It's in your mortgage.

The 30-year Treasury touched 5.32% this week — a 19-year high — dragging the average 30-year fixed mortgage to ~6.7%, near a 13-month peak. That's not an abstract bond move; it's hundreds more a month on a median mortgage, and it's freezing inventory as owners refuse to give up cheaper loans. The lock-in effect is quietly becoming the economy's biggest bottleneck.

Nvidia posts Q2 earnings after the close today, with consensus around $92B in revenue and $2.09 EPS — roughly 95% growth. But the stock is up just ~13% this year and expectations are sky-high, so a beat may not be enough. The entire AI complex reprices on this one print.

Fed Chair Kevin Warsh gives his debut Jackson Hole keynote Friday, and he's already stripped forward guidance from the Fed's statements. With inflation stuck at 3.4% and a neutral tone priced in, it's the surprise that moves markets — potentially 2–3% on the indices.

Jensen Huang met the founder of Rebellions, a South Korean AI inference-chip maker, this week; talks range from investment to acquisition. It's the same balance-sheet playbook as last issue — Nvidia wiring its own supply and demand together so the ecosystem can't fail without taking Nvidia with it.

BTC crossed $80,000 for the first time since May, capping a ~25% week, with ETH and SOL riding along. It's a violent short-squeeze rally straight into a wall of macro catalysts — crypto is trading as a pure risk asset, not a hedge, so Nvidia and the Fed could end the party fast.

A jury found Instagram and Facebook were designed to be addictive to teenagers — a verdict plaintiffs say could reshape how every platform builds feeds and notifications. The design-liability precedent is the real story; it puts every engagement-maximizing product on notice.

OpenAI and Anthropic together took ~43% of all venture dollars in Q2, with AI capturing over 70% of the $510B raised in H1. Capital is concentrating into a handful of names — the same fragility that lets a single Nvidia miss reprice everything.