Markets increasingly seem to respond more to intervention than fundamentals, raising a bigger question about what actually drives asset prices today. This week, we discuss how policy intervention, systematic flows, and AI-driven capital allocation are reshaping market behavior and investor positioning. We also explore volatility squeezes, Fed rate expectations, gold and oil, AI infrastructure spending, hyperscaler equity issuance, Bitcoin miners pivoting to AI, and the growing tension between technological progress and market centralization. Enjoy! TIMESTAMPS: 00:00 Intro 05:11 Trump’s Market Playbook 08:11 The Fed Pricing Trap 12:12 Volatility Positioning Unwinds 17:22 Markets Are Centrally Managed 21:48 Mag Loses Leadership 28:54 The AI Capex Risk 30:17 The Best Rates Trade 34:20 Policy Powers The AI War 38:20 Will AI Politics Hit Markets? 43:52 The AI Access Divide 50:34 The Centralization Trade FOLLOW THE SHOW › Forward Guidance – https://x.com/ForwardGuidance › Felix – https://x.com/fejau_inc › Quinn – https://x.com/qthomp › Tyler – https://x.com/Tyler_Neville › Telegram – https://t.me/+CAoZQpC-i6BjYTEx › Blockworks – https://x.com/Blockworks RESOURCES › Weekly Roundup Charts – https://drive.google.com/file/d/1I_E0fiARx9ikBBddWaGJegaAAfa00ODn/view?usp=sharing EVENTS › Join us at Digital Asset Summit 2026 Asia October 7th &amp; Digital Asset 2026 London November 10-11th https://blockworks.com/events DISCLAIMER Nothing said on Forward Guidance is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only. Any views expressed are opinions, not financial advice. Hosts and guests may hold positions in the companies, funds, or projects discussed.

Policy Intervention Is Keeping The Bull Market Alive | Weekly Roundup

Forward Guidance

# Full Transcript

**Podcast:** Forward Guidance

## Participants

- **Felix Jauvin** (None)
- **Quinn Thompson** (None)
- **Tyler Neville** (None)

## Transcript

[SPEAKER_01] We're watching centralized asset management play out where you can control the market like that off positioning.

[SPEAKER_02] He wasn't going to set the world on fire into the SpaceX IPO.

[SPEAKER_00] We've hit max asymmetric hawkishness. I don't know how we get any more than where we're at right now. To me, it's likely a local top in both growth and inflation right here. I just don't know how you get this pronounced inflationary cycle without wage growth.

[SPEAKER_01] When the VIX curve is inverted and everyone's scared, that's when you have to buy risk, right? You could get a super squeeze because I think a lot of these CTAs do levered. The next thing that is also going to catch people off guard is to...

[SPEAKER_00] Nothing said on Forward Guidance is a recommendation to buy or sell any investments or products. This podcast is for informational purposes only, and the views expressed by anyone on the show are solely their opinions, not financial advice or necessarily the views of Blockworks. Our hosts, guests and the Blockworks team may hold positions in the company's funds or projects discussed. As always, investments in blockchain technology involve risk, terms and conditions apply. Do your own research.

[SPEAKER_00] All right, everybody, welcome back to another episode of Forward Guidance Roundup Edition. The trio is back after week off. Enjoying the sun. We're back. What's going on guys? How you doing? What up? What up? What's happening? Everything. Good. Everything and nothing. Yeah. I hung some art up finally. It's not just sitting on top of my bookshelf anywhere. Oh, yeah. That's a pretty big deal. I know. Took me months to get the courage and motivation to do it.

[SPEAKER_01] Is that the Matisse? Is that a new Matisse?

[SPEAKER_00] No. No, the Matisses are in a bathroom now. Oh, nice. Yeah.

[SPEAKER_01] Those are. It's way for the personality a little bit more. It's like, you know. Yeah. Thank you.

[SPEAKER_02] Tyler knows one artist, so it makes him sound smart. So he just keeps using it.

Excellent.

[SPEAKER_01] It's so true. I got no art here.

[SPEAKER_00] Do you know where Matisse was from, Tyler? I figured France. I figured. Yeah. There you go. There you go. Nice.

[SPEAKER_01] Aren't you Felix Jauvin? Yeah. Yeah. Yeah. You got a little French in you.

[SPEAKER_00] Yeah. It's actually, it's always quite difficult for me during these World Cups because I'm half French and half British. So I always have to decide which team to support the most. And I've always been England first and then France second. But yeah, it's always tough trying to decide who to support on. And then I guess, I mean, Canada is in the World Cup too, for once, which is no good.

[SPEAKER_02] I was going to say, what about, what about the home squad? Yeah.

[SPEAKER_00] I'm used...

Policy Intervention Is Keeping The Bull Market Alive | Weekly Roundup

Transcript

Built for investment professionals

Every day you wait, your competitors are finding
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Policy Intervention Is Keeping The Bull Market Alive | Weekly Roundup

Transcript

Built for investment professionals

Every day you wait, your competitors are findingedge in conversations you're not hearing.

Every day you wait, your competitors are finding
edge in conversations you're not hearing.