Happy Saturday, and welcome back to our super skimmable Street Tweets newsletter.

Since we’re covering tweets, it only felt right to fill you all in on the latest from Elon Musk’s X.

Experts are saying Musk’s plans to leverage AI on X will make the platform like “old Twitter on steroids.”

Basically, Musk wants to use AI to sum up the aggregate input from millions of users. The result: a new model of real-time news with greater scope and accuracy than traditional media outlets.

You’d think Musk would be content disrupting the telecommunications industry with Starlink, advanced medicine with Neuralink, and EVs with Tesla. But… it seems like he’s coming for news outlets now, too.

Plus, this CEO says this could be worth 29 Nvidias…

MARKET REVIEW

TL;DR: This week in U.S. markets, the S&P 500 and Nasdaq Composite reached record highs due to AI optimism, briefly sending the S&P 500 above 5,500 for the first time. Minneapolis Fed President Neel Kashkari suggested the Federal Reserve might wait until December for an interest rate cut.

Economic reports showed mixed signals: May retail sales were weak, and jobless claims remained high, but manufacturing and services PMI indicated significant growth. Existing home sales for May showed the median home price reaching a record $419,300.

In company news, Tesla faced legal challenges, while NVIDIA, Alphabet, and Apple made notable stock moves. Other highlights included Kansas suing Pfizer, CarMax reporting a profit decline, and Trump Media's stock dropping 30%.

Click here to read our full market review

MARKET PREVIEW

For the fourth week of June, markets will focus on key financial reports, including the final revision of Q1 GDP on June 28 and the Personal Consumption Expenditure (PCE) Price Index on June 29. These reports are crucial for the Federal Reserve's future interest rate decisions.

The GDP revision, initially estimated at 1.6% but revised to 1.3%, will confirm whether the downward trend continues, while the PCE report, especially the core reading that showed a 0.2% month-over-month rise in April, will indicate inflation trends. The outcome of these reports could influence the Fed's next move on interest rates, making the week's data critical for investors.

Click here to get ready for the week ahead

Could the US Dollar really collapse???

Well… the International Monetary Fund (IMF) recently warned of a “striking” decline in the US dollar’s share in the reserves of foreign central banks and governments.

The IMF found that as the US dollar declines in status as the “global reserve currency,” nontraditional currencies, such as the Chinese Renminbi, the Australian dollar, and the South Korean won, have surged.

It’s not like the Fed is ignorant to all of this. In fact, the Fed quietly admitted this month that gold is replacing the US dollar in foreign central banks. Plus, some tech billionaires, like Chamath Palihapitiya, now believe Bitcoin will surge off the back of a weakening dollar.

So what’s the trade here? Short USD, long Gold and BTC? The goldbugs must be giddy out there.

You can read the IMF’s full report on the US dollar here. 

Short Europe…

Europe, home to many of the Western values we hold dear, seems to be losing steam. The Eurozone’s economy failed to expand in 2023, and its troubling stagnation has continued into this year.

Now, to those of you who point to Novo Nordisk as the hot new innovator on the EU block due to its drug Ozempic, Novo Nordisk was founded way back in 1923.

Unfortunately, it doesn’t seem like EU politicians can get out of the way of industry progress.

A new paper from the McKinsey Global Institute claims that the economic divide between Europe and the US will only deepen as Americans embrace AI’s productivity growth while Europeans throw burdensome regulations at the new tech.

EU regulators have also been busy targeting the region’s real estate market, demanding property owners cough up an estimated $300 billion a year on green energy renovations. We dove into this in our Last Cast newsletter, which you can read here.

TOGETHER WITH MOTLEY FOOL

CEO Says This Could Be Worth 29 Nvidias

This could be the #1 Investment of the 2020s.

Thanks, Zerohedge… you jinxed it.

In the last month alone, the Nasdaq has surged over 5%.

The Nasdaq’s stellar performance has thousands of traders on Twitter calling it the “Nascrack,”… joking that it certainly seems to be on something.

When factoring in India’s currency depreciation, India’s stock market growth pales in comparison to the US:

• The S&P 500: +86%

• NIFTY 50: +40%

However, that hasn’t stopped Wall Street from looking for opportunities in the nation.

The Wall Street Journal recently claimed that India is one of the few markets that “can hold a candle to the red-hot Nasdaq.”

JPMorgan also plans to add Indian government bonds to its major emerging-market index to attract up to $40 billion in global investments.

TOGETHER WITH MOTLEY FOOL

CEO Says This Could Be Worth 29 Nvidias

This could be the #1 Investment of the 2020s.

Former President Donald Trump appeared on the All In Podcast this past week. The entire interview is worth listening to, we hope President Joe Biden decides to go on the show as well.

One of the more interesting quotes from Trump was the promise above to “… staple a Green Card to anyone who graduates from ANY college, even 2-yr community colleges.”

ICYMI: US tech layoffs have been really hard on H-1B visa-holders because if companies like Amazon (AMZN), Meta (META), and others aren’t sponsoring well-educated, highly trained, tax-paying employees they have to leave.

So basically, we bring kids to the US, educate them at top colleges, let them work in the US for a year, then kick them out. Meanwhile, something quite different is happening on the southern border. Literally the dumbest system ever.

But we’re done with our rant, so what do you think?

TRIVIA

Last week, we asked: Who co-founded the Quantum Fund and is famous for breaking the Bank of England by shorting the British Pound?

The correct answer was George Soros.

This week’s question…