📈 Citadel Exits Bottom-Bought Portfolio

Citadel has sold 80% of the portfolio it bought from Situational Awareness at the market bottom, according to the Financial Times. The holdings rallied sharply after the purchase.

Situational Awareness nearly collapsed after the tech crash wiped out its positions. Citadel bought most of the stock holdings, then sold them back into the market through nearly 100 trades worth over $4 billion.

Ken Griffin told investors: "We have prided ourselves on being front-footed and proactive during periods of market dislocation."

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7 Investors to Study

🖱️ Ray Dalio

🖱️ Nick Sleep

🖱️ Terry Smith

🖱️ Peter Lynch

🖱️ Warren Buffett

🖱️ Charlie Munger

🖱️ François Rochon

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🇨🇦 Canada Retaliates With U.S. Tariffs

Canada will impose dollar-for-dollar tariffs on U.S. steel, electronics, appliances and other goods from September 8.

The move follows U.S. tariffs of 50% on around $20 billion of Canadian imports.

Prime Minister Mark Carney said the U.S. “asked too much and offered too little” after trade talks collapsed.

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⚡️ Cathie Wood bought ~$28M of SPCX.

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“One of my favorite tricks is the inversion process.”

“If somebody hired me to fix India, I would immediately say, ‘What could I do if I really wanted to hurt India?’ I’d figure out all the things that could most easily hurt India…and then I’d figure out how to avoid them.”

“It works better frequently to invert the problem.”

Charlie Munger

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💻️ NVIDIA Escalates the AI Race

NVIDIA is spending $6B to build a powerful US alternative to Chinese AI models.

The company is licensing technology and acquiring engineering talent from AI startup Poolside. More than 100 engineers are expected to join NVIDIA and work on its Nemotron project.

The move puts NVIDIA in competition with DeepSeek, OpenAI, and Anthropic. CEO Jensen Huang is betting that open-weight AI can help the US maintain its lead over China.

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📈 Burry Warns of Private Market Stress

Michael Burry says private equity and private credit could face disaster within 2-3 years, even without higher interest rates.

Private credit funds half of all AI data centers.
More than 3,000 private equity firms have not done a deal since 2021.

Higher rates make old deals expensive to refinance now.

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“People are very careful: they spend hours to get $50 off an airplane flight. They look at everything. And then they'll put $10,000 in some crazy stock they heard about on the bus.”

Peter Lynch

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“If you’re not willing to react with equanimity to a market price decline of 50% two or three times a century you’re not fit to be a common shareholder and you deserve the mediocre result you’re going to get.”

Charlie Munger

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⚠️ US-China Sanctions Risk Escalates

China buys around 90% of Iran’s oil exports, mostly through smaller independent refineries. Imports fell from 823,000 barrels per day in July to around 534,000 in August, but China has not stopped buying.

Bessent warned that companies doing business with Iran could be cut off from the US dollar system. China says sanctions are not the solution and will protect its interests. Continued purchases could put major Chinese banks at risk, turning Iran sanctions into a direct clash with Beijing.

✔️ @venture

🔸 Copper moved ahead of a tariff

American warehouses held 673,766 tonnes before any tariff was imposed. The proclamation ordered a review, not a duty. Commerce missed the 30 June 2026 deadline, with no White House decision.

The review covered 15% from January 2027 and 30% from January 2028. Refined cathode remains excluded, while the 50% Section 232 rate from August 2025 applies to semi-fabricated goods.

Of the total, 406,872 tonnes were warranted and deliverable, while 266,894 were eligible but not warranted. Registered inventory was only 60% of the total.

The LME spread reached nearly $550 a tonne in backwardation, then fell to about $176 after 63,000 tonnes arrived on warrant in 3 days.

That points to a shortage of warrants, not metal.

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“The relationship between price and value holds the ultimate key to investment success. Buying below value is the most dependable route to profit.”

Howard Marks

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💻️ Nvidia Earnings Test the AI Bull Market

Nvidia reports Q2 results today, with Wall Street expecting roughly $92 billion in revenue, almost double last year. Last quarter, revenue was $81.6 billion and Data Center revenue rose 92% year over year.

The report will test whether the hundreds of billions spent on AI infrastructure are translating into demand. The market will focus on revenue, margins, Rubin demand, China sales, and especially guidance. Nvidia is also one of the largest weights in the S&P 500.

NVDA is approaching the $195-$200 support zone, with larger bull-market support around $165-$170. A strong report and a hold of support would keep the AI trade intact. A major breakdown could hit semiconductors and other AI-heavy stocks.

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📈 Victoria’s Secret Fashion Show Trade

A $100K investment on the day Victoria’s Secret announced the show’s return would now be worth $402K.

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🤖 Anthropic leads IPO odds

Anthropic is favored to beat $SPCX as 2026’s largest IPO by market cap.

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🤓 OpenAI’s Two-Track Reset

TIME says OpenAI is resetting after falling behind Anthropic in revenue and valuation. It is cutting secondary projects, merging Codex with ChatGPT, expanding enterprise efforts, and testing ads.

An internal OpenAI agent escaped its sandbox and hacked Hugging Face’s production environment. OpenAI called it an alignment problem, froze some research, and tied new releases to extra safeguards.

Sam Altman expects AGI by the end of 2026. Next may come Jony Ive devices, humanoid robots, an inference chip, and possibly selling compute to AWS rivals.

✔️ @venture

“You don’t get rich by diversifying into 50 mediocre assets. You get rich by finding 2 or 3 asymmetric home runs.”

Stanley Druckenmiller

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🤖 Anthropic Locks In Rubin Demand

Anthropic’s $45B Nscale buildout will use NVDA Vera Rubin chips. Systems begin coming online late next year under a 6-year, 460 MW commitment.

Rubin demand is being locked in before launch.

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📊 Michael Burry’s Updated Positions

🖱️ Bought Nvidia NVDA longs as a hedge.

🖱️ Added to Oracle ORCLE shorts.

🖱️ Added to Palantir PLTR shorts.

🖱️ Added to Nebius NBIS shorts.

🖱️ Added to Caterpillar CAT shorts.

🖱️ Added to Nvidia NVDA shorts.

🖱️ Added to Birkenstock BIRK longs in the mid-$30s.

🖱️ Added to Freddie Mac FMCC longs in the mid-$5s.

“The total short stock position is over 21% of the portfolios, not including puts. Putting numbers on puts is a bit squirrely. They are so far out of the money, generally, and fairly distant in expiry. An asymmetric, leveraged and directional strategy with minimal current market value.”

-Michael Burry

✔️ @venture