BREAKING: $SPCX is up 25% in the last two days despite $100 billion of shares unlocking. 911.5 million shares became eligible to sell yesterday, roughly 1.4 times the entire float. The stock has gone straight up since. Investors often short a stock ahead of an unlock to lock in a price, then close those shorts once the shares are free to sell. 34% of the float was shorted going into it.

INSANE CRASH IN USD/JPY AND THE DOLLAR INDEX USD/JPY dropped from 158.48 to 156.65 in a single 15-minute candle, over 180 pips. The DXY fell from 99.90 to 99.40 in the exact same candle. The dollar is being sold everywhere. The US jobs report just came in negative, with the economy losing 23,000 jobs against expectations of a 85,000 gain. That killed the case for a Fed rate hike. Lower US rate expectations mean lower returns on holding dollars, so traders sell them. And when the dollar falls, it falls against every currency, which is why the DXY dropped just as hard. This is exactly what Japan needed. It spent $160 billion this year trying to push USD/JPY down and it kept coming back. A weaker dollar does the same job for free.

BREAKING: The US Treasury sold euros to buy Japanese yen on Friday, per FT. The New York Fed executed the sales on the Treasury's behalf, through Goldman Sachs and Morgan Stanley. Notably, the Fed drew down euro reserves rather than dollars to fund the purchases. It marks the first time the US and Japan have jointly intervened to buy yen in nearly 30 years, after the currency fell to its weakest against the dollar since 1986.

🚨 Nearly $1 TRILLION wiped off US stocks in 40 minutes after Reuters reported a possible intervention by the US in the YEN market. The S&P 500 was up 0.70% on the day and had added $540 billion to its market cap. Then it crashed 1.20% in just 40 minutes, wiping out $920 billion after the Reuters report. Yes carry trade is now unwinding in real time. Hundreds of billions were borrowed in cheap yen and put into US stocks, and a stronger yen forces those positions to close.

🚨SK Hynix Launches Historic U.S. Listing SK Hynix sold 177.9 million ADRs at $149 each, raising $26.5 billion in one of the largest U.S. equity offerings ever. The deal is more than 7x oversubscribed, highlighting massive institutional demand for AI semiconductors. Demand reportedly approached $200 billion, with nearly half of the shares allocated to the 10 largest institutional orders. At $26.5 billion, it becomes the largest first-time U.S. share sale by a foreign company, surpassing Alibaba and ranking among the biggest equity offerings in history. The ADRs were priced at a 3% premium to SK Hynix's shares, each ADR represents 1/10th of a common share. The company has launched its ADRs on the Nasdaq under the ticker $SKHYV, with trading set to begin today.

🚨 BLOODBATH IN ASIAN MARKETS. Over $730 billion has been wiped out from Asian stock markets today as AI and semiconductor stocks sell off. South Korea's KOSPI is down -7.89%, wiping out ₩481 trillion ($324 billion). Japan's Nikkei is down -2.47%, wiping out ¥35.3 trillion ($214 billion). China's SSE is down -2.1%, wiping out ¥1.36 trillion ($191 billion). Two warnings issued over the last weekend appear to be driving the selloff. The IMF warned that AI market valuations have become highly speculative and disconnected from fundamentals. Separately, Wealspring Asset, one of China's most respected hedge funds whose founder called the 2007 market top, said a massive bubble has formed in global AI stocks and that "the collapse point may not be far away." Markets are now pricing in both warnings at the same time.

BREAKING: Elon Musk just called the current AI chip price surge "the biggest price jump in anything I've ever seen." Elon Musk said the production shortfall relative to demand is insane and that much higher production is needed. This means the AI chip boom is not peaking yet. It is still in its early phase, with years of price pressure still ahead before supply catches up.

BREAKING: $SPCX is down -10% today, wiping out $242 billion from its market cap. In the last 4 trading sessions, it has now crashed more than 25%, wiping out $725 billion from its market cap. That is more than the entire combined market cap of SanDisk and Coca-Cola.

Kevin Warsh just ended his first ever FOMC meeting as Fed chair. His message to markets: "I can't give you any guidance on what we're going to do next." Here is what he said: 1. Inflation is still way above the Fed's 2% target and prices are too high for most people 2. "We will fix five years of misses on inflation", he is directly saying the previous Fed failed 3. The Fed will no longer tell you in advance what it plans to do with interest rates 4. He watches stock market prices more than anything else when making decisions 5. Interest rates are hurting the housing market but are not slowing down financial markets 6. All 19 members at the table agreed not to raise rates today 7. The 2% inflation target is not changing 8. He refused to say whether bond yields rising after today's decision concerns him 9. He refused to say whether he has spoken to Trump since becoming Fed chair Under Powell, the Fed always told markets what was coming next. Under Warsh, that is gone.

SpaceX created over 4,400 millionaires today, and many of them are regular working people. They are not executives or founders, they are welders, technicians, machinists, and launch crew, the people who showed up every day and built the rockets with their hands. Around 400 of them are sitting on stakes worth over $100 million each. For context, Google's IPO created roughly 1,000 millionaires. Facebook's created around the same. SpaceX is doing more than four times both of them in a single day. Juan Hernandez is one of them.

A man working as a welder at SpaceX for $28 an hour has just become a millionaire. Juan Hernandez, who came from Mexico, welded rockets for SpaceX at $28 an hour. SpaceX gave him $10,000 in stock when he went full time in 2015, and he bought more with every paycheck for 10 years. $SPCX is now trading at $167, making his shares worth over $1 million.

The S&P 500 is not a 500 company index anymore. It is an AI index with 493 additional companies. Since the war started on February 27, the S&P 500 is up 7.34%. Remove AI stocks and the index is flat, up 0% over the same period. The entire 2026 rally belongs to a handful of companies. Friday showed exactly what that means on the downside. The S&P 500 fell 2.64%, its biggest single-day drop since October 2025. The S&P 500 without AI stocks moved 0.02%. The 493 companies that make up 60% of the index did nothing. The entire crash was AI stocks selling off. The top 10 stocks now make up 41% of the entire S&P 500, a level of concentration that has never existed before in the 145-year history of tracking market indexes. The previous record was 27% at the dot-com peak in 2000. At that peak in 2000, the S&P 500 fell 50% over the next two years while the Dow Jones, which had less tech concentration, fell only 37%. When you buy an S&P 500 index fund today, you are not buying 500 companies. You are placing a concentrated bet on AI, whether you know it or not. SOURCE: @biancoresearch