Could the Jensen Huang Scandal Mark the Bottom for AI Stocks?
Pomp Letter argues that the scandal around Nvidia CEO Jensen Huang may have flushed out the bad news that weighed on the stock. The author reads the selloff as a purge that could let the AI trade keep running.
Why it matters: A rally that depends on bad news being "already priced in" still rests on investor enthusiasm, and sound money readers should ask whether they are buying a real bottom or just a stretch of easy-money optimism.
Amundi Lifts Strategy Stake 44% to $291 Million as MSTR Shares Slide
Europe's largest asset manager, Amundi, raised its Strategy holding to 1.9 million shares in the third quarter, according to a 13F filing. The stake grew 44% in value to $291 million, even though MSTR has since fallen about 18% from quarter-end.
Why it matters: Adding to a debt-funded bitcoin treasury after an 18% drop is a bet that the stock's discount to its bitcoin holdings will narrow, and that the sound-money exposure is worth the leverage and dilution risk.
North Korea Mints Its Own Meme Coins to Launder Binance Hack Loot
Elliptic says North Korean launderers created six throwaway meme tokens on NEAR between November 5 and 7. They moved about $430,000 of stolen Binance funds through homemade liquidity pools.
Why it matters: A regime that cannot earn its money honestly is simply taking it, and a public ledger lets anyone follow every hop, which is the kind of transparency sound money depends on.
Gold Tops $4,139 as Dollar Slides, But Treasury Yields Climb to 4.88%
The dollar weakened against major currencies on November 9 (local time) as hopes for easing Middle East tensions and a sharp drop in crude oil prices boosted risk appetite. The dollar index fell to 101.335, and the won-dollar rate plunged 23 won into the 1340s, while gold rose above $4,139 per ounce. U.S. Treasury yields rose instead, to 4.88%, as bond markets priced in the possibility of further Federal Reserve rate hikes.
Why it matters: When gold rallies and bond yields climb together, the market is saying that monetary policy, not headlines, sets the price of money, and scarce money keeps finding buyers.
Dow Jumps 1,104 Points as Oil Slides and Chip Stocks Rebound
Wall Street closed sharply higher on November 9 local time as crude oil fell and semiconductor stocks bounced back. The Dow Jones Industrial Average gained 1,104.02 points, or 2.15%, to finish at 52,389.8, and the S&P 500 rose 173.08 points, or 2.35%. Investor confidence had been hit by fears of AI industry regulation after the midterm elections, but Nvidia-specific risks and uncertainty over Federal Reserve rates remain limits on the rally.
Why it matters: When stocks rally on bets about Fed rate moves rather than on real production, the gains rest on the price of money that a central bank controls, which is the kind of fragile support sound money advocates have long warned about.
Supreme Court Lets Border Barrier Construction Proceed Despite Lower Court Injunction
The Supreme Court has suspended a district court injunction that had blocked construction of the border barrier, so the work can continue while the litigation plays out. A Volokh Conspiracy post at Reason argues that a major-questions challenge cannot be a constitutional claim. The doctrine is a rule of statutory interpretation, so framing it as a constitutional violation misreads it.
Why it matters: Whether courts can stop the executive from spending and building without clear statutory authority decides how much control the state keeps over public money and land, and that control is what sound money exists to limit.
Warren Plans Prediction Market Crackdown as She Takes Senate Banking Gavel
Sen. Elizabeth Warren's banking aide says the incoming Senate Banking chair will target prediction markets and their Wild West-style lack of oversight. The move follows Warren and Sen. John Curtis pressing Kalshi and Polymarket over trading on election outcomes.
Why it matters: Giving regulators the power to decide which markets may price the future lets officials pick winners, and the same permission-based logic is what Bitcoin was built to bypass.
This digest curates and summarizes news from multiple sources. All source links are provided for full context. Summaries reflect the author's interpretation and do not constitute financial advice. View all sources