Snowflake rips, Gold at critical levels.

Today, we note the very different outcomes for the two admittedly very different software names Salesforce and Snowflake as both reported earnings after the close yesterday. Elsewhere, insane volatility for Marvell in yesterday's session ahead of its own earnings report after the close - are the wheels coming off a bit here for chip names. Also, Gold needs to take a stand here or else, plenty on macro and FX and more on today's pod, which is hosted by Saxo Global Head of Macro Strategy John J. Hardy.

Links

• Michael Burry points out thatVC has gone whole hog in AI, similar to the situation in 2000 with TMT bubble (x.com/michaeljburry/status/2056606248267587762).

• Acquired put out a four-hour episode on the fascinating history and phenomenon that is Ferrari (youtube.com/watch?v=JVO8roYiNXM) - these guys are great.

• FT with an exclusive on Ukraine turning the tables in its war with Russia (ft.com/content/7beeff28-27b4-417a-b1ef-43298f7…) - amazing innovation and rates of production for their at least partially homegrown tech.

• Stratechery with a brief discussion (paywall) of the SpaceX IPO (stratechery.com/2026/the-spacex-ipo-and-data-c…), both quite dismissive in some ways, but also surprisingly supportive of the idea that space-based data centres could be a thing.

About twice per week (in normal times, hopefully soon to resume), you will find links discussed on the podcast and a chart-of-the-day over at the John J. Hardy substack (johnjhardy.substack.com).

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