Elon Returns to Mars

While most Americans spent Memorial Day weekend cleaning grills and trying to remember if Monday was still Monday, Elon Musk took to livestreams where he outlined his Martian ambitions.

SpaceX is set to launch its ninth Starship test flight today. The last two went down in flames — literally — but Musk’s appetite for turning the impossible into tomorrow’s press release remains undiminished.

If nothing else, his Mars plan is a welcome distraction from the inflation happening on this planet.

Wall Street Finds Relief— Unless You’re Apple

Stocks are rebounding today after last week’s bruising, the worst performance for U.S. markets since April. The primary culprit? President Trump’s sudden threat to impose 50% tariffs on EU imports. The announcement on Friday sent investors scrambling and reignited trade war fears.

But after a weekend call with European Commission President Ursula von der Leyen, Trump agreed to delay implementation until July 9. “She said we will rapidly get together and see if we can work something out,” Trump said. European stocks climbed on the news yesterday, while Wall Street took the day off for Memorial Day.

But don’t try telling Apple shareholders it’s “all good.”

The tech titan has dropped 8% so far in May, according to FactSet, making it the lone “Magnificent Seven” member in the red. Tariffs or no tariffs, Apple appears to be a political target — and the market knows it.

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AI Bloodbath Coming on June 1st?

If you have any money in the markets, especially in AI stocks, you need to see the details on Elon Musk’s new invention. According to legendary billion-dollar former hedge fund manager Enrique Abeyta, it’s about to trigger a $2.2 trillion disruption in the AI market over the next 12 months. Which could send many popular AI stocks crashing, including Nvidia, starting as soon as June 1st. Click here to see the details and learn how to prepare.

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China’s EV “Rat Race” Gets Uglier

In China, the EV boom is turning into an all-out price war. BYD, the country’s largest electric carmaker, announced major discounts last week — slashing prices on 22 models by up to 34%. Investors responded with alarm, sending BYD shares down over 8% and dragging other EV stocks with them. China’s National Development and Reform Commission stepped in to label the cuts a “rat race” that threatens to drag down the entire sector. What was once a growth engine is now looking more like a bonfire fueled by desperation.

Trump’s Long Weekend: Nukes, Science, and Now… Harvard

President Trump returned from the holiday weekend with a stack of executive orders and a fresh set of enemies. First came the revival of U.S. nuclear energy. The new order reforms the Department of Energy’s R&D, accelerates testing at national labs, and kicks off a pilot construction program.

Interior Secretary Doug Burgum said the U.S. had “stagnated” and “choked” its nuclear progress with regulation. Defense Secretary Pete Hegseth added, “We’re going to have the lights on and AI operating when others are not.”

Then came the “Gold Standard Science” order, aimed at depoliticizing government-funded research. The EO defines acceptable research as reproducible, transparent, falsifiable, and peer-reviewed —essentially a jab at the pandemic-era medical establishment.

A senior White House official blamed “woke DEI initiatives,” unreplicated studies, and political edits from teachers’ unions for eroding public trust. Dr. Anthony Fauci was singled out for his role in COVID-era messaging, which the administration claims led to widespread distrust in federal health guidance.

To round it out, Trump announced on Truth Social that he’s “considering” redistributing $3 billion in frozen federal grant money from Harvard to trade schools across the country. “What a great investment that would be for the USA, and so badly needed!!!” he wrote. Harvard, already suing the administration over blocked funds and limits on enrolling foreign students, declined to comment.

Student Loan Chaos and the Great Credit Score Collapse

The hangover from pandemic-era student loan deferrals has officially arrived. In the first quarter of 2025 alone, over 5.6 million borrowers had their loans newly marked as delinquent.

Of those, 2.2 million saw their credit scores fall by more than 100 points, and 1 million borrowers dropped by over 150 points, according to the New York Fed. That kind of drop is typically seen after a personal bankruptcy.

The reason for the mass downgrades is a technical one with massive consequences.

Although the repayment pause ended in 2023, unpaid loans only resumed being reported to credit bureaus in late 2024. Now, in May 2025, the Trump administration has begun sending overdue loans to collections. The collateral damage?

In February, the overall U.S. average credit score fell, and Morgan Stanley estimates that resumed loan payments will shave 0.1 percentage point off GDP this year.

Altman and Ive Try to Out-Invent the iPhone

OpenAI’s Sam Altman is teaming up with legendary Apple designer Jony Ive to invent something that isn’t a phone, isn’t glasses, and — if you believe the buzz — might just reshape how we interact with AI.

OpenAI shelled out $6.5 billion in equity to acquire Ive’s year-old firm io. The duo has told staff they’re building an ambient, ever-aware AI “companion” that could sit in your pocket or on your desk, using microphones and cameras (but no screen) to interact with you seamlessly. They’ve explicitly said it’s not an iPhone replacement, but rather a new third device that complements the phone and laptop.

Rumors are swirling. Analyst Ming-Chi Kuo believes the device may resemble a modernized iPod Shuffle, designed to be worn like a pendant. Others online are dreaming up desks or wearable pucks, with some going so far as to joke that it might be a sentient vape pen.

Altman says he wants to ship 100 million units faster than any company has ever hit that number. It’s a moonshot, but given OpenAI’s trajectory — and the trail of failed AI gadgets — it’s also a tightrope walk over a graveyard.

Altman is also on record as saying that he believes that, because of AI efficiencies, we’re only years away from history’s first “one-man billion-dollar company.”

Nvidia Anchors Earnings Week as AI Test Continues

The final big week of earnings season is here, and all eyes are on Nvidia. The $3.2 trillion juggernaut may not be hitting 300% growth anymore, but investors will be watching closely on Wednesday for signs that the AI rally still has legs.

Salesforce, Best Buy, Costco, and Dick’s Sporting Goods are also on deck, and on Friday, the Fed’s preferred inflation gauge — the PCE Price Index — will be released.

It’s a packed calendar, and a delicate one. Investors want growth, but not too much inflation. And they want AI gains without AI exhaustion. Good luck.

If there’s a theme tying together today’s news nuggets — from Musk’s Martian fantasies to Altman’s ambient AI, to tariff pauses to frozen grants — it’s this: the “system” is being shaken, reformed, and in some places, replaced.

It’s entertaining if you let it be.

But it’s also true that, if we’re not vigilant, a new phase of financial repression is also nigh –  where the cost of policy mistakes gets passed on through student loan collections, suppressed interest rates, frozen grants, and capital redirected by political fiat.

Whether you’ve got a few funds, some real estate, a business or a parent trying to plan for college, this much is clear: managing your pile takes vigilance and thick skin. We’re here for you.

~Addison

P.S. Our Trump’s Great Reset research is now available. It dives deep into the administration’s executive maneuvers, outlines the growing risks of monetary and academic upheaval, and provides a strategy map for navigating this next chapter. You’ll want to give the research a quick review, here.

Your thoughts? Please send them here: addison@greyswanfraternity.com