · Sep 25 · up — Schiff says rising yields and inflation are bullish for gold, and gold prices will accelerate higher. Robin Brooks · Sep 25 · up — Brooks expects gold to do well in the coming months as positive catalysts stack up. Robin Brooks · Sep 26 · up — Brooks expects gold to rally as the debasement trade takes off again. Brent Johnson · Sep 27 · up — He would not be surprised by a short-term jump in gold, though he doubts a return to February levels soon. Doomberg · Sep 27 · up — Doomberg says gold is the best hedge against dollar debasement and its nominal price goes up. Chris Vermeulen · Sep 28 · down — Gold is in a topping phase that will fizzle and sell off, with downside to about $3,100 an ounce. Elizabeth Thomas · Sep 28 · up — She initiated a gold position and sees more upside as fear and instability drive buying, though not from central banks. Fiona Cincotta · Sep 28 · down — Gold has broken key moving averages and could fall further until the Fed closes the door on hikes and the dollar and oil weaken. Gary Bohm · Sep 28 · up — Gold may look weak today, but it will be supported once officials keep printing money rather than let the bond market break. Guy Adami · Sep 28 · up — He keeps his bullish gold view intact, expecting more countries to repatriate gold. Jeffrey Christian · Sep 29 · up — Christian remains bullish on gold: the drivers pushing rates higher are far more positive for gold than higher rates are negative. Lawrence Lepard · Sep 29 · up — Lepard expects gold to keep rising, heading over $5,000 and probably $6,000-$7,000 within 18 months. Steve H. Hanke · Sep 29 · up — Hanke says gold's secular bull market is intact and it will keep going up, topping out around $6,000. Daniel Lacalle · Sep 30 · up — Lacalle prefers gold over bonds, implying he expects gold to do better. Laks Ganapathi · Sep 30 · up — Ganapathi favors gold and gold proxies as the consistent, proven asset. David Rosenberg · Oct 1 · up — Rosenberg calls the gold pullback a corrective phase within an intact secular bull market driven by central bank reserve diversification. Craig Shapiro · Oct 2 · up — Expects a great opportunity to add to gold in coming weeks and months, holding it for eventual money printing. Guy Adami · Oct 2 · up — Expects gold to flourish materially if the bond market continues to erode and yields stay high. Paul Cronin · Oct 2 · up — Expects gold to keep rising, perform very well before year end and have a long way to run. Ted Oakley · Oct 2 · up — Looking out a year or two, gold is okay; he'd buy here or on a dip below $4,000, with rates not staying high forever and countries still buying. James Stanley · Oct 3 · up — Remains long-term bullish on gold, expecting it to keep going up as government spending balloons. Henrik Zeberg · Oct 4 · up — Expects gold to go a lot higher, seeing 27,000-29,000 by 2030 as not controversial. jeroen blokland · Oct 5 · up — Expects gold to keep rising as central banks diversify into it and investors wake up to its portfolio-protection role. John Black · Oct 5 · up — Expects a very robust gold market alongside copper. Mark Skousen · Oct 5 · down — Relatively bearish on gold, saying it is in a kind of bear market and will not hit $6,000. Gareth Soloway · Oct 6 · up — Expects gold to reach 13,000 by 2029-2031, and calls 3,500 a steal. Todd Horwitz · Oct 6 · up — Expects gold to move higher again after its bear market, and has been buying it. Brad Langille · Oct 7 · up — Expects a strong bull market in the metal price, with the best setup he has seen in his career. Clem Chambers · Oct 7 · up — Keeps calling for gold at 3,500 and expects another run after a rest of a year or two. Joaquin Marias · Oct 7 · up — Expects gold grades to rise with copper at depth and the gold-copper system to keep going below Carmen and other targets. Michael Boutros · Oct 7 · down — Expects gold to stay weighted to the downside, with a weekly close below 4103 opening a retest of the yearly lows. Adrian Day · Oct 8 · steady — Expects gold to stay in a soft, volatile trading range and not break out to $5,000 while interest rates keep backing up. Brent Johnson · Oct 8 · up — Expects gold to make a fairly big move higher in the next few weeks, though he would buy a lower low if wrong. jim iuorio · Oct 8 · up — Expects gold and silver to be the place to be if the Fed starts buying long-end bonds and the debasement trade returns. Luke Gromen · Oct 8 · up — Expects gold to be the beneficiary of the US debt and fiscal situation, and thinks selling gold on rising US rates is a mistake. Gary Wagner · Oct 9 · up — Expects gold to bottom here and rally to a possible new high by Q1/Q2 of next year, over the next six to eight months. Matt Simpson · Oct 9 · up — Expects gold to hold above the 4,000 level and sees upside potential over the near term, though not a new record high soon. Chris Marcus · Oct 10 · up — Expects a gold revaluation — either government-led or forced by the market — and says it is already underway. David Scutt · Oct 10 · up — Expects gold's breakout to extend, targeting $4,225–$4,235 an ounce initially, then $4,300, $4,333 and $4,400. Robin Brooks · Oct 10 · up — Expects the reasons for gold to stage another rally are building. Peter Schiff · Oct 11 · up — Expects rising nominal rates with faster inflation to be bullish for gold. COMEX gold futures, 2026-07-14 to 2026-10-12, with 40 desk voices' positions $4,000 $4,250 $4,500 $4,750 Aug 1 Sep 1 Oct 1 Brent Johnson · Sep 13 · up — Gold is probably going a lot higher, and gold and the dollar can rise together. Luke Gromen · Sep 14 · up — He would rather hold gold as duration than TLT, and sees oil-exporter surpluses returning as a bullish driver for gold. Luke Gromen · Sep 15 · up — Gromen expects capital to flow into gold, with central banks and others piling in, supporting its price. Robin Brooks · Sep 16 · down — Gold is flat to slightly down after the hike and hawkish press conference. jeroen blokland · Sep 17 · up — Blokland sees gold as a scarce monetary asset that bonds will not outperform. Jurrien Timmer · Sep 18 · up — Timmer expects gold to rise from its $4k support to $5k or higher in the coming months on global liquidity and rising demand. The Kobeissi Letter · Sep 20 · up — If gold prices catch up with the recent rise in ETF holdings, they could surge above $5,000 in the coming months. Josef Schachter · Sep 23 · up — Suggests holding gold, precious metals and uranium in the portfolio. Luke Gromen · Sep 23 · up — Gromen expects gold to surge sharply ("moon") as part of his proposed policy sequence. Hugh Agro · Sep 24 · up — Agro calls it an exciting time to be in the gold business with a receptive market for exploration. James Stanley · Sep 25 · down — Gold is being faded on bounces and looks set for a deeper low, with an open door to a 4100 test. Peter Schiff · Sep 25 · up — Schiff says rising yields and inflation are bullish for gold, and gold prices will accelerate higher. Robin Brooks · Sep 25 · up — Brooks expects gold to do well in the coming months as positive catalysts stack up. Robin Brooks · Sep 26 · up — Brooks expects gold to rally as the debasement trade takes off again. Brent Johnson · Sep 27 · up — He would not be surprised by a short-term jump in gold, though he doubts a return to February levels soon. Doomberg · Sep 27 · up — Doomberg says gold is the best hedge against dollar debasement and its nominal price goes up. Chris Vermeulen · Sep 28 · down — Gold is in a topping phase that will fizzle and sell off, with downside to about $3,100 an ounce. Elizabeth Thomas · Sep 28 · up — She initiated a gold position and sees more upside as fear and instability drive buying, though not from central banks. Fiona Cincotta · Sep 28 · down — Gold has broken key moving averages and could fall further until the Fed closes the door on hikes and the dollar and oil weaken. Gary Bohm · Sep 28 · up — Gold may look weak today, but it will be supported once officials keep printing money rather than let the bond market break. Guy Adami · Sep 28 · up — He keeps his bullish gold view intact, expecting more countries to repatriate gold. Jeffrey Christian · Sep 29 · up — Christian remains bullish on gold: the drivers pushing rates higher are far more positive for gold than higher rates are negative. Lawrence Lepard · Sep 29 · up — Lepard expects gold to keep rising, heading over $5,000 and probably $6,000-$7,000 within 18 months. Steve H. Hanke · Sep 29 · up — Hanke says gold's secular bull market is intact and it will keep going up, topping out around $6,000. Daniel Lacalle · Sep 30 · up — Lacalle prefers gold over bonds, implying he expects gold to do better. Laks Ganapathi · Sep 30 · up — Ganapathi favors gold and gold proxies as the consistent, proven asset. David Rosenberg · Oct 1 · up — Rosenberg calls the gold pullback a corrective phase within an intact secular bull market driven by central bank reserve diversification. Craig Shapiro · Oct 2 · up — Expects a great opportunity to add to gold in coming weeks and months, holding it for eventual money printing. Guy Adami · Oct 2 · up — Expects gold to flourish materially if the bond market continues to erode and yields stay high. Paul Cronin · Oct 2 · up — Expects gold to keep rising, perform very well before year end and have a long way to run. Ted Oakley · Oct 2 · up — Looking out a year or two, gold is okay; he'd buy here or on a dip below $4,000, with rates not staying high forever and countries still buying. James Stanley · Oct 3 · up — Remains long-term bullish on gold, expecting it to keep going up as government spending balloons. Henrik Zeberg · Oct 4 · up — Expects gold to go a lot higher, seeing 27,000-29,000 by 2030 as not controversial. jeroen blokland · Oct 5 · up — Expects gold to keep rising as central banks diversify into it and investors wake up to its portfolio-protection role. John Black · Oct 5 · up — Expects a very robust gold market alongside copper. Mark Skousen · Oct 5 · down — Relatively bearish on gold, saying it is in a kind of bear market and will not hit $6,000. Gareth Soloway · Oct 6 · up — Expects gold to reach 13,000 by 2029-2031, and calls 3,500 a steal. Todd Horwitz · Oct 6 · up — Expects gold to move higher again after its bear market, and has been buying it. Brad Langille · Oct 7 · up — Expects a strong bull market in the metal price, with the best setup he has seen in his career. Clem Chambers · Oct 7 · up — Keeps calling for gold at 3,500 and expects another run after a rest of a year or two. Joaquin Marias · Oct 7 · up — Expects gold grades to rise with copper at depth and the gold-copper system to keep going below Carmen and other targets. Michael Boutros · Oct 7 · down — Expects gold to stay weighted to the downside, with a weekly close below 4103 opening a retest of the yearly lows. Adrian Day · Oct 8 · steady — Expects gold to stay in a soft, volatile trading range and not break out to $5,000 while interest rates keep backing up. Brent Johnson · Oct 8 · up — Expects gold to make a fairly big move higher in the next few weeks, though he would buy a lower low if wrong. jim iuorio · Oct 8 · up — Expects gold and silver to be the place to be if the Fed starts buying long-end bonds and the debasement trade returns. Luke Gromen · Oct 8 · up — Expects gold to be the beneficiary of the US debt and fiscal situation, and thinks selling gold on rising US rates is a mistake. Gary Wagner · Oct 9 · up — Expects gold to bottom here and rally to a possible new high by Q1/Q2 of next year, over the next six to eight months. Matt Simpson · Oct 9 · up — Expects gold to hold above the 4,000 level and sees upside potential over the near term, though not a new record high soon. Chris Marcus · Oct 10 · up — Expects a gold revaluation — either government-led or forced by the market — and says it is already underway. David Scutt · Oct 10 · up — Expects gold's breakout to extend, targeting $4,225–$4,235 an ounce initially, then $4,300, $4,333 and $4,400. Robin Brooks · Oct 10 · up — Expects the reasons for gold to stage another rally are building. Peter Schiff · Oct 11 · up — Expects rising nominal rates with faster inflation to be bullish for gold. COMEX gold futures rose from $4,070 to $4,195 since Jul 14. The desk's voices, as each stands now: 35 bullish, 4 bearish, 1 range-bound.
Their record ✓ 1 ✗ 0
✓ Bitcoin ≥ $85,000 : James Stanley. Called it on Oct 2. Bitcoin $85,489 on Oct 2.
○ AI companies to generate ~$3.5 trillion in annual revenue by 2032 : The Kobeissi Letter.
○ Bitcoin to drop almost 50% if S&P 500 drops 10-20% : Mike McGlone.
○ OpenAI+Anthropic together to reach $1trn in ARR by 2045 : Bob Elliott.
What settles next
Near the mark
○ Open · by Jun 30 Gary Wagner: “gold to a new high by Q1/Q2 next year” COMEX gold futures with Gary Wagner's target ≥ $4,212 $4,000 $4,250 $4,500 $4,750 Aug 1 Sep 1 Oct 1 target ≥ $4,212 Gary Wagner · Oct 9 · up — Expects gold to bottom here and rally to a possible new high by Q1/Q2 of next year, over the next six to eight months. They said Oct 9: Expects gold to bottom here and rally to a possible new high by Q1/Q2 of next year, over the next six to eight months. Distance $4,195 now, +0.4% to go by Jun 30, 2027. source ↗ ○ Open · by Dec 31 Gareth Soloway: “S&P 500 to 8,000 by year end” S&P 500 with Gareth Soloway's target ≥ 8,000 7,250 7,500 7,750 8,000 Aug 1 Sep 1 Oct 1 target ≥ 8,000 Gareth Soloway · Oct 6 · up — Expects the S&P 500 to reach 8,000 by year end, staying bullish above 7,575. They said Oct 6: Expects the S&P 500 to reach 8,000 by year end, staying bullish above 7,575. Distance 7,812 now, +2.4% to go by Dec 31. source ↗ 14 Oct CPI · Wed
No dated calls yet. Settles on the Consumer Price Index print, 08:30 ET (FRED CPIAUCSL, CPILFESL).
28 Oct FOMC · Wed
Hike on Oct 28? 1 say yes, 1 say no. Keith McCullough Robin Brooks
Settles from the target range after the 14:00 ET decision. 10 Nov CPI · Tue
No dated calls yet. Settles on the Consumer Price Index print, 08:30 ET (FRED CPIAUCSL, CPILFESL).
31 Dec Fed · Thu
Paul Cronin : “no Fed rate hike this year” (Oct 2). Fed is at 4.00%.Settles on the close of Dec 31 (FRED DFEDTARU).
31 Dec Fed · Thu
Hike by Dec 31? 5 say yes, 0 say no. Natalie Scott-Gray Todd Horwitz Adrian Day Gary Wagner Joseph Wang
Settles on the close of Dec 31 (FRED DFEDTARU). 1 Apr S&P 500 · Thu 2027
David Hunter : “S&P 500 to 10,000 within three to six months” (Oct 1). S&P 500 is at 7,812, +28.0% to go.Settles on the close of Apr 1 (S&P 500).
6 Oct Bitcoin · Wed 2027
Gareth Soloway : “Bitcoin to 100,000 within a year” (Oct 6). Bitcoin is at $83,431, +19.9% to go.Settles on the close of Oct 6 (Bitcoin).
29 Mar Gold · Wed 2028
Lawrence Lepard : “Gold over $5,000 within 18 months” (Sep 29). Gold is at $4,195, +19.2% to go.Settles on the close of Mar 29 (COMEX gold futures).
The voices
JS James Stanley
From a price perspective I have no reason yet to expect a reversal in the S&P 500 despite disconnects under the surface.2
✓ Bitcoin Dan Nathan
The pulled AI IPO and widespread GPU-collateralized borrowing look like a canary in the coal mine that could presage broader weakness in the AI trade.1
PS Peter Schiff
Bitcoin hasn't replaced the dollar, isn't used as a medium of exchange and is just a digital pyramid scheme.28
DP Danielle Park
Bitcoin acted as a barometer of risk appetite, buoyed by free money, regulatory laxity and political support during its prior rally.32
Bloomberg
The collapse of the planned Firmus IPO is reverberating through Asia's booming market for share sales and the market is repricing AI-related financing risks.3 14
Robin Brooks
The dollar is at its strongest versus the G10 since last April and gold's big rally was driven by Fed cuts, with cuts still a ways off.39 40
open: Fed on hold by Oct 31 The Kobeissi Letter
A small basket of AI stocks has generated the majority of the S&P 500's gains, leaving most stocks deeply underwater and the market narrowly led.25 27
JF John Feneck
Widespread institutional Bitcoin adoption shifted the market dynamic as big players like Vanguard, Fidelity and BlackRock came in.19
4 of this desk's 8 voices spoke · Quiet: GoldRepublic Global, Jack Farley, Jordi Visser, Max Wiethe
More from the desk AI boom, concentration and financing risk Dan Nathan called the withdrawal of an AI-related IPO a warning sign for GPU-financed data-centre expansion and suggested the market reaction could foreshadow broader weakness in early 2027. James Stanley noted that the S&P 500 and Nasdaq were still at record highs and saw no technical reason yet to seek a reversal, despite concerns beneath the surface. Dan Nathan called the withdrawal of an AI-related IPO a warning sign for GPU-financed data-centre expansion and suggested the market reaction could foreshadow broader weakness in early 2027 1 . James Stanley noted that the S&P 500 and Nasdaq were still at record highs and saw no technical reason yet to seek a reversal, despite concerns beneath the surface 2 .
Dollar and broader macro risk Guy Adami framed the backdrop as a global debt problem extending beyond inflation concerns. Guy Adami framed the backdrop as a global debt problem extending beyond inflation concerns 1 .
Bitcoin’s contested role Peter Schiff rejected Bitcoin as a currency or monetary replacement and characterised it as a speculative pyramid scheme. Danielle Park instead treated Bitcoin as a useful barometer of risk appetite, linking its earlier strength to easy money, regulatory looseness and political support. Peter Schiff rejected Bitcoin as a currency or monetary replacement and characterised it as a speculative pyramid scheme 28 . Danielle Park instead treated Bitcoin as a useful barometer of risk appetite, linking its earlier strength to easy money, regulatory looseness and political support 32 .
India, commodities and energy-linked investment The pool highlighted India’s IPO and domestic-investment appeal but also inflation, rupee weakness, tighter regulation, blackouts and rising energy costs as risks. The pool highlighted India’s IPO and domestic-investment appeal but also inflation, rupee weakness, tighter regulation, blackouts and rising energy costs as risks 4 8 11 18 .
+1621 voices
