Monetary Matters with Jack Farley

This episode is brought to you by Sarmaya Partners. Learn more about Sarmaya’s LENS ETF, their full data and comparison, including performance here:
https://sarmayaetf.com/

Steve Hou of Silicon Data joins Monetary Matters on the day the Fed held rates with two hawkish dissents, Alphabet and Microsoft reported earnings, and two days after Anthropic’s S-1 filing.

Silicon Data publishes the GPU rental indices behind CME’s planned compute futures. We discuss why renting an Nvidia H100 costs about 45% more than it did in December, why transaction prices and asking prices have diverged, and whether the forward curve says GPU rents keep rising. We also cover the “crunch spread” between rising GPU costs and falling token prices, what Anthropic’s S-1 reveals about the economics of frontier AI labs, what [Alphabet’s and Microsoft’s capex guidance] means for future compute supply, and how higher interest rates feed into the cost of AI infrastructure.

Topics:

The 2026 GPU price spike, and why older chips got more expensive
Silicon Data vs. Ornn: asking prices vs. transacted prices
Compute futures: the CME delay, contango vs. backwardation, and who hedges
Token pricing and the crunch spread
Anthropic’s S-1: contracted compute vs. spot prices
Alphabet and Microsoft capex, and what it means for GPU supply
The Fed’s hawkish hold, and rates as a cost of compute

Important Information
The Fund’s investment objectives, risks, charges and expenses must be considered carefully before investing. This and other important information are contained in the prospectus, which may be obtained by following the links Prospectus and Summary Prospectus or by calling +1.215.330.4476. Please read the prospectus carefully before
investing.
There is no assurance that the fund will achieve its investment objective. The Fund may not be suitable for all investors. Investors should continue to review their investment objectives and risk tolerance periodically.
An investment in the Fund involves risk, including possible loss of principal. Exchange traded funds (ETFs) trade like stocks, are subject to investment risk, fluctuate in market value and may trade at prices above or below the ETF’s net asset value (NAV), and are not individually redeemable directly with the ETF. Brokerage commissions and ETF expenses will reduce returns. ETFs are subject to specific risks, depending on the nature of the underlying strategy of the Fund, which should be considered carefully when making investment decisions. For a complete description of the Fund’s principal investment risks, please refer to the prospectus at https://sarmayaetf.com/
Metals and Mining Companies Risk. Metals and mining companies can be significantly affected by events relating to international political and economic developments, energy conservation, the success of exploration projects, commodity prices, tax and other government regulations. Investments in metals and mining companies may be speculative and may be subject to greater price volatility than investments in other types of companies.
Management Risk. The Fund is actively managed and may not meet its investment objective based on the Adviser’s, Sub-Adviser’s, or portfolio manager’s success or failure to implement investment strategies for the Fund.
Shares of the Fund Are Not FDIC Insured, May Lose Value, and Have No Bank Guarantee.
The Fund is distributed by PINE Distributors LLC. The Fund’s investment adviser is Empowered Funds, LLC, which is doing business as ETF Architect. Sarmaya Partners LLC serves as the Sub-Advisor to the Fund. PINE Distributors LLC is not affiliated with ETF Architect or Sarmaya Partners LLC.

This episode is brought to you by Sarmaya Partners. Learn more about Sarmaya’s LENS ETF, their full data and comparison, including performance here: https://sarmayaetf.com/

Vincent Deluard, Director of Global Macro Strategy at StoneX, breaks down why a broader equity bear market may already be underway beneath surface-level index strength. Deluard unpacks the approaching stagflationary squeeze, driven by persistent wage pressures, slowing fiscal subsidies, and a looming political gridlock that strips away both monetary and fiscal safety nets. He outlines a tactical rotation out of equities and into long-term Treasuries over the next six months, capitalizing on year-end liquidity, pension fund rebalancing, and debt ceiling constraints. Finally, the conversation looks abroad to the escalating fiscal spiral in France and the broader structural crisis facing the Eurozone, mapping out why currency devaluation or fragmentation may be inevitable.

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Important Information

The Fund’s investment objectives, risks, charges and expenses must be considered carefully before investing. This and other important information are contained in the prospectus, which may be obtained by following the links Prospectus and Summary Prospectus or by calling +1.215.330.4476. Please read the prospectus carefully before investing.

There is no assurance that the fund will achieve its investment objective. The Fund may not be suitable for all investors. Investors should continue to review their investment objectives and risk tolerance periodically.

An investment in the Fund involves risk, including possible loss of principal. Exchange traded funds (ETFs) trade like stocks, are subject to investment risk, fluctuate in market value and may trade at prices above or below the ETF’s net asset value (NAV), and are not individually redeemable directly with the ETF. Brokerage commissions and ETF expenses will reduce returns.

ETFs are subject to specific risks, depending on the nature of the underlying strategy of the Fund, which should be considered carefully when making investment decisions. For a complete description of the Fund’s principal investment risks, please refer to the prospectus at https://sarmayaetf.com

Metals and Mining Companies Risk. Metals and mining companies can be significantly affected by events relating to international political and economic developments, energy conservation, the success of exploration projects, commodity prices, tax and other government regulations. Investments in metals and mining companies may be speculative and may be subject to greater price volatility than investments in other types of companies.

Management Risk. The Fund is actively managed and may not meet its investment objective based on the Adviser’s, Sub-Adviser’s, or portfolio manager’s success or failure to implement investment strategies for the Fund.

Shares of the Fund Are Not FDIC Insured, May Lose Value, and Have No Bank Guarantee.

The Fund is distributed by PINE Distributors LLC. The Fund’s investment adviser is Empowered Funds, LLC, which is doing business as ETF Architect. Sarmaya Partners LLC serves as the Sub-Advisor to the Fund. PINE Distributors LLC is not affiliated with ETF Architect or Sarmaya Partners LLC.

Timestamps:

00:00 Intro

01:03 Bear Market Call

02:58 Why Treasuries Now

07:12 Secular Inflation View

08:46 AI Bubble and Taxes

11:38 Fiscal Boost to Margins

14:55 Sarmaya LENS ETF

16:22 Fed Stagflation Trap

24:53 Oil Shock Tail Risk

29:24 France Debt Spiral

34:55 Euro Devaluation Fix

40:07 Weak Euro Politics

43:53 Euro Designed for Crisis

48:34 ECB Tightening and Succession

52:33 Brazil Election Shock and Flows

56:12 Brazil Terms of Trade Tailwinds

This episode is brought to you by Sarmaya Partners. Learn more about Sarmaya’s LENS ETF, their full data and comparison, including performance here:

https://sarmayaetf.com/

Citrini teamed up with Anthropic and used Claude to design scorpion antivenom candidates in just 64 hours, and 17 of them bound in the lab. The experiment led him to a striking conclusion: AI is commoditizing drug design, and the real bottleneck is now experiments, and monkeys. We get into what AI can and can’t speed up in drug discovery, why he’s bullish on the companies that run experiments, and why a monkey shortage may be the most important constraint in preclinical testing. Then we turn to AI hardware: Citrini was one of the earliest and loudest bulls on the trade, and today he’s light on it, even short some of it. He explains why he rotated out of semis, what lab revenue needs to look like to justify today’s spending, and what would bring him back. We also cover CoreWeave, DeepSeek’s reported 80% margins, his long-Meta, short-Google trade, the 2028 Global Intelligence Crisis piece, and homebuilders. Recorded evening of October 21, 2026.Follow Citrini on X https://x.com/citrini

CItrini Research Substack https://www.citriniresearch.com/

“Citrini Therapeutics: We Wanted to Use Claude to Create a New Drug. Here’s What Happened.”: https://www.citriniresearch.com/p/citrini-therapeutics

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Important Information

The Fund’s investment objectives, risks, charges and expenses must be considered carefully before investing. This and other important information are contained in the prospectus, which may be obtained by following the links Prospectus and Summary Prospectus or by calling +1.215.330.4476. Please read the prospectus carefully before

investing.

There is no assurance that the fund will achieve its investment objective. The Fund may not be suitable for all investors. Investors should continue to review their investment objectives and risk tolerance periodically.

An investment in the Fund involves risk, including possible loss of principal. Exchange traded funds (ETFs) trade like stocks, are subject to investment risk, fluctuate in market value and may trade at prices above or below the ETF’s net asset value (NAV), and are not individually redeemable directly with the ETF. Brokerage commissions and ETF expenses will reduce returns. ETFs are subject to specific risks, depending on the nature of the underlying strategy of the Fund, which should be considered carefully when making investment decisions. For a complete description of the Fund’s principal investment risks, please refer to the prospectus at https://sarmayaetf.com/

Metals and Mining Companies Risk. Metals and mining companies can be significantly affected by events relating to international political and economic developments, energy conservation, the success of exploration projects, commodity prices, tax and other government regulations. Investments in metals and mining companies may be speculative and may be subject to greater price volatility than investments in other types of companies.

Management Risk. The Fund is actively managed and may not meet its investment objective based on the Adviser’s, Sub-Adviser’s, or portfolio manager’s success or failure to implement investment strategies for the Fund.

Shares of the Fund Are Not FDIC Insured, May Lose Value, and Have No Bank Guarantee.

The Fund is distributed by PINE Distributors LLC. The Fund’s investment adviser is Empowered Funds, LLC, which is doing business as ETF Architect. Sarmaya Partners LLC serves as the Sub-Advisor to the Fund. PINE Distributors LLC is not affiliated with ETF Architect or Sarmaya Partners LLC.

This episode is brought to you by Sarmaya Partners. Learn more about Sarmaya’s LENS ETF, their full data and comparison, including performance here:

https://sarmayaetf.com/

George Noble, the former Fidelity portfolio manager who ran the Fidelity Overseas Fund and started his career working for Peter Lynch, returns to Monetary Matters to argue that AI is a bubble and the bill is coming due. George explains why he thinks hyperscaler depreciation could exceed $500 billion a year by 2030, enough to wipe out the profits of the companies spending it, and why he calls AI “shale”: a capex arms race that no one can afford to stop. He lays out why he’s short CoreWeave, Tesla, and SpaceX, which he calls a cash-flow-negative AI play with a rocket company attached, and why he believes CoreWeave and many of the neoclouds are zeros short of a bailout. Jack pushes back on Micron’s margins, Elon’s execution, and whether the market has already priced in the risk. George also covers why rising cost of capital is the trigger, why he’s long gold and energy, and why he thinks we’re in “the beginnings of the awakening phase.” It’s a wide-ranging, combative conversation from one of the market’s most vocal AI bears. Recorded October 21, 2026. TO BE CLEAR EXACT QUOTE WAS “SHORT OF A BAILOUT I AM HIGHLY CONFIDENT COREWEAVE IS A ZERO.”

Follow George Noble on X https://x.com/gnoble79

Jack Farley on X https://x.com/JackFarley96

George Noble’s Substack, “The Noble Update”: https://substack.com/@georgenoble/posts

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Important Information

The Fund’s investment objectives, risks, charges and expenses must be considered carefully before investing. This and other important information are contained in the prospectus, which may be obtained by following the links Prospectus and Summary Prospectus or by calling +1.215.330.4476. Please read the prospectus carefully before

investing.

There is no assurance that the fund will achieve its investment objective. The Fund may not be suitable for all investors. Investors should continue to review their investment objectives and risk tolerance periodically.

An investment in the Fund involves risk, including possible loss of principal. Exchange traded funds (ETFs) trade like stocks, are subject to investment risk, fluctuate in market value and may trade at prices above or below the ETF’s net asset value (NAV), and are not individually redeemable directly with the ETF. Brokerage commissions and ETF expenses will reduce returns. ETFs are subject to specific risks, depending on the nature of the underlying strategy of the Fund, which should be considered carefully when making investment decisions. For a complete description of the Fund’s principal investment risks, please refer to the prospectus at https://sarmayaetf.com/

Metals and Mining Companies Risk. Metals and mining companies can be significantly affected by events relating to international political and economic developments, energy conservation, the success of exploration projects, commodity prices, tax and other government regulations. Investments in metals and mining companies may be speculative and may be subject to greater price volatility than investments in other types of companies.

Management Risk. The Fund is actively managed and may not meet its investment objective based on the Adviser’s, Sub-Adviser’s, or portfolio manager’s success or failure to implement investment strategies for the Fund.

Shares of the Fund Are Not FDIC Insured, May Lose Value, and Have No Bank Guarantee.

The Fund is distributed by PINE Distributors LLC. The Fund’s investment adviser is Empowered Funds, LLC, which is doing business as ETF Architect. Sarmaya Partners LLC serves as the Sub-Advisor to the Fund. PINE Distributors LLC is not affiliated with ETF Architect or Sarmaya Partners LLC.

Learn More about Sarmaya LENS

https://sarmayaetf.com/

This episode is brought to you by Sarmaya Partners. Learn more about Sarmaya’s LENS ETF, their full data and comparison, including performance here: https://sarmayaetf.com/

Is the AI trade finally cracking, or is this just another shakeout before the next leg higher? Jack and Max dig into the growing stress in AI-linked credit, where lenders and bondholders are starting to question how much debt the data center buildout can really support. They break down SpaceX’s earnings and what the numbers reveal about the economics behind one of the most closely watched companies in the world. From there, the conversation turns to semiconductors and whether chip stocks are pricing in a slowdown or still running on hype. Along the way, they look at where the risks are building, who’s most exposed if AI spending cools, and how investors can position for both outcomes. Whether you’re long the AI trade, short it, or somewhere in between, this episode is for you.

Important Information

The Fund’s investment objectives, risks, charges and expenses must be considered carefully before investing. This and other important information are contained in the prospectus, which may be obtained by following the links Prospectus and Summary Prospectus or by calling +1.215.330.4476. Please read the prospectus carefully before investing.

There is no assurance that the fund will achieve its investment objective. The Fund may not be suitable for all investors. Investors should continue to review their investment objectives and risk tolerance periodically.

An investment in the Fund involves risk, including possible loss of principal. Exchange traded funds (ETFs) trade like stocks, are subject to investment risk, fluctuate in market value and may trade at prices above or below the ETF’s net asset value (NAV), and are not individually redeemable directly with the ETF. Brokerage commissions and ETF expenses will reduce returns.

ETFs are subject to specific risks, depending on the nature of the underlying strategy of the Fund, which should be considered carefully when making investment decisions. For a complete description of the Fund’s principal investment risks, please refer to the prospectus at https://sarmayaetf.com

Metals and Mining Companies Risk. Metals and mining companies can be significantly affected by events relating to international political and economic developments, energy conservation, the success of exploration projects, commodity prices, tax and other government regulations. Investments in metals and mining companies may be speculative and may be subject to greater price volatility than investments in other types of companies.

Management Risk. The Fund is actively managed and may not meet its investment objective based on the Adviser’s, Sub-Adviser’s, or portfolio manager’s success or failure to implement investment strategies for the Fund.

Shares of the Fund Are Not FDIC Insured, May Lose Value, and Have No Bank Guarantee.

The Fund is distributed by PINE Distributors LLC. The Fund’s investment adviser is Empowered Funds, LLC, which is doing business as ETF Architect. Sarmaya Partners LLC serves as the Sub-Advisor to the Fund. PINE Distributors LLC is not affiliated with ETF Architect or Sarmaya Partners LLC.