Cash, Chips, And Cryptos 💾

Did you know that the world's first known currency was created by King Alyattes of Lydia (now Turkey) around 600 BC, replacing the exchange system in place at the time?

This is just one example from history where something seemingly unshakeable was uprooted by innovation.

In this edition of Equity Eats, we’ll go through the following key trends and insights:

• Is It A Problem That The Fed Is In No Rush To Cut Rates: First, we’ll dissect the Federal Reserve's patience in adjusting interest rates, a move that subtly strengthens market stability despite investor anticipation for cuts 🐌

• Nvidia’s Rise Is Real: Next, we’ll highlight Nvidia's leap from graphics chips to leading the AI revolution, exploring its impact on industries from healthcare to retail 📈

• Is Bitcoin Really Digital Gold: Finally, we’ll question Bitcoin's status as digital gold, examining its resilience amidst rapid technological shifts that have dethroned former giants 💰

With each newsletter, we’ll bring you sharp insights into the world of economics, inviting you to explore the forces shaping our future.

Is It A Problem That The Fed Is In No Rush To Cut Rates? 🐌

You’ll hear in the financial press that the stock market is in for a shock because the Fed is pushing back on market expectations that rate cuts are around the corner.

This worry is probably misplaced for two reasons.

First, the Fed has pushed back, and the market has already priced it in with higher bond yields, and stocks have rallied anyway 📈

Second, the Fed is in no rush to ease policy because the economy continues to outperform everyone’s expectations—that’s good news for the stock market 🤑

Nvidia’s Rise Is Real 📈

Five years ago, Nvidia was mostly known as a graphics and video-game chip maker.

Few investors foresaw Nvidia’s transformation into the world’s leading chip firm—or the way artificial intelligence would emerge.

Today, Nvidia designs about 80% of the chips that power a growing array of advanced AI applications 🖥️

Retailers are using AI to make logistics more efficient and improve the customer experience.

Drug makers are using the technology to develop new treatments and determine which patients would benefit most from medicines.

Healthcare systems are putting AI assistants to work filling out health records so doctors can focus on patients.

AI is still in early innings and Nvidia likely has a long way to run 🏆

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Is Bitcoin Really Digital Gold? 💰

Most technologies fall victim to what the economist Joseph Schumpeter called "creative destruction.”

From 2009 through 2014, Blackberry boomed from 25 million to 85 million active users as it made flip phones seem like fossils.

Then the iPhone blew the Blackberry away 📱

Commodore and Atari personal computers were buried by IBM and Apple; pioneering search engine Go.com and Infoseek were crushed by Yahoo, which was itself decimated by Google.

In social media, Friendster was supplanted by MySpace, which was obliterated by Facebook.

If, in early 2000, you had correctly forecast that the internet would change the world, the company you likely would have bet on was Cisco Systems 🌐

Cisco had become the world's largest stock, yet cloud computing ended up pushing Amazon and Microsoft and others far past Cisco.

Almost every previously disruptive technology has ended up being disrupted.

Launched in 2009, the bitcoin network has so far only grown more robust.

But is it really un-disruptable? 🤔

Inner Circle Macro Update 🔍

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