Assalamu alaikum everyone. I hope you are doing well. An absolutely monster day in the markets today. The S&P was up close to two hundred points. The Dow Jones was up eleven hundred points. And at this rate, it'll only take us two days to get back to the highs that we achieved in February. Russell was up three and a half percentage point. NASDAQ was up a whopping four percentage points. And the VIX, the volatility index, the fear index of the market is down sixteen percent. all is good now interestingly uh crypto did not have as good a day as equities generally that being said well we did get some pretty positive crypto moves over the weekend so a little bit of consolidation is to be expected tesla was up close to seven percent taiwan semiconductors were up six percent iris energy unlike a lot of other stocks in the crypto field, was up close to seven percent. And looking at gold back down to thirty two hundred, as I mentioned, we don't want to be We don't want to be piling into the assets that have caught a hot streak. We want to be looking at the assets that are kind of down on their luck. And that's why we were looking at BTC plays and BTC derivative plays during the recent downturn. And that has turned out well for us. BTC is at one Oh two and Doge is at close to So let's talk about the many strong catalysts that I'm seeing on the horizon. Salamat Rashad, nice of you to stop in and moderate. Really appreciate it. So just to take account of the journey that we've been on, April twenty fifth, not too long ago, China and the U.S., Things were heating up between them in a big way. China and the U.S., as per the Chinese spokesman, are not having any consultation or negotiation on tariffs. U.S. should stop creating confusion is what the Chinese spokesperson said. Later in the month, China says it will never start negotiations with the U.S. on trade unless the U.S. abolishes all tariffs on China. And then all of a sudden, only a few days later, U.S.-China trade truce. We get a ninety-day pause in the U.S.-China trade war following negotiations in Switzerland. The tariffs as per this agreement will fall from one hundred and forty five percent to thirty percent on Chinese goods. That is, Chinese goods entering the United States will the importer will pay thirty percent on that. Chinese tariffs on U.S. goods will fall from one hundred and twenty five percent to ten percent. And tariffs on specific sectors like steel, aluminum and automobile automobiles will remain as do those related to China's role in the US fentanyl crisis. As we mentioned, markets responded very positively. And you can see here in the map of winners and losers, the mag seven was on fire today. Very understandably, Amazon, a lot of the things that they sell are related to China and would have gone up in price. And there was a lot of ambiguity regarding how much that would impact volume on their site. So Amazon is up eight percent. As we said, Tesla is up close to seven percent. Nvidia is up five percent. Microsoft, two percent, Google, Meta, all strongly in the green. What didn't do as well were some of the defensive plays in the market, but generally, as you can see, green all around. Now, speaking of catalysts, we do get the inflation read tomorrow. And if true inflation is any guide to go by, we should get a decrease in the inflation month to month. But we'll see. The CPI hasn't really followed exactly. true inflation, but there has definitely been a correlation. If you look at the April closing number on true inflation versus the March closing number, the April closing number is a lot lower. Oh, actually, I shouldn't say a lot, but it is lower. So hopefully we get a read tomorrow, which shows that we are making progress on inflation. Now, despite true inflation, the market actually, in light of the recent developments with a trade deal with China, the market actually reduced the chance of a rate cut in July. The June chance of a rate cut is still less than ten percent. But in terms of a rate cut in July, we went from basically a forty percent chance that that rates would remain unchanged to now a sixty percent chance close to a sixty percent chance that rates would remain unchanged so if we get a really positive number on inflation it's very possible that this adjusts I mean the day that we had today was despite this readjustment in pricing of the probabilities of an interest rate cut and therefore if we get real progress on inflation, then the markets may start pricing in a more probable rate cut in July, which would lift the market even further. So that's another catalyst that could be coming just around the corner. If you're looking at specific assets, for example, Bitcoin, there are a lot of shorts that went into place after Liberation Day. If you look at Bitcoin, for example, there's two billion dollars worth of shorts that will get liquidated if Bitcoin reaches a new all time high. So we could have something like a vertical move for Bitcoin if we get close to that level. bitcoin is currently only a few percentage points away from that previous all-time high and so this means basically when when shorts get liquidated it means that they're forced to buy bitcoin so a lot of forced buying could bring up the price and bring along with it a lot of forced buying from shorts that are at higher prices so we shall see if you look at the weekly crypto asset flows they are quite healthy uh we have uh just concluded the third week in a row of positive flows into crypto related etfs which is definitely a great sign. And we have a big week ahead in terms of numbers. As I mentioned, we get CPI tomorrow. We get PPI on Thursday, retail sales on Thursday as well. The Fed chair will talk on Thursday and guess what he's going to say? He's going to say that they are data dependent. Go figure. University of Michigan consumer sentiment will come out Friday, now there is a lag there, obviously, so perhaps it doesn't reflect exactly where consumers are at at the time being. I think consumers right now are feeling a lot better about the prospects of the economy, and rightly so, because a China deal that seemed improbable now seems a lot more likely. And in other good news, if you look at, if you're wondering who won the recent skirmish between India and Pakistan, all you need to do is look at the performance, the relative performance of the manufacturers of the Rafael, the Indian plane, versus the J-XC, the Chinese plane, which the Pakistanis used. And the J-ten C supplier is up sixty one percent. And in the last five days and India's Raphael maker is down ten percent. So that should end the debate. Basically, a lot of people talk and things that they don't know about. But this ends the debate. That being said, it's very important that Pakistan build on this victory and get its internal affairs in order. I think someone like Imran Khan should be out of prison, should be restored to his rightful place, and the military should focus on him. on military stuff and not get into politics. That being said, that's a bit removed from my normal or the normal topic of this channel, but it's my channel, so I'm going to say what I want to say. All right. So, uh, with that being said, let's go to questions. Uh, Zeki says, is the live at the same time every day? Well, obviously it's not try to be as consistent as possible, but, uh, yeah, I'm, I mean, um, I'm going to try to make it closer to market close. That seems to be, I've tried a lot of different times, but I'm going to try and make it closer to market close, inshallah. Dr. Bas, nice to see you. On unrelated financial note, do you think any resolution to Gaza with Trump forcing is not real? To allow release of Americans still doesn't trust, don't trust Trump, honestly. To be honest, the signs coming out of the administration, like I've been a critic of the administration, but, you know, recent news has been quite positive. And so give credit where credit is due. It does seem like they are serious. about ending the conflict there, a lot more serious than Israel, of course. But they've given, I think, the people of Gaza some hope. And so give credit where credit is due. I hope they are successful. And also, I was skeptical about their ability to strike a deal with China. I think that both sides kind of, you know, looked into the future and and thought hey this this is going to be very painful and so both sides kind of uh loosened their initial stance and loosened their initial you know position on things and so uh it's good that the administration was able to to walk back some of the things that they said and you know that takes that takes you know courage it's not easy uh to change position but I think they did and yeah they deserve credit for that uh rashad brother can tries to be consistent but life has its own surprises that's indeed true does the global liquidity any difference since trade deals starting surfacing up so I actually think so I think we should have been in a bull market these past months And what happened after Liberation Day was a surprise, but it was against sort of the natural order of things because liquidity was rising while the market was falling and it was rising globally. And we know that there's a bunch of refinancing that needs to happen in the second half of this year. And therefore, we know that rates are going to have to come down and therefore we are due for even further liquidity increases. And that's why I was pretty sure that we're still in a bull market despite the macro headwinds. And as I always say, macro tends to solve itself. Just don't worry about it. Focus on the liquidity picture and the individual assets that you're invested in. and indeed this time around things appear to be you know validating what I've been saying and so I think what we're gonna do right now is catch up where catch up to where we should have been absent uh liberation day and everything that's followed that seems to be where the market is headed right now so I just think that you know what we experienced in the last month the forty five days was an aberration, and we should be going back to the natural movement of the market, which does follow liquidity. There's a high correlation there. I noticed we changed. Let's not talk about individual sell prices, brother. Meg D, that is for PIF members. Yeah, as Rashad said. Salaam alaikum, Bitya on ION earnings this week. What do you expect? I'm hoping good things. I'm hoping, hopefully we can build on this momentum. For IOS Energy, I would really like them to say something more concrete about a partnership with a hyperscaler or really solidifying their earnings. business and AI and high performance computing and data centers, we're already seeing a company like Corweave, which has a much inferior balance sheet to Iris Energy than being valued with multiples that are better than iris energy multiples so inquiry was up like close to fifteen percent today so if iris energy can solidify itself as more than just a bitcoin miner then I think that this this thing could really appreciate quickly but we'll need to get some color from management more than just oh we're talking with people and things have been things have been encouraging. We need more detail than that this time around. I hope they provide it. Now, with Bitdeer, I mean, they continue to execute on a very high level, have the most efficient rigs, and I'm really excited about their H-II, the second half of this year, and the products that they now release. If they get to the five joules per terahash minor that they've advertised, then I think that this thing could go a lot higher. They've really re-thunk the Bitcoin miner ASIC design from first principles. And I think that may position it to be the leading mining or mining equipment producer, Bitcoin mining equipment producer. And if you think that Bitcoin may become you know, competition to gold or something like that, then the best mining equipment producer, you know, should be at least tens of billions of dollars in market cap, I think. So I'm hoping that we get, you know, more updates on their path to becoming and solidifying their position as the best mining equipment producer on the market right now. without your steadfast reassurance and experience I would have probably freaked out and made very expensive mistakes that's great to hear thanks Niznos I really appreciate that and thanks for your support I am planning to subscribe for PIF member I just want to know if there is any prerequisite like in terms of the amount of dry powder or anything any other things no there are no prerequisites I think that the earlier you start, the better, because the more experience you gain, like I've noticed, and I'm sure community members have noticed how much more mature the community has become over these last, you know, two and a half years that we've been offering PIF memberships, the level of, you know, commentary on the markets and the level of level headedness has really increased and, and, I think right now we have really insightful members that have been around the block a few times. And so they really understand what's going on. And the earlier you start, regardless of the amount that you start with, the earlier you start, the more time you have to develop the right temperament in investing. And I think that that's the most important thing. Any comment on PLL's performance? I will have an update for members in the next twenty four hours, inshallah, for PLL. With the tariff med news, do you foresee a pause on the crypto run? Crypto especially, I think, is And I was expecting your crypto run despite the tariffs. So I think crypto especially is correlated with liquidity levels. And so it's not going to be a straight shot upwards, but I do think that we have a lot more to go here because of liquidity and my forecast for it globally, not just in the United States. Aside from all of the positive developments on the regulatory front, And so I maintain my two hundred thousand Bitcoin price target for twenty twenty five, despite the setback that we saw with the tariffs. I still think that that's in play. So we'll see. Is lending stock halal or haram? I think generally that's haram. Assalamu alaikum, hope you are well. Would you invest in Gryphon digital mining? I saw that and I saw it's up. I think it tripled right today. Something with Trump's children, you know, getting a part of that. I'm not really, I'm not really an expert on graph on digital mining, but I don't like to chase. And so something that tripled in a single day is not necessarily something that I will be buying. Although I think it, It's worth taking a look at and maybe it will let us know about other similar opportunities that might pop up. But I'm going to probably going to take the rest of the day to read up on that. What if Fed just doesn't move this year due to tax cuts, the administration delivers and the economy being OK and inflation not getting down to two percent target? Would you allocate heavier to BTC? Well, what you're saying is what if Fed just doesn't move this year because everything is so good? With exception to inflation. And I think, you know, it's like if things are really great, then great. Equities will perform well, void by the earnings that they report. On the other hand, if things don't go as great, then the Fed has a reason to cut. And, you know, we're not necessarily a two percent target, but it does seem like we're moving towards that and we're not that much removed from two percent. So I think. You know, there's there's solid reason to be optimistic. no there's no glitch in the sell price brother um yeah follow up or more to dividend plays maybe due to less growth uh Oh, I'm sorry. Would you allocate heavier to BTC or more to dividend plays maybe due to less gross? That really depends on what your objectives are and how much risk you want to take. Obviously, there's more volatility in Bitcoin than there is in dividend. So it depends on what you want to prioritize. I think I answered that a while. Lending stocks is not halal. Just wanted to know why iron was so slow to react to the market. I mean, I think it did well today. I mean, it's up close to seven percent. I'll take that for today's move. So, you know, you can't expect all correlations to be perfect. There are a lot of other things that go into the movement of a Bitcoin miner, for example. Dilution is one of them, obviously. But also, Iris Energy's other stated focus, which is high performance computing and AI and data centers are going to play a role in how that market is shaping up. the best thing I can say is just be patient and, you know, have confidence in the theses that you have, uh, for the positions. And, you know, if they're not, if they're not manifesting immediately and you have to wait, uh, well, that's why you're getting paid for being an investor. If it was, you know, immediate, uh, then the returns would be, uh, much lower. And, um, Anyone could do it. But the trick is to have the foresight and have the conviction necessary to hold for as long as you need to in order for the thesis that you have to play out. Just a friendly reminder there. Remember, markets are a tool for transferring wealth from the inpatient to the patient. So I encourage you to be among the patient. With that being said, do leave a like if you enjoyed this live. Become a PI member if you haven't already. Until next time, make sure to take care of yourselves. Assalamualaikum and peace be upon you all.