Micron tries to revive AI hardware momo. Gold tests below 4,000.
About this episode
The episode discusses Micron's earnings report and its impact on AI hardware momentum, alongside insights on the US dollar and commodities like gold and silver.
Today, the blow-out Micron earnings report is doing all it can to revive the AI hardware momentum trade, and it will be interesting to see how the huge jump in Micron shares ages into the options expiry this Friday. Elsewhere, the US dollar has continued its rally, but will fresh drivers for further strength be hard to come by? A focus on sterling's upside potential on the potential Burnham political revolution unfolding as well. In commodities, we discuss the latest on crude oil and gold and especially silver getting into existential chart territory. Today's pod features Saxo Head of Commodity Strategy Ole Hansen and is hosted by Saxo Global Head of Macro Strategy John J. Hardy. Links John's The FX Trader piece on whether USD can find fresh fuel and special GBP focus. Bloomberg piece on a hedge fund manager looking to short private equity in interesting ways New York times piece on what kind of managers have demanded that their workers stop working from home. About twice per week (in normal times, hopefully soon to resume), you will find links discussed on the podcast and a chart-of-the-day over at the John J. Hardy substack. Read daily in-depth market updates from the Saxo…
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