Damir Tokic

Summary The Fed signaled a hike in 2026, that's a hawkish turn we expected. However, the SEP projections are more hawkish than expected, and there was no dissent in the statement.

Summary Token price has been falling due to model substitution, GPU rents have been falling due to oversupply of chips and inference dynamics, while token volume has been capped.

Summary The S&P 500 performance YTD has been heavily concentrated in a few stocks benefiting from AI capex.

Summary Indications are that Meta admitted to having an excess compute capacity, and this is the first hyperscaler to admit so, with more likely to follow.

BIS warns in its 2026 report of an AI bubble burst and private credit risks as debt-funded AI capex grows. Read the full analysis here.

Summary Saudi Arabia might be near the pre-war production levels, and OPEC+ plans another production increase, yet it will not matter if Hormuz closes again.

Summary Super-core inflation has been rising, and it's currently at 3.9%, and this is the Fed's primary measure of persistent inflation.

Tech operating profits could be massively inflated due to accounting for stock-based compensation.

Tech operating profits could be massively inflated due to accounting for stock-based compensation.

Summary IBM warned that it missed earnings and revenue expectations for the recent quarter as enterprises cut legacy IT spending to invest in AI infrastructure.