triggering a 1,200-point rally in the Dow. The bad news is that the postwar rally has already happened. Add new longs here at your peril. There are now more questions than answers. When will the US blockade end? Will the US turn away ships from Iran's allies? Is Iran still charging $2 million fees? Market volatility is anything but over. It’s still a black swan a day. But it’s clear that big tech will lead any recovery. Good thing I took profits on my oil longs yesterday.

Production is up 7% YOY thanks to exploding AI and defense spending. The government is talking about creating a strategic copper reserve. Production from Chile, the largest copper miner in the world, is at a nine-year low. China has banned the export of sulfuric acid, essential for copper refining, the source of 20% of world supplies. Chile remains the top producer (23% share), followed by the Democratic Republic of Congo (14%) and Peru (11%). Buy (COPX) and (FCX) on dips. 

as GPU rental rates are rocketing in the face of unlimited demand. NVIDIA’s flagship Blackwell processor rents have soared from $3.00 to $4.12 in two months, an increase of 40%. Soaring electricity costs are to blame. Some 3,000 data processing factories are under construction, joining the 4,000 already built. Data centers consume massive amounts of electricity, accounting for roughly 4% of total U.S. electricity in 2023 (~176 TWh), with projections for this figure to grow by 133% by 2030. Power is mainly consumed by IT equipment (60%) and cooling systems (up to 30%+), with large AI-dedicated facilities using 8–10 times more power than traditional data centers. Buy (NVDA) on dips.

to 207,000. Continuing claims increased 31,000 to 1.818 million. Manufacturing production dips in March but grows at a 3.0% rate in the first quarter. A surge in oil prices and the accompanying ​rise in inflation pressures because of the conflict have pushed Consumer Sentiment to record lows, and economists warned households could scale back spending, with ripple effects on the labor market. Some anticipated labor ‌market weakness due to the oil price shock.

The biggest US banks have more than $185 billion worth of combined exposure to private credit, an asset class under pressure in recent months. Executives see potential in the market, with Citizens Financial Group Inc.'s private-credit portfolio likely to climb about 5% in 2026, and are trying to calm investors' jitters. Banks are spotting opportunities to step in as some private-credit firms pull back, with some nonbank lenders grappling with redemptions and pulling back on lending, opening up potential for depository institutions. Buy banks on dips.