🥛 The Great Re-Industrialization 🏭

GM. This is Milk Road Macro, the newsletter that follows the money from the cloud to the dirt, where AI factories, oil prices, and geopolitics actually live.

Here’s what we’ve got for you today:

✍️ Glass dealing: Nvidia x Corning.
✍️ The “war tax” is lifting.
🎙️ The Milk Road Macro Show: “There Is NO Evidence To Be Bearish Right Now” - Mark Newton.
🍪 The SEC is proposing companies file reports twice a year instead of four.

Nexo is back in the U.S. - and new clients get 30 days of Wealth Club Premier perks! Higher yields, lower borrowing rates, and crypto cashback - start here.

Prices as of 10:00 a.m. ET.

GLASS DEALING: NVIDIA x CORNING

Everyone talks about AI software, but you can't run a supercomputer on "vibes." You need glass. Lots of it.

The news: NVIDIA and Corning just announced a massive partnership to build three new factories in NC and Texas.

Source: CNBC

The skinny:

10x capacity: Corning is boosting its optical connectivity capacity by 10 times.
3,000 jobs: They’re hiring big to build the physical "fiber" that connects AI chips.
The $500M signal: NVIDIA didn't just buy glass; they bought warrants for 15M shares of Corning.

The takeaway: NVIDIA is literally "investing in the pipes." If you thought the AI build-out was over, think again. It’s moving from the "cloud" to the "dirt".

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THE “WAR TAX” IS LIFTING

For months, the Strait of Hormuz has been a giant headache for global trade. Today, we got a sigh of relief.

The news: Reports suggest the U.S. and Iran are closing in on a "one-page" peace deal. President Trump even paused "Project Freedom" (the naval escort mission) to give diplomacy a chance.

Source: @WhiteHouse

Why it matters:

Oil is tanking: Brent crude dropped 5.7% to $103, and WTI fell over 10.5%.
"Stealth Stimulus": Lower energy prices act like a massive tax cut for everyone.
Airlines & cruises are winning: United Airlines, Carnival, and Royal Caribbean all jumped 5%+ on the news.

This will undoubtedly remain volatile and will continue to drive big swings across markets.

The takeaway: Geopolitical fear will eventually be replaced by economic flow. When the "war tax" goes away, the bulls will continue to play.

Wrapping up

Another week of raging bull markets and conflict-driven volatility.

The main thing to focus on is that deals are being made.

Trump is going to go to China in a week to make a deal.

He’s trying to make a deal with Iran.

SpaceX and Anthropic just made a deal to bring more compute to support Claude.

Indeed, the conflict and the energy shortages created by the closure of the Strait of Hormuz are very concerning.

Inflation risks are rising, but the bull market is still going strong.

For now, enjoy the ride.

“THERE’S NO REASON TO BE BEARISH” 📈

In today’s episode, we sat down with Mark Newton, Head of Technical Strategy at Fundstrat, to talk about why the recent rally is one of the strongest bullish reversals he’s seen and how investors should position for the rest of 2026.

Here’s what you’ll hear:

Why improving breadth, the Mag 7 comeback, and AI CapEx are powering one of the strongest reversals in years.
Why Mark thinks crude oil has peaked, with $79 WTI as the line that opens the door to a swift slide toward $60.
His outlook on gold: another leg up into Sep-Oct, then seasonal and rate forces could trigger a multi-year decline.
Why Bitcoin likely won't make new 2026 lows, plus the low-70ks dip he's watching as a tactical buy.

Tap in and hear it for yourself 👇️

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BITE-SIZED COOKIES FOR THE ROAD 🍪

The SEC is proposing that companies only have to file reports twice a year instead of four times. Less paperwork, more "building.”

SpaceXAI will provide Anthropic with access to Colossus 1, one of the world’s largest and fastest-deployed AI supercomputers, to provide additional capacity for Claude.

BlackRock CEO Larry Fink predicts a compute futures market. As demand for computing power keeps rising, the markets are going to evolve and change rapidly.