What one Mag7 name giveth, another Mag7 name taketh away

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Podcast slide deck link

Today’s links

Zuckerberg’s “Superintelligence” memo and one excellent go at decoding it. One money quote hinting that Zuck is about to bet the farm on a paradigm shift for the company. “Most CEOs defend their existing moats. Zuckerberg systematically abandons them. He understands that Facebook’s real asset isn’t the blue app. Instead, it is the graph of human attention and relationships. Each pivot is about preserving that graph while migrating it to new interfaces”.

Here’s a great conversation on the Lex Fridman podcast with the host and one of Google’s top AI figures, DeepMind head Demis Hassabis, covering a vast range of AI-related topics, from how AGI (Artificial General Intelligence) would be recognized, the need for “new interfaces” to replace the text prompt, immersive unbound AI worlds, how life came about, future energy sources and on and on.

Bloomberg on the huge array of carveouts that sees Trump NOT tariffing a huge array of consumer goods to avoid a popular backlash from US consumers, a kind of exercise of trying to eat his cake and having it too.

Today’s chart: GBPJPY

Last minute, I am putting in a chart of GBPJPY because of how things have developed since yesterday’s close and because I discussed this a bit on today’s podcast. It makes sense to see JPY spiraling on the BoJ development this week, but if yields don’t continue rising, there isn’t much further pressure feeding the JPY weakness from a fundamental angle. And now we are badly “risk off” in Europe today - which is generally negative for sterling (note the sterling wipeout during the April Liberation Day meltdown). If US jobs numbers don’t support risk sentiment today and equity markets stay in a funk, and especially if global bonds rally as well, this pair could be in for a steep correction.