Grand final eve, ten-year yields at levels not seen since 2007, and gold's just had its worst week in a while — James Whelan and Heath Moss break down a huge week of macro with no guest to slow them down.
Heath makes the case for Meta as a buy off the back of Muse, its new agentic AI assistant — arguing it's the first genuine threat to Google Search in years, backed by Meta's 3.6 billion users' worth of purchasing data. On the flip side, Oracle tumbled after issuing a force majeure notice on its New Mexico data centre project (developed with Blue Owl Capital), raising fresh questions about how exposed the AI infrastructure build-out really is to project and private-credit risk.
Also covered: the bond curve flattening as 2s, 10s and 30s all push higher on hot US PMI and retail sales data; oil's whipsaw on stalled-then-maybe-not Iran talks; gold pulling back to around $4,290–4,320/oz as real rates bite; and the usual SmallCaps roundup — Axel REE, Zimi, Elixinol Wellness, Viking Mines, ClearVue, plus trending names Alma Metals, Iltani Resources, Lake Resources and Resolution Minerals.
And with the AFL Grand Final at the MCG tomorrow, Heath goes against the grain — tipping Brisbane by four to six goals for the three-peat, with Will Ashcroft his pick for a repeat Norm Smith.
*Theory of Thing is powered by SmallCaps.*
","author_name":"Muskets at Dawn Pty Ltd"}