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Inflation Won, The Fed Lost And Markets Are Paying
Long-term US Treasury yields jumped sharply this week. On Friday, the 10-year yield rose to 4.59%, its highest level since mid-2025. And the 30-year yield rose to 5.12%, its highest closing level since June 2007.
Yields are rising due to hotter than expected CPI inflation (3.8%), hotter producer prices and rising oil prices above $100 per barrel once again.
Investors now expect fewer rate cuts, and possibly even rate hikes, under new Fed Chair Kevin Warsh, leading to tighter liquidity conditions.
On Friday, stocks sold off: the S&P 500 fell 1.2% whilst the Nasdaq dropped 1.5%. 
What the Smart Money Just Did In Q1
 The latest round of 13F filings with the SEC reveal three very different but telling strategies from big-name investors in Q1 2026:
Trump Family Trust:
● Coinbase [COIN]: 9 transactions including one large buy of $100K–$250K
● MARA: 2 buys each under $50K
● Strategy [MSTR]: 8 transactions with the largest buy between $50,001- $100,000
● Also added exposure to CleanSpark, Robinhood, Block, and SoFI
The Trump family is clearly doubling down on crypto and crypto/tech/finance stocks.
Stanley Druckenmiller’s Duquesne Family Office:
● Fully exited its position in Alphabet [GOOGL], selling off 385,000 shares.
● Sold out of large 5.5M share position in State Street’s Financial Select Sector SPDR ETF [XLF]
● New buys include Broadcom, Intel, Roku, Southern Copper, and several other AI/cyclical names
Druckenmiller is rotating his portfolio aggressively, suggesting he sees stronger upside in semiconductors and cyclical commodities than in traditional Big Tech and banks right now.
George Soros Fund:
● Berkshire Hathaway [BRK]: New position worth ~$64 million
● Nvidia [NVDA]: Increased stake by 61% to over $100M
● Apple [AAPL]: Increased position by 20%
● Also added to TSMC
● Trimmed Amazon [AMZN], Microsoft [MSFT] and Alphabet [GOOGL]
Soros is showing renewed conviction in Nvidia and the AI boom.
The AI Chip That's 20x Faster Than Nvidia Just IPO'd
AI chipmaker Cerebras Systems [CBRS] launched on the Nasdaq on Thursday in the biggest stock market IPO of 2026 so far.
Shares were priced at $185, above its expected $150-160 range, but exploded out of the gate opening at $350. The price peaked at $385 briefly hitting over $100 billion market cap, before dropping back down to $311 to close day one up 68%.
Day 2 saw continued profit-taking with the stock dropping around 10% to $280. Even after this pullback, Cerebras sits at a massive valuation near $65–70 billion.
Cerebras has built the fastest AI chip in the world, outperforming Nvidia by almost 20 times. The growth is insane, with revenue up 76% last year and a $26 billion backlog including deals with OpenAI, AWS and Meta.
Whilst Nvidia is currently the king of AI with a $5.5 trillion head start, Cerebras is an interesting company for sure. Just not at this valuation and not this early into its launch. But it’s definitely on the watchlist. 
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