Category: Daily Diary

Private credit managers “trading in and out of loans”?

“I’ll swap my six dollar bill for your two threes”.

I dunno. Maybe. Seen it before.

— Jeffrey Gundlach (@TruthGundlach) May 22, 2026

The absence of contrarian and/or original thought on @cnbc about our markets is deafening.
The questions, answers, commentary and narratives consist mainly of superficial, non rigorous and memorized sound bytes that are repetitive and predictable – and always bullish.
No one is…

— Dougie Kass (@DougKass) May 22, 2026

The S&P 500 index level has decoupled from the share of constituents trading above the 200-day moving average. pic.twitter.com/VUsaqmqiDz

— Lance Roberts (@LanceRoberts) May 21, 2026

Microsoft is having to cancel its internal AI usage because the cost is too high.

This is despite Microsoft owning a large percentage of the company it gets its AI from.

The end is coming and the AI collapse has begun.

— BladeoftheSun (@BladeoftheS) May 21, 2026

🦔Microsoft canceled its internal Claude Code licenses this week after token-based billing made the cost untenable, even for a company with effectively infinite cloud resources. Uber's CTO sent an internal memo warning the company burned through its entire 2026 AI budget in just… pic.twitter.com/zBGccaP3e6

— Hedgie (@HedgieMarkets) May 21, 2026

This chart is showing a classic late-cycle / speculative momentum setup becoming increasingly unstable.

Similar markets in:

* late 1999 / early 2000 momentum exhaustion
* late 2021 speculative growth blowoff
* mini-versions in 2018 and 2020 https://t.co/DRQqGwdfep

— Tobias Carlisle (@Greenbackd) May 22, 2026