0:12
How to collect your NFC access bracelet + key info ⚠️
NFC Summit 2026 kicks off tomorrow at the Unicorn Factory Lisboa. The event runs from June 4 to June 6, with doors opening at 9 AM on the first day. Arrive early to catch the opening sessions and make the most of the three‑day festival.
Your entry requires the Eventbrite ticket with its QR code. If you can’t locate the ticket, search your email for “eventbrite.” Bring the ticket to the registration desk, which is at Entrance 4 near Duro de Marta. Make sure you head to Entrance 4, as other entrances may not have staff to check you in.
The registration desk will hand you the NFC access bracelet you’ll need to move around the venue. A floor map is available to help you find the desk, stages, exhibition areas, side events, and other key locations within the venue.
NFC Summit is the world’s first Web3 pop‑culture festival, now in its fourth edition. Stay tuned for more announcements as the event unfolds.
1:09
And this is a wrap for Day 1 at NFC Summit ! 🥁
Day 1 of the NFC Summit 2026 transformed Lisbon’s Unicorn Factory into a sprawling art hub, spanning four floors from the Grand Hall down to an AI‑filled basement cave. The central plaza debuted Dmitri Cherniak’s massive LED triptych, while container galleries, tunnel murals, and solo shows filled every corner, with artists mingling directly beside their work.
OpenSea returned with two fresh creators: Efdot showcased new pieces from his GLiFS project, now mintable on the platform, and Jiwa previewed early outputs for “Art is Capital.” Meanwhile, MASNAH painted a striking mural of XCOPY’s “The Doomed” near the plaza, quickly becoming one of the day’s most photographed moments.
MeWe announced its new Watch Feed, a short‑form vertical video experience that runs without tracking, data harvesting, or engagement‑bait algorithms. The rollout began globally on iOS and Android, promising community‑driven content discovery and full creator control over privacy.
The program also featured ETERNO’s Parallel Terrains exhibition, pairing Vhils and BOLDTRON in explorations of territory through excavation and simulation. Additional highlights included the upcoming Unpermissioned Self / Proof of Being group show, DANAE’s Calculated Skies solo project by Eko33, and a lineup of workshops, crypto‑stamp collaborations, and a “Stablecoin Day” kickoff. Doors opened at 9 am, setting the stage for a multi‑day celebration of Web3 pop culture.
2:34
Morningstar Just Issued The Most Bearish SpaceX Valuation Yet
Morningstar’s latest analysis slashes the projected market value for SpaceX, marking its most pessimistic estimate to date. The firm now pegs the company’s worth at roughly $100 billion, a steep drop from earlier forecasts that hovered near $150 billion. The downgrade stems from a more cautious cash‑flow model that applies higher discount rates, tighter assumptions on Starlink subscriber growth, and a heavier weighting of operational risks such as launch‑pad competition and regulatory scrutiny.
The revised valuation also reflects growing skepticism that SpaceX’s lofty ambitions—ranging from global broadband to Mars colonization—can translate into near‑term earnings. Morningstar points to the firm’s massive cash burn, the capital‑intensive nature of its launch fleet, and the uncertainty surrounding the profitability of its satellite internet business. By contrast, earlier estimates leaned heavily on the “founder worship” surrounding Elon Musk and the broader hype surrounding AI‑enabled space technology.
Analysts see the downgrade as a bellwether for the upcoming IPO, which many view as a litmus test for the AI‑driven bull market that has lifted valuations across tech. If SpaceX’s shares debut near Morningstar’s lower range, it could signal that investors are beginning to temper expectations for speculative, future‑oriented companies. Conversely, a pricing above the firm’s estimate would reinforce the notion that the market remains willing to pay premium multiples for visionary projects.
Overall, Morningstar’s bearish stance underscores the tension between SpaceX’s visionary roadmap and the practical financial realities of turning that vision into cash. The valuation shift adds a new data point for investors watching the IPO, suggesting that the market may be approaching a more measured view of the company’s long‑term growth potential.
4:25
Lest We Forget, Private Credit Is Still Imploding
Investors have been overlooking a growing list of warning signs in the economy and financial markets. Michael Saylor is offloading bitcoin to fund an 11.5 % dividend on preferred stock, while hype around SpaceX’s upcoming IPO is already echoing the kind of excitement that typically precedes market peaks. The Federal Reserve remains stuck between stubborn inflation and an equity market that still appears significantly overvalued, leaving consumers exhausted, heavily indebted and unable to sustain another round of speculative excess.
At the same time, the bond market is sounding the alarm. Long‑term Treasury yields keep climbing, and each Treasury auction is drawing close scrutiny. Bond investors are demanding higher compensation for risk, a demand that stock investors seem to ignore, suggesting a widening gap between the two asset classes.
The author has spent the past year tracking what he believes is an implosion in the private credit sector. Recent developments—two major events that unfolded last night—indicate that the stress is not only persisting but also beginning to spill over into broader private‑market segments.
Taken together, these signals point to a market environment where rising yields, strained consumer finances, and a faltering private‑credit landscape could converge, raising the risk of broader financial turbulence.
5:46
Walking Away
The author explains why he is stepping away from active trading after years of short‑selling, fraud investigations and macro analysis. He realized that being fundamentally correct often does not translate into profits because execution, timing and market dynamics can defeat even the best ideas. Over time he found his strength lies in spotting themes and communicating them, not in squeezing trades, and his recent stock watchlist is already outperforming the broad market.
He describes modern markets as a relentless, high‑speed betting arena where options, crypto leverage and 24‑hour trading turn every event into a wager. This environment fuels constant dopamine chasing and makes it easy to mistake activity for productivity. By reducing screen time, trading, and focusing on reading and thinking, he discovered that clarity and good ideas emerge when the mind is given space, not when it is glued to a ticker.
The piece also introduces the “Permanent Distortion Theory,” arguing that historical valuation relationships and liquidity patterns no longer hold in a world dominated by passive investing, central‑bank interventions and mechanical price moves from options activity. As a result, traditional fundamental analysis is harder to translate into returns, and many active managers struggle because market flows and momentum now outweigh pure value signals.
Ultimately, the author’s message is that markets are important but not life‑defining. He urges investors to prioritize health, relationships and peace of mind, and to remember that sometimes the most profitable decision is to do nothing at all.
7:20
Concerning Interest In Redefining “Inflation”
Kevin Warsh’s upcoming role as Federal Reserve chair is drawing attention because, during his confirmation hearing, he said the Fed should base policy on core or trimmed‑mean inflation numbers rather than the headline CPI. That preference matters because it signals a willingness to ignore the most volatile components of price data—food, energy and other outliers—when judging how much price pressure exists in the economy.
The article argues that the original meaning of “inflation” was simply the increase in the money supply, which inevitably raises prices across the board. Over time, mainstream economists have redefined inflation as a vague, all‑encompassing rise in prices, obscuring the fact that only monetary expansion can lift the general price level. Even supply shocks, the piece claims, merely shift prices between sectors unless the money supply is also growing.
Measuring price inflation, however, is inherently problematic. Indexes like the CPI or PCE rely on arbitrary choices about which goods to track, how to weight them, and how to adjust for quality changes. Small tweaks to those assumptions can produce noticeably different inflation rates. To smooth out volatility, analysts often strip out food and energy (core inflation) or, as Warsh suggests, discard the most extreme price movements altogether—a trimmed‑mean approach.
The author warns that emphasizing trimmed figures can downplay the real economic pain caused by policy‑driven price increases, making it easier for policymakers to justify further money creation. While geopolitical events and pandemic‑related disruptions also push prices up, the piece maintains those spikes are not true inflation but still hurt consumers. Warsh’s focus on trimmed indexes, therefore, is seen as a political move that could mask the underlying monetary cause of rising costs and pave the way for additional printing of money.
9:12
This SpaceX Pump Just Keeps Getting Uglier
The upcoming SpaceX public offering has become a litmus test for the health of the AI‑driven bull market, with investors treating the launch as a barometer of broader market sentiment. Early commentary warned that the company’s pricing was already aggressive, suggesting that the IPO could signal how much runway remains for the current rally.
Since that warning, fresh data has only deepened concerns. Recent filings and insider reports reveal that the valuation being floated for SpaceX is far out of step with comparable aerospace and technology firms, implying a price that may be unsustainable once the shares hit the market. Analysts point to the gap between projected revenues and the lofty market cap as a red flag that the hype is outpacing fundamentals.
The disconnect has sparked a wave of criticism across financial circles, with many likening the situation to a “pump” that’s spiraling out of control. Critics argue that the hype surrounding SpaceX’s brand and Elon Musk’s reputation is inflating expectations, while the underlying financials tell a more modest story. This mismatch is prompting investors to reassess the risk of jumping into an IPO that could quickly lose momentum.
If the offering proceeds at the current price, it could set a precedent for overvalued tech listings, potentially shaking confidence in other high‑growth IPOs. Conversely, a pullback or price correction might serve as an early warning that the AI‑fueled market rally is losing steam. Either outcome will likely reverberate through the broader market, making the SpaceX IPO a pivotal moment for traders and analysts alike.
10:48
Weekly Jobs Update – 04 June, 2026
This week’s roundup showcases a flood of blockchain and crypto openings, with most positions fully remote and a handful in major hubs like New York, London, and Singapore. Companies ranging from early‑stage startups to established players are hiring across the spectrum: sales directors, product managers, marketing specialists, and a host of engineering roles including backend, frontend, DevOps, security, and low‑level C++ blockchain development. Finance‑focused jobs are also plentiful, from financial controllers and risk analysts to quantitative traders and loan originators, many of which target the growing institutional crypto market.
Wintermute dominates the list with dozens of roles, spanning business development, partnership management, compliance, and a deep bench of quantitative and engineering talent in London, New York, and Singapore. Other notable employers include Ethena Labs, Risk Labs, and 0x, each offering senior and staff‑level positions in areas like DeFi security, data engineering, and platform engineering. Remote‑first firms such as AtlasOra, Monorail, and Stratosphere provide product, growth, and creative opportunities, while traditional crypto‑centric firms like Coinbase, Circle, and Ledger add senior design, legal, and compliance openings.
The spotlight this week falls on 0x, a developer‑API platform that powers tokenized trading across decentralized applications. Since its 2017 launch, 0x has facilitated over $140 billion in trade volume and supports major wallets and DeFi dashboards. Backed by Greylock, Pantera, and Jump Crypto, the company emphasizes code quality, continuous learning, and building the infrastructure for a tokenized world, inviting talent to join its mission of free value flow.
Overall, the market signals strong demand for versatile crypto professionals, especially those comfortable with remote collaboration and a fast‑moving DeFi landscape. Whether you’re a seasoned engineer, a finance specialist, or a marketer eager to shape the decentralized future, the current listings offer a wide array of pathways to enter or advance in the blockchain ecosystem.
12:52
SPX Continues To Coil Tight. How Much Longer Until Breakout? June 4 Plan
Last Thursday the E‑mini S&P 500 futures (ES) surged about 120 points, then settled into a tight consolidation as the market digested the move. The rally followed a classic “failed breakdown” pattern, where institutions dump the index hard, trap short sellers, and then buy back at lower levels before the price rebounds. These breakdowns often line up with headline news that provides the liquidity needed for the trap.
From Monday through Thursday the index traded in a narrow band between 7,516 and 7,565, a range that served to capture bearish positions and set up the breakout. When the price finally broke out, it raced up to roughly 7,617 by the open on Sunday, confirming the expected upside move.
A new range has now formed between about 7,574‑7,620. The current task for bullish traders is to test the lower edge of this band, potentially trapping more shorts, before pushing through the resistance. The author’s plan calls for a continuation of the pattern: fill the support, then break out toward the next targets around 7,579, 7,598 and back up to the 7,617 level.
The newsletter will dive deeper into today’s failed breakdowns, explain why the market is coiled for another move, and lay out a concrete trading plan for tomorrow’s session.
14:11
Bulls Bought The SPX Dip As Usual. Is The Bottom In? June 5 Plan
The recent market theme has been buying every dip, no matter how deep or quick, because each pullback ultimately gets snapped up by institutional players. These institutions tend to accumulate during sharp, “elevator‑down” moves that follow a failed breakdown of a previously set low, using the volatility to trap short sellers and then push the price higher.
Over the past week the S&P 500 futures (ES) were stuck in a tight range around 7,574‑7,620. Overnight the market broke down hard to 7,527, creating the classic setup for a failed breakdown. That low acted as a fresh floor, and when the price slipped just below it in the early morning, institutions stepped in, buying the dip and providing liquidity that allowed the market to rebound.
By mid‑morning the floor at 7,527 held, and the price quickly recovered, climbing back above 7,600. The pattern suggests that the institutions have finished their accumulation phase and are now ready to drive the market higher. The next move will likely be a breakout from the recent range, with the upside momentum supported by the recent buying activity.
Tomorrow’s plan focuses on watching for additional failed breakdowns as confirmation of the breakout, then entering long positions on any pullbacks that respect the new support level. The key is to stay aligned with institutional flow, using the dip‑buying strategy that has proven effective in recent weeks.
