Zaid Admani

When markets start tanking, Trump tends to back off on his threats.

And when he does, markets go back to rallying.

And I guess this will probably keep happening during this administration.

Now, with all this volatility and uncertainty, investors continue to push into gold.

Gold is already up 13% this year and it's about to cross $5,000 an ounce.

But beyond just gold, investors, especially international investors, are starting to look at other areas to invest in outside of the U.S.

Bloomberg is describing this as global investors quiet quitting U.S.

assets.

International investors and central banks are selling U.S.

treasuries and stocks and putting that money into gold and also emerging markets.

In fact, emerging market stocks are up 7% this year compared to roughly 1% for the S&P 500.

So early signs point to gold and international stocks outperforming US stocks again this year.

By the way, we're gonna be talking to Kyla Scanlon about all the big things happening in macroeconomics, including the Greenland situation, how the bond market is acting as the fourth branch of government, and what's happening in the Japanese bond market and the impact that's having on markets all over the world.

We already recorded that conversation and it's gonna be posted on Sunday morning, so keep an eye on your podcast feed for that.

Let's run through some headlines.

Starting with Intel.

Intel reported earnings last night and investors are walking away disappointed because of underwhelming revenue and profit outlook, even as demand for AI data center chips continue to explode.

Intel expects Q1 revenues to be between $11.7 and $12.7 billion, which is on the lower end of Wall Street's $12.6 billion expectations.

Now what's crazy here is that Intel admitted that it underestimated how strong data center demand would be, and that it simply doesn't have enough chips to meet orders in the current quarter.

Their data center business did grow 9% year over year to $4.7 billion in Q4,