#FinanceDaily $INTC 20B; $NVDA 500B; Yields; 🇯🇵 Yen ⬇️; $RIOT Anthropic

I know the tunes don't come through very well. Music, there's nothing I can do to fix it unless I really put a lot of effort and money into it. And so as Eric has commented, we are not a music show, we are a finance show. So we'll stick with the finance. My rather listen to some music even if it is broken up than the standard X intro music. Lots of stuff going on today. I think we're going to kind of pit two things against each other, which is on the one hand to deal making of all kinds investment is on fire at the same time yields are going higher. And yields are going higher for a couple of reasons. We'll talk more about Japan and the yen. It is consequential because Japan is the largest holder or largest I would say, foreign holder of US treasuries and they need to help out their own country and their own currency. And if you're going to sell some stuff off and the US isn't going to help you out, then you're probably going to sell treasuries. Therefore yields will go even higher. Means more enticement from fixed income products versus equity products, these are the investment return profile. It also makes financing costs more expensive, which smashes directly in the face of massive cap X investment that is going on. So this morning yesterday morning the headline crossing as we were beginning the show was $15 billion of equity issuance on the secondary market by Intel. That has now been ratcheted up to 20 billion, which is very nice and pretty exciting. And that it flies in the face of Nvidia partnering with Apollo, BlackRock, Blackstone, Brookfield, Goldman and KKR for a $500 billion facility of some sort to build out its infrastructure. So 20 billion of secondary market equity issuance is a pitence in the face of 500 billion granted. It's going to be over time. Yeah, granted. It's going to be from a bunch of financial institutions, but it's certainly not going to directly involve the retail market. It is certainly not going to involve other than Goldman Sachs, any traditional financial institution. And this is why Nvidia knows what its backlog is, knows what its growth trajectory is. And is anticipating massive data center build out compute usage so on and so forth. Let me just set up the other side of this equation. First of all, the quarter, this past quarter, Q2, was the strongest equity issuance quarter in, I don't know, it might be history in terms of size. And that includes IPOs, right, that includes SpaceX. That'll also include secondary equity offerings from every Tom Dick in Harry that we know, whether it be SK, I, NX, listing in the United States, which really was a secondary because it has its listing primarily in Korea, to lots of other folks in the tech sector. On the other side of all this is the US, and I don't think we've spoken enough about it, and we need to speak more about it, is the US intervening with Japan in coordination to shore up the yen. Again, Japan is the largest international holder of US treasuries. They're going to use some asset to liquidate and save their currency. It would likely be one of the largest holdings, if not the largest holding in their portfolio, depending on how you categorize its portfolio overall. And that would mean selling down US treasuries into a market that thinks, at least in part, the Kevin Worsh's next move is a rate hike, as opposed to a rate cut. And so therefore this morning, we have the 30 year at around 5.25. We have the 10 year and the two year, similarly high levels, and this is all coming together. We need to think about how this all unfolds, it's really important. Let me just throw a couple of things else on the table before I get to Brandon, and I'll get to Eric's hand. Riot has announced a deal with anthropic for what used to be Bitcoin mining operations. Now AI compute capabilities and also Taiwan semi-c...