Episode Details

Andrew, Ben, and Tom discuss Warsh holding rates at 3.50-3.75% in a divided 6-3 vote with market-implied inflation expectations dropping meaningfully since the last meeting, the BOE also holding at 3.75% in a matching 6-3 split, the emerging Mag-7 split with Microsoft rising 8% on improved AI ROI, better throughput, and Copilot seat growth versus Meta down 9% on longer time-to-value and fuzzy CapEx guidance beyond 2027, the broader takeaway that Mag-7 is now focused on driving AI revenue and CapEx efficiency which is bearish for Nvidia near-term but long-term positive for the industry, a Russian missile leaving a 30-foot crater on the Poland-Ukraine border, Admiral Cooper preparing a 10-14 day punishing air campaign against Iran, and South Korea weighing a short-selling ban.

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