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Swan Dive

Nvidia’s Moon Landing Moment

Loading ...Addison Wiggin

July 10, 2025 • 5 minute, 12 second read


CopperDigital CurrencyNvidia

Nvidia’s Moon Landing Moment

Yesterday, a chipmaker became the most valuable company in human history.

Not a car company. Not an oil behemoth. Not even a phone in your pocket.

No, the brains inside the machines took the crown — Nvidia became the first company ever to touch a $4 trillion market cap. Briefly. It closed the day just shy of it, at $3.972 trillion. Still enough to make Steve Jobs roll over in his minimalist grave.

Founded in 1993, Nvidia started out hawking graphics cards to sweaty teenagers gaming in their parents’ basements. Now it powers the core infrastructure of artificial intelligence, autonomous weapons, surveillance systems, and financial prediction models no human trader can beat.

Here’s the climb:

  • $1 trillion – May 2023
  • $2 trillion – Feb 2024
  • $3 trillion – June 2024
  • $4 trillion – Yesterday
  • $5 trillion – Send us your guess. Winner gets bragging rights and a printed copy of this email.

At the start of this year, CEO Jensen Huang looked like he was going to get beat to the $4T mark by Apple, which entered 2025 worth $3.9 trillion. But Huang didn’t just catch up — he threw a wrench in the gears of every analyst’s model.

Despite DeepSeek — a lean Chinese AI challenger — threatening to undercut Nvidia with low-cost, chip-independent models in January… despite tariffs… export controls… and a 37% drop in Nvidia stock by April… Huang is standing on the summit.

The stock’s rallied nearly 74% since April and is up tenfold since early 2023.

The Copper Tariff That Shook the Earth

Your kitchen remodel just became a geopolitical event.

While Nvidia reached the stratosphere, another story spiked straight out of the commodities pits — copper prices logged their biggest one-day jump in history, up 13% to a record $5.69 per pound.

The reason? A single sentence from President Trump.

On Wednesday, he threatened a 50% tariff on copper imports, catching markets off-guard. The bet had been for 25%, and not until the fall. Trump, true to form, jumped the gun.

Now domestic copper trades at a 25% premium over the global benchmark. Copper hoarders are sitting pretty. And if you recently installed copper gutters or pots in your kitchen, congratulations: you now own collectible assets.

The White House says tariffs may begin “end of July, maybe August 1.” Treasury expects tariff revenues to exceed $300 billion this year, up from $6.2 billion just two years ago. For context, that’s the biggest tariff intake since 1934.

But here’s the catch: America imports nearly half its copper, mostly from Chile, Canada, Peru, and Mexico. And ramping up domestic production takes years — maybe decades. Meanwhile, copper is the plumbing of AI and clean energy. If you want a functioning data center, EV, or modern home? You need copper. And you’re about to pay a lot more for it.

Copper stocks like Freeport-McMoRan and Southern Copper are suddenly looking like this cycle’s oil majors. If copper is the new crude, you might want to own the wells.


Leaked: Jobs’ Final Apple Project Exposed

Bloomberg just leaked details of a secret project Steve Jobs set in motion before his death. After more than a decade under wraps, Apple is finally preparing to unleash this breakthrough — one that could reshape a $9 trillion industry overnight. Click for full details.


Speaking of Strategic Metals

The Defense Department announced this morning, they will become the largest shareholder in rare earth miner MP Materials. Cost to Mr. Hegseth? A scant $400 million.

MP Materials owns the only operational rare earth mine in the U.S. at Mountain Pass, California, about 60 miles outside Las Vegas. “Proceeds from the Pentagon investment will be used to expand MP’s rare earths processing capacity and magnet production,” CNBC reported about the investment.

Shares of MP Materials were last up about 50% on the news.

Markets Float Up, FOMC Fizzles, and Trump Targets Brazil

The stock market behaved like a helium balloon tied to a toddler’s wrist — gently drifting higher despite Trump issuing another round of tariff threats, this time targeting Iraq, Libya, Brazil, and five others for good measure.

Brazil’s sin? Prosecuting former president Jair Bolsonaro, which Trump labeled a “witch hunt.” Retaliation: 50% tariffs starting August 1.

Meanwhile, the Fed released minutes from its June meeting, and nobody agrees on anything. Ten members want two or more rate cuts this year. Two want just one. Seven want none at all.

But the market heard “cuts coming eventually” and hit the buy button.

Goldman Sachs to Junior Bankers: Swear Loyalty Quarterly

This is a weird one in the age when AI is threatening jobs on all rungs of the corporate ladder. Goldman Sachs announced yesterday, they will now require junior bankers to certify every three months that they haven’t lined up a job elsewhere.

Why? Private equity firms are poaching kids before they’ve even unpacked their Bloomberg terminals.

Heh.

Good timing for our Grey Swan Live! conversation with Matt Milner (below).

JPMorgan followed Goldman’s lead, threatening to fire any analyst caught accepting a future job offer before serving their full 18-month sentence.

Apollo, surprisingly, opted out of this talent war entirely, announcing they won’t recruit next year’s class at all.

The AI era hasn’t just disrupted truck drivers and radiologists. Even the white-shoe banks are sweating.

Bitcoin Had A Historic Moment of Its Own

Bitcoin broke through $112,000 for the first time. Futures are suggesting the next stop may be $120,000.

Turn Your Images On

In 1969, Americans tuned in to watch a rocket land on the moon.

In 2025, we watched a chipmaker eclipse Exxon, Apple, and the Bank of England combined — and a copper tariff threaten to derail the next phase of the digital economy.

And a digital currency backed by energy sucking algos is challenging the once almighty dollar.

It’s a hell of a time to be an investor. Or a plumber.

~ Addison

P.S. Today’s Grey Swan Live!: Musk’s Private Empire

At 11 A.M. Eastern, I’ll be sitting down with Matt Milner — a rare breed of investor who went from Lehman Brothers to founding and selling companies, and now holds equity in SpaceX and over 50 private firms.

We’ll talk SpaceX, Starlink, xAI… and how Musk’s empire of private ventures may be hiding the biggest investment opportunities of this new economic cycle. Think hundredfold returns — the kind Wall Street doesn’t let you touch.

Watch your inbox for the Zoom link.


Matt Milner: Now You Can Buy SpaceX — Should You?

July 10, 2025 • Addison Wiggin

This new wave of tokenized shares is exciting. It has the potential to break down walls and democratize access to pre-IPO giants.

But at the moment, it’s also risky, opaque, and largely unregulated.

So while we applaud the innovation, we urge caution — especially if you’re being offered something that seems too good to be true.

Matt Milner: Now You Can Buy SpaceX — Should You?
Soaring Costs Are Ironically Tariff-Proofing the Economy

July 10, 2025 • Addison Wiggin

Should we be concerned about the economy – much less the stock market – as President Trump heats up his tariff rhetoric?

Perhaps, tongue-in-cheek, we should first look at the data. Where are Americans spending their money these days – and how resilient is that spending in a world of higher tariffs?

The latest troubling trend shows that Americans are spending more on healthcare – often in the form of “insurance” that doesn’t insure against anything – than on necessities like food and housing:

Soaring Costs Are Ironically Tariff-Proofing the Economy
Matt Milner: The Next Decade’s “Fantastic 40” Tech Stocks

July 9, 2025 • Addison Wiggin

Even if you’re starting with just $100, you now have more ways than ever to access private markets.

Yes, risks are higher.

Yes, due diligence is incredibly important.

But for investors willing to look beyond the traditional 60/40 portfolio, the rewards can be well worth it.

Matt Milner: The Next Decade’s “Fantastic 40” Tech Stocks
The Economy’s Top Doctor Is Under the Influence of Tariffs

July 9, 2025 • Addison Wiggin

With copper imports soaring going into the news, it’s a sign that prices may be rising on pre-tariff demand. Much like how Apple filled airplanes full of iPhones from China before Trump kicked up tariff rates on Chinese goods.

For now, it’s another sign of the economic distortions being caused by President Trump’s Great Reset plan.

While copper prices may continue to rise, it’s going to be a wild ride with many pullbacks along the way. And this is your economy on tariffs – where even the trusted doctor is uncertainty stumbling along

The Economy’s Top Doctor Is Under the Influence of Tariffs