Bitcoin $65k on cooling inflation. Warsh says not so fast.

Buy China equities — Two sources confirm China's largest tech IPO since 2010 — a catalyst that could lift the beaten‑down FXI, which is down 16% YTD and trading just 8% above its 52‑week low.

Buy SMIC — As the leading Chinese foundry, SMIC stands to benefit from the same national self‑sufficiency drive that CXMT's mega‑IPO represents.

Buy Bitcoin — Cooling US inflation guts the rate‑hike trade, according to CoinDesk — Bitcoin's momentum toward $65k has room until hawkish Fed talk re‑asserts.

Buy Coinbase — Coinbase, down 31.7% YTD and trading 64% below its 52‑week high, gets a direct volume tailwind from renewed crypto euphoria; however, its 33x forward P/E leaves little room for error.

Buy Long-duration Treasuries — Lower rate‑hike odds benefit long bonds, but TLT is already trading near its 52‑week low and the move may be capped if hawkish Fedspeak returns.

Hold Visa — Visa's involvement signals strategic intent, but the x402 standard generates no material revenue yet; V trades near its 52‑week high at 24x forward earnings, leaving little upside from this alone.

Hold Mastercard — Mastercard is similarly positioned — a long‑term network play on AI payments, but at 11% below its 52‑week high and 24x forward P/E, the stock already reflects solid growth expectations.

Hold XRP — Ripple's backing of the standard could eventually expand XRP's payment utility, but the token remains 54% below its 52‑week high and adoption is unproven.

Watch S&P 500 — CNBC highlights that 24% earnings growth hasn't moved the market — SPY is at a record, making it vulnerable to any disappointment; we're on watch for exhaustion.

Hold Valero — Valero is up 78.9% YTD and at an all‑time high; refining profits are booming per WSJ, but the performance already reflects the windfall — a hold, not a new buy.

Hold Marathon Petroleum — Marathon has gained 79.8% YTD and sits at record levels; same refining bonanza, same risk that margins mean‑revert from here.

Buy Nvidia — Foxconn's one‑tray‑per‑minute output and Mitsubishi's cooling partnership chisel away at supply‑side constraints; NVDA remains 11% below its 52‑week high, so there's room to run.

Buy Foxconn — As the manufacturer achieving one‑tray‑per‑minute for Nvidia, Foxconn is a direct beneficiary of the AI server boom.

Buy Mitsubishi Heavy — The data‑center cooling partnership with Nvidia opens a new growth stream for Mitsubishi Heavy; early‑stage, but the AI halo is tangible.

Hold Toyota — Nikkei Asia flags heavy software spending ahead; TM has already dropped 19.8% YTD and trades near a 52‑week low, but the spending overhang could delay a re‑rating.

Hold Honda — Honda faces the same software investment cliff; its smaller scale may make the relative burden heavier, even though the stock is only 7% lower YTD.

Hold Japan equities — Higher JGB yields could strengthen the yen and dent exporters, but EWJ has rallied 14% YTD and sits near its 52‑week high — the BOJ risk isn't yet priced in.

Sell Long-duration Treasuries — If Japanese long yields climb, global bonds follow; TLT is already weak, trading 2% above its 52‑week low, but the short is crowded.

Buy UltraShort 20+ Treasury — Warsh's inflation‑fighting talk, cited by CNBC, strengthens the case for higher yields; TBT is up 5.4% YTD and within 5% of its 52‑week high.

Buy US Dollar Index — Hawkish Fed rhetoric typically strengthens the dollar; UUP is already at new highs, reflecting real rate differentials.

Sell Gold — Tighter policy and higher real rates are historically toxic for gold; GLD is down 7.8% YTD and 27% below its 52‑week high.

Buy Airtel Africa — A $1.5bn mobile‑money IPO promises to unlock value; AAF.L is up 7.5% over the past week but still down 4.4% YTD, so the deal could catalyze a re‑rating.

Buy India equities — A successful African fintech IPO could lift sentiment for emerging‑market digital stories; INDA is down 10.7% YTD and offers a tangential play.