Every summer, I answer questions from the Eye on the Market client mailbag. Here’s this year’s version:

• Why is there such a long backlog for natural gas turbines, and do their higher prices make solar+storage comparable economically as a form of baseload power?
• Is China constraining exports of rare earths to the US and why did the DoD invest in MP Materials?
• What are you seeing these days regarding the YUCs, the MEGAs and US equity market valuations?
• What would be the real-world implications of a relaxation in certain US bank capital regulations?
• What do you make of Apple’s paper citing the problems that reasoning models currently face?
• What’s the latest on tariffs and unforeseen consequences?
• Charles Gave wrote that the US dollar is no longer the world’s reserve currency. What’s your view?
• Do JP Morgan’s blockchain projects argue for building positions in Ethereum?
• What do you make of Sam Altman’s comments on fraud risk from voice authentication cloning?
• Where are your next fishing trips?

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