Ben and Tom discuss the $500 billion private-capital AI infrastructure fund unveiled on CNBC by Jensen Huang, David Solomon, Larry Fink, Jonathan Gray, and the heads of Apollo, KKR, and Brookfield, Fink&#x27;s comparison of financing GPU purchases to the early days of 1970s mortgage-backed securities and the underlying assumption that Nvidia chips won&#x27;t depreciate, a breakdown of how asset-backed lending structures like aircraft bonds could apply to GPU financing, Tom&#x27;s &quot;Through the Looking Glass&quot; thesis arguing markets remain captive to Bernanke-era assumptions that no longer hold in a supply-side, fiscal-dominance framework, tomorrow&#x27;s CPI report and whether a firm print could test Warsh&#x27;s rate stance, and NFIB Small Business Optimism hitting its highest level since last August with hiring plans at a four-year high even as actual employment remains soft. Join our live YouTube stream Monday through Friday at 8:30 AM EST: http://www.youtube.com/@TheMorningMarketBriefing Please see disclosures: https://www.narwhal.com/disclosure

Warsh Faces a Big Inflation Test Tomorrow + Wall Street Unveils GPU Bonds | August 11, 2026 – Morning Market Briefing

The Morning Market Briefing

Good morning. Welcome to the Morning Market Briefing. Today is Tuesday, August 11, 2026. We've got a lot to get to today. Tom sent a really interesting tweet first to me last night and then, and I'm glad he did. He thought it was so applicable that he then teamsed it out to everyone. So I'm excited to see how many people read that when we have our investment team meeting here in about 20 minutes.

But it's something that we've been alluding to here on the podcast, but was framed in terms of supply-side economics and demand-driven economics differently and very succinctly, I might add.

But I wanted to start off with, there was a Tim Ross article previewing the CPI report tomorrow. Right now, we've got the estimate that's supposed to come in at 0.1% month over month, which would be higher than the minus 0.4% in June.

And obviously net-net prices would be down over May. And then on the core, we're expected to be up 0.22%. The previous month was down 0.02%. What I think is most interesting on the core, though, is if you look on a year-over-year, and even if we look at the estimate, and the results have honestly been coming in lower than estimates.

On the core, we've got the estimate is 2.5% down from 2.6% last month. So even with a bit of a tick-up in the monthly inflation number, which I don't know if we're really going to get, you're still talking about 2.5%, which to Warsh's point, it's not 2%, but you're getting a lot closer.

Warsh Faces a Big Inflation Test Tomorrow + Wall Street Unveils GPU Bonds | August 11, 2026 – Morning Market Briefing

Read the full transcript

The candid version is on a podcast,
not the earnings call.

Warsh Faces a Big Inflation Test Tomorrow + Wall Street Unveils GPU Bonds | August 11, 2026 – Morning Market Briefing

Read the full transcript

The candid version is on a podcast, not the earnings call.

The candid version is on a podcast,
not the earnings call.