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Global money supply hits a record $121.9 trillion – the debasement continues. Global M2 money supply is up $17.1 trillion (16%) over the past two years. U.S. M2 alone climbed $1 trillion over the last year to a record $22.7 trillion, with February’s near-$200 billion jump tripling the H2 2025 average. And today the S&P 500 crossed 7,500 for the first time. The only rational response is to own scarce assets and anything that can’t be inflated away.
2. Nvidia surpasses silver in value. Nvidia (NVDA) is now the second-largest asset in the world – surpassing silver’s $5.07 trillion valuation (and well below gold’s $32 trillion) – reaching a staggering $5.52 trillion market cap. With this surge driven largely by a massive shift in capital toward AI infrastructure, Alphabet (GOOG) sits less than 4% away from also surpassing silver and becoming the second company in history to hit the $5 trillion mark.
3. Jensen Huang joins Trump in Beijing in a bid to unlock chip sales. The Nvidia CEO was a late addition to President Trump’s China delegation, in hopes of striking a deal to sell the company’s earlier-generation H200 AI chips in the country. The U.S. cleared roughly 10 Chinese buyers – including Alibaba, Tencent, ByteDance, and JD.com – to purchase the chips months ago, but Beijing has stalled sales over tampering concerns, and no chips have shipped to date. China is estimated to be a $50 billion annual market for Nvidia.
Chart Of The Day… Cerebras Systems
Next-generation chipmaker Cerebras Systems (CBRS) became the largest pure-play artificial intelligence initial public offering (“IPO”) in history today, trading as high as $385 per share – valuing the company well over $100 billion – more than 100% above its already higher-than-expected IPO price of $185