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Two from Thierry:

The price to rent an Nvidia H200 just collapsed from $7/hr to $4/hr in three weeks.

A -40% drop in the cost of the single most strategic asset in tech.

When the underlying commodity that powers your entire thesis loses 40% of its value in a month, that usually means one of two… https://t.co/2IwKnByYo3 pic.twitter.com/D7p0rgMyAL

— Thierry from arvy 🇨🇭 (@ThierryBorgeat) May 28, 2026

Uber burned through its entire 2026 AI budget in four months.

Not four quarters. Four months.

The COO, Andrew Macdonald, said it out loud: AI costs are getting "harder to justify."

This is the same Uber that finally turned profitable after 15 years of burning cash. The company… https://t.co/2IwKnByYo3 pic.twitter.com/8lfZTs8ZTD

— Thierry from arvy 🇨🇭 (@ThierryBorgeat) May 28, 2026

Relatedly:

THIS IS INSANE🚨

An enterprise client reportedly racked up a $500,000,000 bill on Anthropic’s Claude AI in just 30 days after failing to set any usage limits.

No spending caps, no oversight, and no token limits.

Employees massively increased usage of AI coding agents and… pic.twitter.com/aUtK9KgKy6

— Bull Theory (@BullTheoryio) May 29, 2026

Completely insane! https://t.co/KUicxw1hu6 pic.twitter.com/X9otLFgYVq

— Ed Zitron (@edzitron) May 28, 2026

Two from Gary Marcus:

just imagine what will happen to the economy and people’s retirement funds if these projections from FT are correct.

brace for bailouts. https://t.co/c71ZG1E1l1

— Gary Marcus, MIT PhD and NYU Professor Emeritus (@GaryMarcus) May 28, 2026

Hot take on what comes next, after the sudden decline of tokenmaxxing:
– OpenAI will struggle
– with the decline of tokenmaxxing Anthropic will struggle (aside from this quarter) to make a profit
– Google will catch up to Anthropic
– some Chinese companies might, too
– LLMs…

— Gary Marcus, MIT PhD and NYU Professor Emeritus (@GaryMarcus) May 29, 2026

And here’s more:

The fact that Amazon succumbed to AI psychosis and had a leaderboard based on token credits in the first place tells you all you need to know about how horrible the management and capital allocation is at $amazn https://t.co/CbFytGgqcL

— Ross Hendricks (@Ross__Hendricks) May 29, 2026

The Big 5 hyperscalers now need to make a combined ADDITIONAL $5 trillion a year of revenue just to see a return on their Ai investment.

The current revenues are combined at $1.5 trillion. Projections indicate this would lead to an approximate 20% cost to businesses and increase… pic.twitter.com/VM9KKzdONb

— Roger (@rdd147) May 28, 2026

AI is truly eating the US economy. pic.twitter.com/BeN23Trw7B

— Tracy Alloway (@tracyalloway) May 28, 2026

Pimco Warns AI Data Centers Are Flooding Junk Bonds

Pimco cautions that while many deals look safe and cheap, a big chunk are risky and stressed.

Bloomberg reports data center borrowing has exploded from nothing to nearly 3% of the junk bond market in just one year, and it’s… pic.twitter.com/T0umYxxkgF

— kristen shaughnessy (@kshaughnessy2) May 29, 2026

Positions: None.

Upside:

-REPL +75% (confirms resubmits RP1 BLA for advanced melanoma in combination with nivolumab)

-DELL +33% (earnings, guidance)

-PD +23% (earnings, guidance)

-ASTC +21% (momentum)

-NTAP +18% (earnings, guidance)

-QURE +17% (higher in sympathy with REPL)

-BRUN +15% (enters 36-mo GPU server rental deal with Thinking Machines Lab)

-SOFI +13% (momentum)

-HPE +11% (higher in sympathy with DELL)

-OKTA +9.3% (earnings, guidance)

-SMCI +9.0% (higher in sympathy with DELL)

-GCO +7.3% (earnings, guidance)

-TEM +6.6% (FDA approves tumor-only label expansion for Tempus xT CDx)

-HPQ +5.1% (higher in sympathy with DELL)

-IFF +3.1% (confirms to sell Food Ingredients business to CVC Capital Partners for ~$4.3B)

-MDB +3.0% (earnings, guidance)

Downside:

-GAP -15% (earnings, guidance)

-S -15% (earnings, guidance)

-AEO -12% (earnings, guidance)

-ASTS -12% (lower in sympathy with Blue Origin)

-IHRT -12% (reportedly early-stage talks over a potential sale of iHeartMedia to SiriusXM, which would create an audio giant, have stalled after the two sides were unable to come to terms)

-ESTC -8.4% (earnings, guidance)

-ADSK -6.7% (earnings, guidance)

-KRMN -6.5% (prices upsized 14M shares at $61.00/shr in secondary offering by holders)

-RDW -6.4% (profit taking)

-IOVA -6.3% (lower following REPL news)

-AMBA -4.0% (earnings, guidance)

-AGIO -3.8% (will not advance tebapivat in LR-MDS; Phase 2b trial misses predefined transfusion-independence threshold)

-PATH -2.8% (earnings, guidance)

Positions: none.

Positions: None.

Position: None.

Fed Speakers

2:00 a.m.: Fed Bank of Minneapolis President Kashkari (Voter) participates in a town hall at Korea University (Audience Q&A expected. No prepared/embargoed text. Media Q&A for reporters in attendance follows event. No livestream); 

6:30 a.m.: Fed Bank of Kansas City President Schmid (Non-Voter) speaks on “The Local and the Global in Monetary Policy” before the Reykjavik Economic Conference 2026, Reykjavik, Iceland (Embargoed text available. Audience Q&A and livestream expected); 

9:10 a.m.: Fed Vice Chair for Supervision Bowman (Voter) speaks on monetary policy before the Reykjavik Economic Conference 2026, Reykjavik, Iceland (Text available. No Q&A. No webcast); 

9:15 a.m.: Fed Bank of Philadelphia President Paulson (Voter) speaks on the economic outlook before the Chamber of Commerce Southern New Jersey, Mount Laurel, NJ (Audience Q&A expected. No media Q&A); 

12:40 p.m.: Fed Bank of San Francisco President Daly (Non-Voter) participates in panel before the 2026 Reagan National Economic Forum, Simi Valley, CA (No prepared remarks. No group media interview.

RSVP for livestream at https://rnefvirtual2026.rsvpify.com/);

May 31: 

8:30 a.m.: Federal Reserve Board Governor Christopher Waller (Voter) participates in “Stablecoins panel before the 32nd Dubrovnik Economic Conference, Orasac, Croatia (No text. Q&A from moderator and audience. Livestream athttps://www.youtube.com/@hrvatskanarodnabankacroati9475);

8:30 p.m.: Former Fed Board Governor Powell gives acceptance remarks before the John F. Kennedy Profile in Courage Award Ceremony, Boston, MA (Text available. No Q&A. Webcast at https://www.youtube.com/watch?v=trl7aatglAw)

Economic Calendar

Positions: None.

From Quoth The Raven:

The American Consumer Is Piss Broke – by Quoth the Raven

Position: None

‼️There is no market without US tech stocks:

Technology sector ETFs have attracted +$21 billion in cumulative inflows since the S&P 500 low on March 30.

Meanwhile, all other 10 sectors combined have seen OUTFLOWS of -$334 million over the same period.

In other words, if you… pic.twitter.com/nRDbMfxGNc

— Global Markets Investor (@GlobalMktObserv) May 28, 2026

Position: None