Anthropic carving a path of devastation while we await outcome of US-Iran talks.

Today, a look at equity markets that remain hopeful as key US-Iran talks kick off today in Islamabad, Pakistan. Even so, some big software names were under fresh heavy pressure as Anthropic's latest model release carves a path of devastation across the software universe. Elsewhere, we continue to highlight the importance of spot versus future prices for oil, check in on the status of the USD and JPY and much more. Today's pod is hosted by Saxo Global Head of Macro Strategy John J. Hardy. Links Let's hope he is wrong but Brent Johnson is concerned that food prices will see enormous impacts due to the disruptions of fertilizer flows from the Middle East, even if shipments were to resume tomorrow. The first portion of his paid substack is available for free. Stratechery does an excellent job putting Anthropic's latest Mythos release into perspective and has an older piece that it refers back to on "Anthropic and alignment" that discusses what is at stake for any leading edge AI company and its relationship with the sovereign. Finally, you can read the latest grand Craig Tindale thought piece on the geostrategic positioning of the US and why it is doing what it is doing. He penned another piece on his substack that also provides a compelling framework for why the US is behaving as it is, that its position "rhymes" historically with that of Imperial Japan after the US cut off oil and   About twice per week, you will also find links discussed on the podcast and a chart-of-the-day over at the John J. Hardy substack. Read daily in-depth market updates from the Saxo Market Call and the Saxo Strategy Team here. Please reach out to us at [email protected] for feedback and questions. Click here to open an account with Saxo. Intro music by AShamaluevMusic DISCLAIMER This content is marketing material. Trading financial instruments carries risks. Always ensure that you understand these risks before trading. This material does not contain investment advice or an encouragement to invest in a particular manner. Historic performance is not a guarantee of future results. The instrument(s) referenced in this content may be issued by a partner, from whom Saxo Bank A/S receives promotional fees, payment or retrocessions. While Saxo may receive compensation from these partnerships, all content is created with the aim of providing clients with valuable information and options.