Elon Musk is the richest man in history. With great wealth comes great power and influence. How wisely is Musk wielding that power? Switching off Starlink in Ukraine, threatening Europe with “devastating consequences” on satellite broadband, and whatever deals he doing on the regulation of his companies all beg closer examination. He raises questions about his accountability, and whose interests he serves.

Ukraine was stabbed in the back yesterday. Its defenders found their access to Starshield and Intel on incoming missile strikes suddenly blocked. Trump is saying nothing – but it's increasingly clear the orders came from POTUS. Trump is furious that Zelensky refuses to surrender Ukraine to his good chum Putin. It represents a new nadir of the Trump presidency.

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.

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.

Trump has hit the global economy with extreme force and a blizzard of confusion that’s working well for him as his domestic popularity rockets. JD Vance delivered a clear message to Europe yesterday – our way or no way. But ultimately, what is the real power dynamic in the USA? Clue: it’s not Musk. The answer may be Peter Thiel and his fascination with JRR Tolkien.

Questions, questions, everywhere this morning! Bitcoin has staged a spectacular rally since the US election. I am assured - by crypto-shills - this makes it a proper financial asset. Oh, here was me thinking it was money. Nope. It’s an asset. Really? Also, a podcast on why Musk should buy Boeing. And what does the new US defence secretary likely mean for the US military and the future of NATO-CANZUS.

Today is Halloween, when the lines between this world and others, the past and future, alternative timelines and other realities, cross and oft merge into each other.. at least according to Celtic legend. This morning it just so happens a Morning Porridge from October 2026 has crossed the divide and snuck into my inbox….