His legacy is on the line here too

I will be writing more sporadically this week as I take some time away from the screens and move my son into college for the last time. 

With regards to the Fed from here and our needed shift in focus to how long they'll be tight from here, rather than how much higher they'll hike from here, the most important comments last week came from former Dallas Fed president Richard Fisher in an interview on CNBC. I'm paraphrasing here but he essentially said that with Powell having another 2 1/2 yrs as Fed chair, he is not going to back off from his inflation fight as he will be committed to not making the same inflation mistake twice. 

Highlighting how valuable a Nvidia GPU is now worth, I read an article in the Weekend WSJ on a cloud infrastructure company called CoreWeave that said the company after raising $400mm in equity "secured another $2.3b in debt financing this summer to open data centers by essentially turning chips into financial instruments, using its stash of highly coveted Nvidia semiconductors as collateral." For now at least that collateral is holding its value. 

I'm going to keep talking about the US oil rig count as long as it keeps falling even with WTI at $80. For the week ended 8/25 it fell another 8 rigs to 512. It started the year at 621 and is now at the least amount since early February 2022. We remain bullish and long oil and gas stocks.