So much to worry about. Stop. Why bother? What’s not to like about short-term markets. Nvidia is selling more and more and more chips, SpaceX half-circumnavigated the planet, and US Treasuries care not a jot about Fed Independence. Give me another puff of whatever these guys are smoking!

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.

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.

The market is full of noise, but the facts are more important. The data suggests slowdown is coming. The noise is getting louder as doubts around spending, bonds, inflation and economic slowdown mount. And to cap it all, a fight between Elon Musk and Donald Trump could massively destabilise US Politics.

The fact the US is almost certain to be plunged into a unresolvable recession by the summer, doesn’t mean Trump will be pressured into recanting his economic heresies. Maga voters look likely to double down on him! Meaning an even deeper problems for US firms trying to retain the illusion of their current inflated valuations.

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.

Elon Musk is an extraordinary character. His successes are multiple. Now he has taken up battle against US Debt – putting him into new direct conflict with the establishment. While markets continue to support him there are concerns he is too thinly spread. That is not the problem – the risk is Tesla is overpriced, vulnerable and if it tumbles… what might follow? History shows when overblown confidence snaps… there is seldom a swift recovery.

Markets tend towards complacency – especially while there is lots of “stuff” going on… The current noise, much of it Trump generated, is hiding lessons and danger points! How long will markets keep up their positive vibe, blithely ignoring just how much the foundations of the global economy are shifting?

It’s going to take some while for markets to figure out the consequences and implications of DeepSeek on the AI narrative, including how much false value has been factored into US stocks in particular. What will be the next no see-um remains the eternal question for markets!

This has been a massive week for the expanding Space Economy. New launches from Blue Origin (6/10) and Space X (3/10), plus the UK set to fire up a rocket from Shetland! It’s a serious and difficult sector – and it’s going to become increasing competitive. Everyone is betting on Space X, bit is it froth over content?