Geopolitical Turmoil & The Coreweave Canary

CoreWeave might be the most important stock in the market despite being a $42B market cap company. They have $30B in GPU-backed debt, and the stress test for the entire AI infrastructure boom. If it works, it validates a trillion dollars in AI spending; if it breaks, it's the first domino in the most concentrated equity market in history. Plus: Maersk and Hapag-Lloyd rerouting around Africa as Middle East chaos shuts down the Strait of Hormuz, China warning on global trade routes, bond bears piling into TLT, and what Kevin Warsh's Fed means for long-term rates.