Are we about to have an Emperor’s New Clothes moment and a return to sane valuations? The Tech markets create enormous real value and growth across economies, but like every other bubble in financial history they are hyped to high heaven. In the short run there is money to be made playing the game. In the long run; what is real and what is not matters. The trick is to exit the short-term game before the long run outcomes are apparent to everyone.

Past performance is not a guide to the future. Tesla trades on a massive PE because folk believe Elon Musk will repeat his success in EVs across AI, Capacitance, Robotaxis, Autonomous Driving and Robotics. But hype, showmanship, undelivered promises and increasing competition are leaving his ventures in the literal rear-view mirror.

Hype and reality seldom mix. Elon Musk is the exception that proves the rule. The Space X IPO is set to make him the first trillionaire – but what if Competition is already eating his lunch in space-based datacentres before he’s even looked at the menu? In the Tortoise vs the Hare space race – will Jeff Bezos emerge the winner?

Gold has taken a bit of a tumble – but is the correction a buying opportunity? While the UK feels increasing glum ahead of the few choices in the November Budget, Elon Musk is confident on his demands for a $1 trillion upside bonus. They are illustrations of the contrast between hype, speculation and downside manipulation.

Three risks for markets to fathom this morning: What Tesla the Meme-stock means for the Mag7, how AI risks are multiplying, and what doing a course on AI revealed about its’ true purpose.

Ozzy Osbourne was an unlikely Prince of Darkness… but who’s US President? The “Trade Agreement” with Japan is a massive pre-emptive strike opportunity for Japanese Automakers. Will it benefit US Manufacturing? No way! And don’t forget your “Bullsh*t Bingo Card” for tonight’s Tesla numbers.

The collapse of the Musk/Trump bromance surprised no one. But the speed at which its unravelling raises massive distraction risks to further challenge the myth of American exceptionalism. While Musk may still be the world’s richest man – Trump could well shatter his companies. Tesla is already a busted flush, and crisis in the Starship programme at Space X could end the Musk Myth completely.

What will the American mega-stocks be worth tomorrow? What will they be worth when Asian markets are larger, more competitive and more open, and Europe is closed to them? The Age of Trump has catalysed the end of the Age of American Exceptionalism. Apple and Telsa provide scenarios on how it all may come about.

What’s not to like as the sun rises on a beautiful spring morning? Well… As the UK watches its public infrastructure tumble into wrack and ruin as a result of privatisation and financialisation, the USA is excited Elon Musk is doing such a great job at DOGE saving their tax-dollars. They might want to avoid a look at the shaky edifice of Musk’s tech empire as its core, Tesla, increasingly looks a hollow sham.

The Trump Presidency is not short of surprises. It will generate all kinds of consequences. The first is we’re approaching Peak-Musk. Expect to see the battle between Musk and Sam Altman of OpenAI get brutal. That Trump is transactional is no surprise, but how will supporters consider his meme-coin monetisation of power?