Today’s Animal Spirits is brought to you by Vanguard and Franklin Templeton**:** #
On today’s show, we discuss: #
‘FOMO Really Got Me’: Taiwanese Go Deep Into Debt to Amp 100% Stock RallyThe Trillion-Dollar Borrowing Binge Lifting the Stock Market to Risky HeightsIgnore the Margin Debt AlarmThe Debasement Trade Is Unraveling and Kevin Warsh Is One Big ReasonSemiquincententaclesRanks of the Ultrawealthy Jumped in 2025Who Will Pay No Federal Individual Income Tax in 2025?Forget Work. Passive Income Is the New American Dream.We can finally say AI isn’t killing jobsMark Zuckerberg Directed Meta to Create a Prediction Markets AppYour summer holiday is a retirement killerNo Hair Transplants, Pills or Toupees. These Men Are Embracing Baldness.Pizza Has Gone Cold. Domino’s Is Still Worth a Look.
Listen here: #
Charts: #
Recommendations: #
Tweets/Bluesky: #
— Corey Hoffstein 🏴☠️ (@choffstein)
[June 30, 2026]
Micron’s earnings were a slightly negative-sum event:
Apple and the hyperscalers shed more market cap then
[$MU], Sk Hynix, Samsung,[$SNDK],[$STX], and[$WDC]gained today.[pic.twitter.com/sQewprXDpF]— Luke Kawa (@LJKawa)
[June 25, 2026]
Hyperscaler free cashflow projections via Charlie McElligott at Nomura:
[pic.twitter.com/bkmLEhO8tZ]— Tracy Alloway (@tracyalloway)
[June 23, 2026]
One year returns:
Sandisk +4385%
Western Digital +974%
Micron +809%Oracle -30%
Microsoft -27%
Meta -23%[pic.twitter.com/4FDU4M1ffw]— Ben Carlson (@awealthofcs)
[June 25, 2026]
Usually a lurker on here but dipping my toes briefly into the "k-shaped economy" discourse.
At PNC we track the debit & credit spending trends of a fixed cohort of ~4 million households.
Long story short: lower-income spending/balance sheet trends have been on a tear in 2026
— Brian LeBlanc (@BrianLe_Blanc)
[June 24, 2026]
The GenAI economy has generated $110 billion in sales over the past 12 months. It is growing fast. On an annualized basis, the revenue run rate exceeds $175 billion.
These numbers took us several months to construct, and as far as we know, it’s the first bottom-up, deduplicated…
[pic.twitter.com/6xZbCZ8Cti]— Azeem Azhar (@azeem)
[June 25, 2026]
NEWS: The Warriors signed a new jersey patch deal with AI cloud firm Iren. The multi-year agreement is the richest sponsorship in the history of North American team sports at an average of more than $50 million per year.
[pic.twitter.com/dA6cC6qyQr]— Kurt Badenhausen (@kbadenhausen)
[June 25, 2026]
it is still (increasingly?) completely insane how GDP has been above trend this cycle while the housing sector (typically responsible for up to 20% of commercial activity) has been effectively frozen.
[https://t.co/wDSsHvq9rr]— talmon joseph smith (@talmonsmith)
[June 24, 2026]
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