“.. There’s about $200 billion of chips sitting in warehouses because the data centers aren’t ready,” Waxman said. That’s a risk because chips can depreciate rapidly, he added. @business

GS DESK: “.. Continued semis pressure as a result of the view that by 2028 we won't have enough Data Center shells (land, power, shell)...and...therefore, we will likely have too many semiconductors and not enough 'datacenter shells' for them to go into.” $NVDA

“.. Investors are waking up to the fact that the chip shortage may be an illusion,” said the chief investment officer at a North American hedge fund. Demand for components “should not be soft right now, in this part of the cycle.” @FT

“.. Each hour, Muse updates its dossiers on you and the people you’ve mentioned in chats, messages, and emails that Muse has read. .. Even people who don’t use Muse are subject to this mapping process by other people’s Muse agents.” @time $META

(FT) - Diesel prices will not return to normal for more than a year, according to US oil and gas executives surveyed by the Federal Reserve Bank of Dallas. @FT $CRAK

Moscow residents are providing some spectacular views today: the Moscow Oil Refinery burning at several points, thick smoke hanging over the city, and fires visible across the industrial area. Quite a backdrop for the final day of Russia’s parliamentary elections.

A star studded evening in Los Angeles at the opening of the Lucas Museum of Narrative Art. Film, art and storytelling collide at the 300,000 square foot campus founded by filmmaker George Lucas and businesswoman Mellody Hobson. Learn more here:

According to preliminary assessments, the attack on Gazpromneft’s Moscow Refinery in Kapotnya could have hit the AVT-6 primary crude distillation unit (the total processing capacity of the two units is 12 million tons of crude oil per year) and the isomerization unit (a key unit for high-octane gasoline production). The Moscow Refinery covered 40-50% of Moscow and Moscow region's demand for gasoline and diesel fuel, as well as supplied the capital's airports with aviation fuel.

Our long-range responses had a very significant impact in the Moscow region last night. One of Russia’s key oil industry facilities and the aggressor’s logistics facility were hit. These are billions of dollars that sustain the war machine. The systems used included FP-1, RZ-100, MICH-2000, Palianytsia, Vendetta, Liutyi, Bars, Flamingo, Sichen, and Pelican. I thank our warriors for their accuracy: the Security Service of Ukraine together with the Unmanned Systems Forces, the Special Operations Forces, the Defense Intelligence of Ukraine, and the Foreign Intelligence Service. Sanctions were also imposed on a facility in the Voronezh region. Moscow must end its brutal war and choose peace instead of building layered rings of air defense at the expense of other regions. Steps toward de-escalation are on the table – in energy and food security. What is needed is political will. I thank everyone who is strengthening Ukraine’s long-range capabilities. I am grateful to everyone who complements our long-range responses with responses through sanctions. Glory to Ukraine!

"While Trump focuses on oil, Hormuz remains shuttered to other commodities." - container ships down 94% compared to a year ago - cost of shipping a container from China to the UAE increased eightfold - shipments of everything from limestone to fertilizer down by more than half - businesses in the Gulf facing shortages: car dealers, for example, can't bring in new models "What the Americans are doing now is not viable long term... it's only focused on getting oil and gas out, it's not focused on getting cargo and commodities in."

Well the 10 year went from 50bps to 500bps and stocks tripled. The 30 yr fixed mortgage went from 2,5% to 7% and home equity went from $20 trillion to more than $30 trillion. Jeffrey sees it clearly. We are in backward land.