Wealthie

Most of Alphabet's profit growth this year came from marking up stakes it owns in Anthropic and SpaceX. After nine months of 2026, Alphabet's operating income was up $28B on a year earlier. Its other income, mostly unrealised gains on those stakes, was up $100.9B. Anthropic was valued at $61.5B in March 2025. IPO talk now runs above $1.2T. @fejau_inc: "I don't really see Anthropic doing another double anytime soon."

NEW EPISODE with Felix Jauvin (@fejau_inc), Head of Content at @Blockworks and host of @ForwardGuidance - AI spending as the main thing holding off a US recession, and the risk of a Fed mistake. - The case that the US would already be in recession without the AI build-out - Big Tech left with stock issuance to fund AI - Waller's 50 bp hike talk and the Fed's classic mistake at the turn - How much of @Google's profit came from its @AnthropicAI stake - Why Felix won't call long-term Treasury bonds a buy - Hyperliquid, @Zcash and what is holding Bitcoin back Timestamps: 0:00 Intro 1:12 Does Wall Street help crypto coins 5:06 Hyperliquid, Zcash and Bitcoin 8:57 What holds Bitcoin back 9:49 Could the Fed cause a recession 11:41 The Fed's December decision 15:23 Has spending on AI peaked 19:28 Are memory chip stocks cheap 21:51 How Anthropic lifted Google's profits 24:49 Long-term government bonds

How far would home prices have to fall to reconnect with local incomes? @m3_melody thinks some markets could see a correction approaching 40% to 50%. Melody puts that adjustment on a five-year horizon, possibly longer, depending on wages and demographics.