This week’s episode of the Money Stuff podcast is out now, in which Katie and I discuss cheap artificial intelligence as a macro event, distillation as poetic justice, sweet X debt, sweet xAI collateral, Elon Musk buying TikTok, politically exposed persons, dark pools, hedge funds who don’t like high-frequency traders, populist market structure and double levered Melania coin ETFs. You can listen to this week’s episode here:

You can get Money Stuff: The Podcast at Apple, Spotify or wherever you get your podcasts. We’d love your feedback. You can email us at moneypod@bloomberg.net.