The collapse of Reddit will be studied. After reporting earnings, its stock collapsed 30% in a single day. It's down 44% in 2 weeks. But the most important detail is what was revealed in that earnings call. The CEO said AI is killing Google search. People no longer get sent to Reddit from Google. They merely get their answers from the AI Mode itself. Even Google confirmed this themselves with their disastrous results - AI mode is cannibalising their search business. Pretty soon, no one will visit Reddit voluntarily. Its traffic will continue to crater. The worst part? Reddit isn't alone. There are millions of companies and publishers that rely on search traffic. That's what happens when you rely on a single funnel for discovery.

The largest pension fund in the US just cut its Mag 7 exposure by 26%! Calpers, the $640B giant, is rotating out of Big Tech. Its view is that markets are concentrated in a handful of over valued names. Hedge funds sold first. Pension funds are following.

The man who taught Scott Bessent markets just torched his bond-buyback programme. His mentor's verdict: - Druckenmiller ran markets for 5 decades - Calls this "price management", not liquidity - $4B buybacks vs a $30T market = a subsidy to procrastination - Suppressed yields let Washington dodge entitlement reform His warning: Every bps saved now costs multiples in delay. Fix the deficit, or the bond market does it for you.

Wow. Citadel said the quite part out loud: Bessent's bond buyback program amount to “financial repression”. This will weaken the dollar and send inflation surging. In this era, you need an escape through hard assets.