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Kevin Warsh, the new Fed chair, wants to kill inflation – and the convenient version of that story is that AI will do it for him. This week's leaked OpenAI accounts show who is actually paying: the disinflation everyone is celebrating is being sold below cost, funded by losses. And the largest loss-maker of the cycle has just chosen this moment to go public. Supply, not sentiment, tells you where you stand. Retail investors are buying calm. Someone is selling it.

A personal editorial view, read aloud – not investment advice.

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