E281 - Global Macro Update: The Dollar Shortage Pushing Asia Towards Crisis

In this Global Macro Update, Nik returns from teaching his summer bitcoin and AI course at USC to a market waking up after the World Cup lull. He makes the case for a global dollar shortage behind the dollar's continued strength, with stress surfacing across Asia: India's push to pull in overseas dollars, a sharp correction in Korea's KOSPI, and the Japanese yen at its weakest level since 1990. He then turns to the pressure building in hyperscaler and AI corporate bonds, Apple overtaking Nvidia as the world's largest company, and SpaceX slipping below its IPO valuation. Cooling CPI and PPI...