I love watching the bears have a field day today with all the "I told you so" posts... 😂 Let's just see where the dust settles end of quarter before ya'll start going for the victory laps. May the best positioning win ;)

Extreme fear. Below summer levels... Haven't seen this much fear since early April https://t.co/A7obm8QIu7

I told 24/7 Wall St. last week that $80K was an important level I wanted to see Bitcoin hold. BTC tested that area again and is now trading around $83K ahead of CPI. Spot ETF flows have been choppy, with roughly $635M in net outflows over the last seven sessions. I'm still leaning toward the June low being the cycle bottom, with the September low around $75K remaining an important level for that view. Watching today's macro data and how Bitcoin trades through the rest of the week. https://t.co/1b5IPcLx00

Palantir $PLTR new all time highs... Members are up big on this one in BMB! https://t.co/QL0pF647Bi

I got asked whether I think OpenAI and Anthropic are overvalued during my interview with @CryptoCoinShow. It's an interesting question when you consider how much capital is going into these companies at private valuations. But I've personally been much more interested in owning the companies they're spending that money with. $MU is a great example of that in my portfolio. Same with $TSM. The model labs are scaling at a pace we've never seen in business history and the demand they're creating for compute keeps growing. I'm curious to see where their valuations sit once they're accessible in public markets. Full discussion:

Yesterday I said PCE and Micron would tell us a lot about the market we're dealing with in 2026. Now we have both... Core PCE came in at 0.2% MoM and 3.0% YoY. That gives the Fed a little more room, even with headline inflation still running at 3.4% and long-term yields sitting around levels that make capital expensive. A few hours later Micron reported $54.2B in quarterly revenue. A year ago that number was $11.3B. They guided the next quarter to roughly $61.5B and expect fiscal 2027 to set another company record. This is the part of 2026 I keep coming back to: The economy is carrying a high cost of capital while one section of the earnings cycle is growing at a pace we almost never see at this scale. For the AI infrastructure names I own, that earnings growth is giving them a huge amount of room to absorb what is still a difficult macro environment. Yesterday gave us a pretty clean example of it.

I've owned $MU primarily because I think memory is one of the largest and most crucial bottlenecks in the AI buildout. Yesterday's earnings call added another layer to that thesis. Micron now has 26 long-term customer agreements covering an estimated 35%+ of revenue through 2030. Customers have made $32B of financial commitments against those agreements. More than 75% of 2027 output is already committed, and most of the conversations happening today are around 2028. The scarcity is starting to change how customers buy memory. They want supply locked in years ahead because getting caught without enough memory can hold back the rest of the AI infrastructure they've already spent billions building. That gives Micron a level of forward visibility you can't associate with the memory industry historically.

Bitcoin is around the low-$80Ks going into month-end and September has been positive despite historically being one of BTC's weaker months. IBIT was still up about 5.5% for September as of yesterday even after six straight down sessions. Before you scroll just take a sec to digest that Bitcoin spent September dealing with: - 5%+ Treasury yields. - Oil shock. - Fed repricing. - Risk-off equities. Yet it will finish one of its historically weakest months higher. I'm very bullish on Bitcoin's outlook from here into 2027 where the real fun should start to happen...

You could almost use today as a case study for the entire market in 2026. PCE this morning tells us what happens next to the discount rate. Micron ($MU) tonight tells us what happens next to one of the fastest growing parts of the AI earnings cycle. Those two forces are fighting each other constantly right now. On one side: - Sticky inflation. - 5%+ long-term yields. - Expensive capital. - Oil near $100. On the other: - AI capex still accelerating. - Semiconductor demand still strong. - Memory pricing still strong. - Earnings estimates still moving higher. This contrast is why the market has been so interesting (and challenging for most) this year. The macro backdrop is not supportive by many historical standards, but the fundamental acceleration underneath AI has so far proven powerful enough to absorb a very surprising amount of it. In short: Macro is trying to compress the multiple. AI is trying to grow the earnings underneath it. Right now those two forces are fighting each other every day. And so far, the earnings have been a lot harder to kill than people expected.

Bitcoin holding above $80k with the US 10Y around 5.2% is far more interesting to me than Bitcoin rallying when financial conditions are easy... US spot BTC ETFs have taken in roughly $2.4B across the last six sessions. This is happening while bond yields are still sitting near levels that would normally make times like this very uncomfortable for risk assets. This is why I'm watching $80k closely because we want to see that previous resistance starts behaving like support. If we can establish $80k as the new floor while institutional demand continues coming through, I think the market structure here looks very healthy.