On My Radar: When the Banker Leaves the Bank

Jensen Huang has resigned from Nvidia, and the "Bank of Nvidia" and its $530 billion in commitments and guarantees is suddenly front and center. Bethany McLean and Michael Burry on circular AI financing, Michael Howell on a turning liquidity cycle, plus record concentration and margin debt all point to the same message: AI is real, but price matters. Plus Trade Signals and a season-ending note on the Malvern Prep Friars.