Liquidity tightening impacts asset markets through both the price channel (P, such as rising financing costs due to interest rate changes, as seen in the rapid interest rate hike cycle of 2022) and the quantity channel (Q, such as reducing market liquidity through quantitative tightening (QT)). Over the past six months (roughly from September 2025 to March 2026), the cumulative effect of QT has initially pressured overvalued assets, such as stocks, bonds, and certain technology or AI-related sectors, leading to amplified market volatility. If the SRF rebounds at the end of March or reserves continue to decline, signs of liquidity tightening will become more pronounced. This dynamic often precedes asset price fluctuations by approximately 90 days.

With less than a decade to prevent catastrophic impacts from global warming, we’re reducing Bloomberg’s carbon emissions in line with a 1.5°C future. ☀️ Here’s how. ⤵️

This work is part of a loop we're working to close between societal impacts and model training. One of our goals is to study how people use Claude, find where it falls short of its principles, and use what we learned in training new models. Read more:

“Lobbyists will tell you it’s not that bad, urban legend… That absolutely rises to the level a national congressional investigation.” @AOC went with @MorePerfectUS to a Red county where a META data center is hurting the water— as xAI impacts Memphis, Fisk brings 1 to campus etc

SECRETARY RUBIO: The President doesn’t engage in every conflict. He spends his time on things around the world that directly impacts the security and prosperity of the American people.

“There's nobody better on planet Earth than Elon at converting electrons to tokens. He was building EWS all along.” - Brad Gerstner on how becoming a hyperscaler impacts SpaceX’s outlook @altcap on @elonmusk's cloud strategy: “It's a critically important evolution to the story. SpaceX has this five-layer cake: launch, connectivity, compute, hyperscalers, space datacenters, and then applications and models, and then other bets. And now we see the ace card that Elon's playing. He was building EWS all along, and so I estimate that this is going to generate, in this year, an incremental $4 to $5B of revenue on top of what analysts estimate is in the mid-20s. That's a material amount of incremental revenue to offset the cost of the investments that he's made here, and that will subsidize, to Chamath's point, all that he's investing to build the next generation of Grok. Remember, too, that he has three facilities, Colossus, Macro Hard, and Macro Harder. 1.2 gigawatts in Macro Hard and Macro Harder in Blackwell. So he's given the one that's kind of less connected, H100's great for inference, to Anthropic. He's monetizing it in a big way. It's terrific for Anthropic, and it solves what I think was the biggest question in the valuation story, which is what if he spends ahead of xAI's revenue? It takes the pressure off xAI delivering immediate revenue. Now he becomes an immediate competitor in the hyperscalers. I don't think this is the last announcement. And I would just say finally, everybody has talked about how we don't have enough power, how we don't have enough compute, how the revenues would not show up this year, but the chaos that is American capitalism somehow finds a way.”

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