FX Drivers, AI Flows, and Sector Flows on a Cross Border Basis

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Today, I mapped FX drivers, AI flows, and sector flows for every major country on a cross-border basis, and walked through why today’s CPI print is creating a small intraday pullback that does not change the structural setup. The first Hyperliquid ETF (THYP) launched today, which actually strengthens the PURR thesis rather than weakening it. Inflation swaps are rising, crude is bid, and bonds are dragging on equity multiples just enough to flush weak hands before the next leg.LIVESTREAM RECORDING FROM TODAY:Today’s Livestream: Main Talking Points1. AI is both an input into macro liquidity and operating within macro liquidity. Treating AI as just a symptom misses the entire flow. AI is retooling the production function of the economy at the same time as it is functioning as the largest cross border capital flow of 2024-2026. People who only model central bank balance sheets are missing the actual driver because AI capex is changing the speed of capital deployment in a way that no traditional liquidity index captures.2. The first Hyperliquid ETF (THYP) launched today. This is bullish for PURR, not bearish. Regulators allowing the ETF tells you the regulatory path forward is clearing. PURR is no longer the only access point, but PURR has tools an ETF cannot match: share issuance and buyback optionality, a credit facility, and the leadership network to bridge centralized and decentralized players. The bar is now higher for PURR leadership, but the optionality is larger.3. PURR leadership’s job now is to provide value in excess of the underlying token, which an ETF structurally …