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Monetary Matters
The episodes Chorus has covered, newest first: what was said, by whom, with verified quotes.
Why Compute Prices Are Still Rising | Steve Hou of Silicon Data on GPU Rental Indices, Fed Meeting, and Anthropic S-1 (LIVE)
Steve Hou of Silicon Data walks through the economics of AI compute on Monetary Matters, centring on GPU rental price indices for H100, B200 and B300 chips, which he says are rising and…
The Fed Put Is Dead: Why Stagflation & a Bear Market Are Next | Vincent Deluard | StoneX
Vincent Deluard (StoneX) argues that the Fed put is gone and that the US faces stagflation and a stock bear market within six months, despite the S&P 500 sitting near its all-time high.
Citrini: Monkeys Are The Next Bottleneck | Citrini on AI Drug Discovery Experiment & Reflexive Financing Risk to AI Buildout & Hardware Trade
Citrini, joined by Jack Farley, argues that AI infrastructure spending has become reflexive: hyperscaler buildout is increasingly financed by equity and debt rather than operating cash flow, so a…
"Coreweave's a Zero" | George Noble on Why He's Short Neoclouds, Why AI is a Shale 2.0 Bubble Headed for Debt/Depreciation Brick Wall, and Why He's "Coming For The Momentum Bros"
George Noble argues that the AI investment boom is a bubble financed by debt and expected future rounds rather than cash returns, comparing it to shale drilling and to past manias such as the South…
Is The AI Trade Over? | Jack & Max on Panic in AI Credit, SpaceX Earnings, and Semis
Jack and Max discuss whether the AI trade is over, focusing on credit stress around CoreWeave, SpaceX's compute announcement, and semiconductors.
Jim Bianco: Why I’m Finally Buying Bonds After Six Years
Jim Bianco explains why he has returned to buying bonds after six years, arguing that 5%+ Treasury yields reflect roughly 2% real growth plus about 3% inflation, making them fair rather than…
The AI Bubble Will Pop from Equity Supply Says This $80 Billion Asset Manager | Ben Inker | GMO
Ben Inker of GMO argues that the AI boom is likely a bubble, drawing parallels to historical transformational technologies like railroads and the internet, where enormous capital was invested but…
Top Performing Value Investor Explains Why the Market Isn’t Overvalued and Hasn’t Hit the Blowoff Top Phase | Charles Lemonides | ValueWorks LLC
Value investor Charles Lemonides of ValueWorks argues the US stock market is not overvalued and has not reached a blow-off top, citing 18 years of rising prices without a correction over 25% and…
Stacy Rasgon: “Demand Is Off The Charts” in Semiconductors… And Set To Double Again Soon
Stacy Rasgon argues that the AI-driven semiconductor cycle is not peaking in 2026 or 2027, even though sector earnings are up more than 100% and the SOX is up about 80% year to date, with multiples…
The Most Extreme Shipping Market in History, Explained | J Mintzmyer on Why Oil Tanker Rates Are Up 25x and Why It Can’t Last (and Why Dry Bulk, not Tankers, is the Next Shipping Boom)
J Mintzmyer argues that tanker spot rates, with VLCCs near $1M to $1.2M a day against a normal $20K to $40K, are unsustainable and will likely collapse within days or weeks once the Strait of Hormuz…
Ed Zitron on Anthropic's IPO (S-1), AI Debt, and Counterparty Risk
Ed Zitron, on Monetary Matters, goes through Anthropic's leaked S-1: he says the company lost about $8B on roughly $4.6B of 2025 revenue, that its 2026 profitability is only on an adjusted basis,…