What's up, apes, and welcome to Bizarro World, where market concentration turns out to actually be a good thing, and inflation is no longer growing, but is actually deflationing. So we're going to be talking about all that stuff in just a quick second. We're also going to be getting into some major stock moves as of the day, talking about why the richest man in the world just became even more of the richest man in the entire world. Tesla shares were up. We had, you know, a bunch of other shit that was down. Dave and Busters was down for the day, which I think is the most un-American thing imaginable. But let's go ahead and get right into it. The W-So-Alpha portfolio did have a rough day. We were down about 44 basis points thanks to some heavier losses. And of course, for being less exposed to the semiconductor industry than the S&P 500, which we still think is going to work out in the long term. But, you know, on these day-to-day fluctuations, it's very tough to make the call. So I'm going to go fire some of the apes over there. And then Patrick's probably going to fire me. And we'll see what happens afterwards. But let's go ahead and get into the banana bits here today. So first and foremost,

we also got the initial jobless claims report here this morning. And this basically said that

Americans haven't been this jobless in about 10 months. So we officially hit the highest rate of

initial jobless claims ICJ filings since August of last year. So it's kind of wild to see, but it fits into the

falling inflation, slowing GDP narrative. We'll get more into it in just a quick second.

Meanwhile, Saudi Arabia is ditching its dollar exclusivity. So prior, the petro dollar agreements

basically ensured that Saudi Arabia would always be trading U.S. exclusive or trading oil

exclusively in U.S. dollars, even if it was with China, like Saudi Arabia would always be trading U.S.D. or trading oil exclusively in U.S. dollars,

even if it was with China, like Saudi Arabia and China would use the dollar to trade oil.

And that is no longer going to be the case. They are opening up to the R&B, the yuan, the yen, and the euro.

So a bunch of other countries getting involved there.

We also see that basically Adobe shares took flight after hours,

very strong earnings report for the technology company. Definitely go ahead and check that out.

Growth in restaurants spending is starting to move in the right direction. Once again,

it fell about 2.4% in April, but was up about 1.9% in May. So shout out to Bank of America

for doing the Lord's work and making sure that we're all still getting dr and fat. Anyway, a megaport, speaking of China, is being built by China in Peru,

and it is scaring the absolute shit out of the United States. We also just found out here

late after hours that Elon Musk, shareholders of Tesla, did approve his $56 billion pay package.

That means that this graphic I'm about to show. This is the Bloomberg Billionaires Index. This is no longer accurate because this shows Elon, who is already the richest man in the world, at $207 billion. Add $56 billion to that. I'm pretty sure I think that's how it works. It might be a little bit more complicated than that. So, fuck it. let's just call it $250 billion. He is still the richest man in the world, despite being down $22.5 billion this year. Meanwhile, number two, Mr. Jeff Bezos is up $29 billion this year. So basically a $50 billion spread trade. Bezos is winning, but Elon is still on top. But then at Bernardo Nolton, Mark Zuckerberg, Larry Page, Bill Gates. Pretty much everybody in the last one we see on here is the richest woman in the world, Mrs. Francois Betancourt Myers. I'm pretty sure she's the heir to the L'Oreal fortune. I could be mistaken on that, but either way, very interesting development on that front. Elon is getting his payday. All right, moving on into the

big story of the day. We are, of course, talking about the PPI report. So yesterday or on

Wednesday, we got the CPI report. That's consumer inflation. Today is producer inflation.

PPI, not just the last three letters in the word Mississippi. It is also the producer price index.

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