The appointment of tech CEOs like Marc Andreessen, Jensen Huang, and Mark Zuckerberg to the President's Council of Advisors on Science and Technology (PCAST) marks a significant shift from academic to industry-led government advising. This move, co-chaired by David Sacks, raises questions about inherent conflicts of interest and whether policy will favor corporate profits over the public good.
SpaceX is preparing for a historic IPO at a $1.75 trillion valuation, having already absorbed X and xAI. There is strong speculation that Tesla, framed as a declining car business but an emerging autonomy company, will also be merged into this single entity to centralize AI resources and resolve Elon Musk's ownership concerns.
The ongoing US-Iran conflict is having a direct and severe impact on the global economy. The war has driven oil prices up nearly 60% and fertilizer prices up almost 50%, leading to higher gas prices, a significant upward revision of inflation forecasts by the OECD, and a $10 trillion wipeout in global stock market value.
The US-Iran conflict is escalating beyond initial estimates, with a growing US military presence, involvement from Houthi rebels, and a death toll surpassing 4,500. The direct cost to the US federal budget has already exceeded $25 billion, drawing parallels to past prolonged military engagements like the war in Iraq.
Keep pulling the thread on Federal Reserve.