Saxo Market Call

Latest Episodes:

Snowflake rips, Gold at critical levels. May 28, 2026

Show notes

Today, we note the very different outcomes for the two admittedly very different software names Salesforce and Snowflake as both reported earnings after the close yesterday. Elsewhere, insane volatility for Marvell in yesterday's session ahead of its own earnings report after the close - are the wheels coming off a bit here for chip names. Also, Gold needs to take a stand here or else, plenty on macro and FX and more on today's pod, which is hosted by Saxo Global Head of Macro Strategy John J. Hardy.

Links

Michael Burry points out that VC has gone whole hog in AI, similar to the situation in 2000 with TMT bubble.
Acquired put out a four-hour episode on the fascinating history and phenomenon that is Ferrari - these guys are great.
FT with an exclusive on Ukraine turning the tables in its war with Russia - amazing innovation and rates of production for their at least partially homegrown tech.
Stratechery with a brief discussion (paywall) of the SpaceX IPO, both quite dismissive in some ways, but also surprisingly supportive of the idea that space-based data centres could be a thing.

About twice per week (in normal times, hopefully soon to resume), you will find links discussed on the podcast and a chart-of-the-day over at the John J. Hardy substack.

Read daily in-depth market updates from the Saxo Market Call and the Saxo Strategy Team here.

Please reach out to us at marketcall@saxobank.com for feedback and questions.

Click here to open an account with Saxo.

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Memory mania or just catching up with fundamentals? May 27, 2026

Show notes

Today's John J. Hardy substack (and yes, embarrassing bad math from your host in today's podcast)

Today, we try to keep observations balanced as we observe the latest race higher in memory chip makers after a big bank posted a jaw-dropping price target for Micron. This helped pull the broader market higher, as did the recent drop in crude oil prices. Elsewhere, we look at Ferrari's stumble with its new EV, note today's important earnings calendar, break down the latest in macro and FX and much more. Today's pod is hosted by Saxo Global Head of Macro Strategy John J. Hardy.

Links discussed on today's podcast and our Chart of the Day can be found on the John J. Hardy substack (within two to four hours from the time of the podcast release).

Read daily in-depth market updates from the Saxo Market Call and the Saxo Strategy Team here.

Please reach out to us at marketcall@saxobank.com for feedback and questions.

Click here to open an account with Saxo.

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Solace for quantum investors as long weekend awaits May 22, 2026

Show notes

Today, a look at quantum computing stocks getting a big bump on public investments in the space in the US. Elsewhere, it remains all about AI stocks pumping higher, while one notable software-as-a-service (Saas) name was the S&P 500 index's worst performer yesterday. Interesting earnings reports are up next week on both the chip and the SaaS front. Also, some more macro and FX observations and concerns that we are none the wiser on the Iran War ahead of a long weekend for US markets. Today's pod is hosted by Saxo Global Head of Macro Strategy John J. Hardy.

Links

Blonde Money is worth a follow, particularly recently on the UK political situation.
Passive investing might blow up the stock market once it has become too dominant, at least according to models. The discussion is rambling, but some great nuggets in there.
The valuation maestro Aswath Damodaran puts together the case for a SpaceX valuation of USD 1.2 trillion.
Nasdaq bending over backwards to secure the SpaceX listing will guarantee enormous passive allocations to the company very early on, whatever its general level of financial success.
Peter Garnry of Gesda Capital has his own assessment of SpaceX after the drop of its pre-IPO S-1 filings. Worth a read.
And the public domain shy Albert Edwards made an appearance on the Odd Lots podcast, talking the risk of double-digit inflation and the general mayhem that he often sees right around the corner. Always worth listening to, if not for any well-timed market call.

About twice per week (in normal times, hopefully soon to resume), you will find links discussed on the podcast and a chart-of-the-day over at the John J. Hardy substack.

Read daily in-depth market updates from the Saxo Market Call and the Saxo Strategy Team here.

Please reach out to us at marketcall@saxobank.com for feedback and questions.

Click here to open an account with Saxo.

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Nvidia earnings a damp squib as something else is blotting out the sun. May 21, 2026

Show notes

Today, the prospect of perhaps the most anticipated IPO ever is overwhelming the market's interest in processing Nvidia's latest earnings report, which checked all of the boxes, but no more. Elsewhere, the latest headline risks from the Iran war are pointing in the right direction, but pointing isn't enough - we need a deal to bring more profound relief to bond markets and perhaps as well to keep the USD bull at bay. Important trading day tomorrow ahead of the long Memorial Day weekend in the US. Today's podcast hosted by Saxo Global Head of Macro Strategy John J. Hardy.

Links

Saxo Head of Commodity Strategy Ole Hansen brings key perspective on the latest US oil and product inventories report.
There is a risk that the age of agentic AI and Ad-supported LLM's could put the interests of the Ad-buyers way ahead of those of the end-users. Worth considering the potential conflicts of interest.
Jeremy Grantham's GMO wrote back in January that if at least two of the "big three" potential IPOs happened this year, it could represent a risk to the broader market.

About twice per week (in normal times, hopefully soon to resume), you will find links discussed on the podcast and a chart-of-the-day over at the John J. Hardy substack.

Read daily in-depth market updates from the Saxo Market Call and the Saxo Strategy Team here.

Please reach out to us at marketcall@saxobank.com for feedback and questions.

Click here to open an account with Saxo.

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Pivotal days for tech and AI stocks, FX and rates May 20, 2026

Show notes

Today, markets are looking pivotal across the board ahead of the single biggest earnings report of the quarter as Nvidia reports after the market close today. Is the AI chip focus shifting a bit more toward inference and away from GPU's? Meanwhile, in the background, US and global yields have pressurized focus on broader equity market valuations and even FX is trying to come a bit more alive here on the rates focus. And that's all without considering the ongoing headline risk from the Hormuz Strait and Iran war. This and more on today's pod, which is hosted by Saxo Global Head of Macro Strategy John J. Hardy.

Links

A radically new commercial and military airplane concept, the JetZero Z4 is getting serious funding for actual production and is set to break ground on a production facility next month.
AI radio stations, DJ and all - listen at your own risk, listeners, or rather, biological processors. A very funny and fascinating experiment pitting four of the top LLM's against one another.
WSJ covers the declining popularity of AI in the US- a slight clash with the scale of growth currently priced, no?
WSJ with another piece, this once on US juries and rising lack of trust in the US justice system as well as the points of view of others on the jury. The implications of the "post-truth" society we live in - how can institutions every find renewed trust?
Molten lead nuclear reactors coming to Sweden? It's not as crazy as it sounds. There is even an Oklo angle with this Swedish company Blykalla.

About twice per week, you will find links discussed on the podcast and a chart-of-the-day over at the John J. Hardy substack.

Read daily in-depth market updates from the Saxo Market Call and the Saxo Strategy Team here.

Please reach out to us at marketcall@saxobank.com for feedback and questions.

Click here to open an account with Saxo.

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Which vehicle does the Musk cult choose post SpaceX IPO? May 19, 2026

Show notes

Today, a look at markets that are - and should remain - a bit nervous given the big push higher in global yields of late. Up ahead, we have some huge tests for this market, including Nvidia's earnings report Wednesday, a critical Starship launch pre-SpaceX IPO. And once SpaceX does IPO, how will that impact Tesla shares as the Musk faithful will suddenly have two vehicles to choose from. Also, the USD surge, sterling comeback, other earnings ahead and more on today's pod, which is hosted by Saxo Global Head of Macro Strategy John J. Hardy.

Links

Bloomberg covers Meta's insane USD 200 billion data center
A writer on Medium.com (paywall) questions whether SpaceX's Starship is a white elephant after Reuters reported the company has already sunk USD 15 billion into the project.
And once SpaceX IPO's, what will it mean for Tesla share holders as the Musk faithful suddenly have two vehicles into which to sink their life savings?
Saxo's own Charu Chanana covers the latest Berkshire 13F filings tracking their Q1 additions and reductions from their portfolio.

About twice per week, you will find links discussed on the podcast and a chart-of-the-day over at the John J. Hardy substack.

Read daily in-depth market updates from the Saxo Market Call and the Saxo Strategy Team here.

Please reach out to us at marketcall@saxobank.com for feedback and questions.

Click here to open an account with Saxo.

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Global bond yields are the captain now. May 19, 2026

Show notes

Today, a look at global bond yields setting the agenda across markets, the "nothingburger" Xi-Trump summit failing to make waves, the king of earnings reports coming in this week in the form of Nvidia's call after the close on Wednesday, a look at key macro and FX developments and much more. Today's pod hosted by Saxo Global Head of Macro Strategy John J. Hardy

Links

Bloomberg article says power prices are spiraling higher in the US' largest electric grid due to data center demand
FTAlphaville says that China is not Japan, but "its real estate market has been doing a darn good impression."
Mike Green was on Macrovoices, talking passive investing, lack of inflation risks and potential for Fed cuts surprisingly soon.

About twice per week, you will find links discussed on the podcast and a chart-of-the-day over at the John J. Hardy substack.

Read daily in-depth market updates from the Saxo Market Call and the Saxo Strategy Team here.

Please reach out to us at marketcall@saxobank.com for feedback and questions.

Click here to open an account with Saxo.

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Dip bought as Jensen Huang joins Trump in China. Also: oil, gold and wheat. May 13, 2026

Show notes

Today, a rundown of the market largely springing quickly back from a vicious semi-conductor sell-off ahead of critical potential incoming news as Jensen Huang is set to join Trump in Beijing as we await the outcome of the Trump-Xi summit. Is a deal afoot on semis and more? Also, Saxo Head of Commodity Strategy Ole Hansen on the outlook for oil, interesting signs of precious metals resilience given the backdrop, what is driving the big pop in wheat prices and more. Today's pod is hosted by Saxo Global Head of Macro Strategy John J. Hardy.

Links

George (not Thomas) Friedmann talks geopolitical situation, particularly Russia, US-China summit.
Bloomberg exclusive on China's massive hidden debt piles.
A brief and brutal assessment of why the UK can't get its economy back to the way it used to be, because things simply aren't the way they used to be.
A hedge fund manager on why he steers clear of tech stocks.

About twice per week, you will find links discussed on the podcast and a chart-of-the-day over at the John J. Hardy substack.

Read daily in-depth market updates from the Saxo Market Call and the Saxo Strategy Team here.

Please reach out to us at marketcall@saxobank.com for feedback and questions.

Click here to open an account with Saxo.

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Korean politician pops the chip vibe. Sterling under pressure. May 12, 2026

Show notes

Today - a Korean politician sparked enormous volatility in the key chip names there on suggesting the idea of a "citizens' dividend" to be extracted from the companies' enormous profits. It's an important test of the chip space after the recent parabolic run-up in key names. Also, the lack of progress in the US and Iran re-opening the Hormuz Strait has the US dollar pushing higher on higher oil prices ahead of the US April CPI release. Elsewhere, sterling is under mounting pressure from political uncertainty as Gilts also suffer. This and more on today's pod, which is hosted by Saxo Global Head of Macro Strategy John J. Hardy.

About twice per week, you will find links discussed on the podcast and a chart-of-the-day over at the John J. Hardy substack.

Read daily in-depth market updates from the Saxo Market Call and the Saxo Strategy Team here.

Please reach out to us at marketcall@saxobank.com for feedback and questions.

Click here to open an account with Saxo.

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Trump-Xi summit an historical moment. Also, an exquisitely timed IPO on deck. May 11, 2026

Show notes

Today, a look at the massive further ramping in the hottest AI-adjacent hardware names on Friday, although it was a former SaaS victim that rallied hardest in an ironic twist. Elsewhere, we note one of the more exquisitely timed AI-related IPOs set for this Thursday, while we await the historical moment of this week's Trump-Xi summit and the titanic stakes. This and more on today's pod, which is hosted by Saxo Global Head of Macro Strategy John J. Hardy.

Today's links:

Been reading Chokepoints as I have previously noted - a critical book for understanding the leverage that economic (and financial) chokepoints provide, and an important work in light of the heavily intertwined US and Chinese economies.
An excellent Deutsche research piece on the "return of history" as gold is set to become a potentially dominant presence in global central bank reserves.
And as noted, the Back Mechanic, a book kindly recommended to me by a podcast listener on getting your back in shape and avoiding the kind of trauma I am currently suffering with a herniated disk.

About twice per week, you will find links discussed on the podcast and a chart-of-the-day over at the John J. Hardy substack.

Read daily in-depth market updates from the Saxo Market Call and the Saxo Strategy Team here.

Please reach out to us at marketcall@saxobank.com for feedback and questions.

Click here to open an account with Saxo.

Intro music by AShamaluevMusic