Monetary Matters with Jack Farley

In this panel at MacroMinds Symposium, Jack Farley sits down with legendary short seller Jim Chanos and Val Zlatev, Portfolio Manager and Partner at Analog Century Management, to analyze the long and short opportunities of the AI and semiconductor boom. Chanos highlights a significant timing disconnect wherein chip suppliers recognize revenues immediately while hyperscalers capitalize their massive infrastructure costs—a trend mirroring the late-1990s CapEx boom before tech earnings collapsed by 40%. Chanos expresses deep skepticism toward "neo-cloud" data center developers like CoreWeave, modeling a very generous ten-year GPU lifespan (depreciation schedule) to forecast low pre-tax returns on invested capital. From a micro perspective, Val Zlatev outlines the structural upside for high-demand memory stocks, noting they trade at cheap forward multiples because physical supply chain constraints hard-cap semiconductor equipment manufacturing growth at 30% annually. The discussion also scrutinizes Elon Musk’s projection for one terawatt of compute capacity, breaking down the immense real-world barriers facing space data centers, including launch costs, space radiation, and maintenance logistics. They also dissect the SpaceX S1 filing, revealing that the primary rocket launch division continues to lose money despite the profitability of Starlink. Recorded on June 4th at MacroMinds Symposium.

About MacroMinds:

At MacroMinds, our vision is to unite the investment community in support of organizations that are making a meaningful difference in the lives of students and their families.

By partnering with high-impact nonprofits that serve socio-economically disadvantaged communities and schools, MacroMinds is committed to helping close the educational gap and expand opportunity across the New York area.

MacroMinds website:

https://macrominds.org/

https://macrominds.org/donate/

Charities supported by 2026 Symposium:

NYC First: https://macrominds.org/nyc-first/

Opportunity Music Project: https://macrominds.org/opportunity-music-project/

100 Women in Finance: https://macrominds.org/100-women-in-finance/

Follow Jim Chanos on X https://x.com/RealJimChanos?lang=en

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In this episode of Other People’s Money, host Max Wiethe sits down with Chris Semenuk, an investment partner at Tema ETFs, to discuss the massive secular tailwinds driving the US manufacturing and electrification renaissance. Semenuk argues that after a three-year recession and decades of underinvestment, US industrial capacity and manufacturing are finally entering a powerful recovery cycle. Moving beyond the hype of AI and hyperscalers, they explore how "boring" short-cycle industrial companies like those producing essential components like ball bearings, pneumatics, and filters are primed for extraordinary earnings growth. They also discuss how America’s electrification mega trend goes beyond the AI data center buildout.

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Timestamps:

00:00 Manufacturing Recession Ends

00:46 Meet the Industrial Bull

02:00 Proof Reindustrialization Is Real

05:28 What Reindustrialization Really Means

07:49 Why Companies Build Here

12:45 Advanced Goods Not Old Jobs

15:52 AI Hype Versus Reality

17:27 Picking the Equipment Winners

21:46 Inside Factory Wall Plays

23:26 Short Cycle Sequencing

27:53 Destocking Rates Tariffs Fog

32:28 Why Stocks Held Up

37:03 Valuing Cyclical Industrials

45:05 Tariffs Drive Onshoring

50:31 Humanoids And Automation

54:31 Grid Demand Inflection

57:05 Behind the Meter Reality

01:01:10 Rural Utilities Winners

01:08:22 High Voltage Bottleneck

01:14:40 Service Backlogs and Duration

01:18:28 Secular Tailwinds Wrap Up

Sponsor: Teucrium Corn Fund (NYSE Arca: CORN):

https://teucrium.com/corn

In this episode of Monetary Matters, host Jack Farley sits down with independent economist and strategist David Woo to break down the hidden realities behind global tech markets and macroeconomics.  Woo reveals how component inflation and artificial "token maxing" have created an optical illusion of accelerating corporate earnings, obscuring a real-term slowdown in tech hyperscaler CapEx. Rather than arguing that artificial intelligence lacks power, Woo presents a stark AI bear case rooted in imminent global regulatory crackdowns as advanced frontier models like Claude Mythos introduce severe cybersecurity and national security risks. He predicts that the broader AI industry is rapidly heading toward intense competition and commoditization, which will ultimately turn current hardware shortages into a massive compute glut.  Turning to geopolitics, Woo details why he remains heavily bullish on oil as active military conflicts between Iran and Israel continue to jeopardize the blockaded Strait of Hormuz. Applying game theory to President Trump's ongoing ceasefire negotiations, he asserts that Iran is exploiting Washington's public push for a deal to extract tougher terms that will inevitably drive energy prices even higher. Recorded June 10, 2026.

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This episode is sponsored by the Teucrium Corn Fund (CORN). Download our free eBook, "Why Investors Are  Increasingly Turning to Commodity ETFs," to explore the macro forces shaping commodity markets today. 

Download the eBook: insights.teucrium.com/why-investors-turning-to-commodity-etfs 

CORN Fund Page & Prospectus: www.teucrium.com/corn 

This material must be preceded or accompanied by a prospectus. The prospectus is available at  https://teucrium.com/corn.

Investing involves risk, including the possible loss of principal. Commodities and futures generally are volatile, and  instruments whose underlying investments include commodities and futures are not suitable for all investors. Past  performance does not guarantee future results. 

For further discussion of these and additional risks associated with an investment in the Funds please read the  respective Fund Prospectus before investing. 

CORN, CANE, SOYB, and WEAT are commodity pools regulated by the Commodity Futures Trading  Commission (CFTC). The Funds do not track the spot price of corn, sugar, soybeans or wheat. These Funds,  which are ETPs, are not a mutual fund or any other type of Investment Company within the meaning of the  Investment Company Act of 1940, as amended, and are not subject to regulation thereunder. Teucrium Trading,  LLC is the Sponsor for CORN, CANE, SOYB, and WEAT. 

PINE Distributors LLC is the Marketing Agent for CORN, CANE, SOYB, and WEAT and is not affiliated with  Teucrium Investment Advisors, LLC and Teucrium Trading, LLC.

Sponsor: Teucrium Corn Fund (NYSE Arca: CORN):

https://teucrium.com/corn

Conor Coleman, Head of Investments and Chief of Staff at the Development Finance Corporation (DFC), joins Monetary Matters to explain the DFC’s capacity as the international investment arm of the United States Government and its central role in economic statecraft. He and Jack discuss the Ukraine Mineral Deal, Strait of Hormuz Reinsurance Program, as well as several other deals and programs around the world that the DFC is involved in. Recorded June 8, 2026.

Development Finance Corporation (DFC) website: https://www.dfc.gov/

DFC Project Data: https://www.dfc.gov/what-we-do/active-projects

U.S.-Ukraine Reconstruction Investment Fund: https://www.dfc.gov/investment-story/investing-ukraines-reconstruction-and-americas-security

“US Agency to Own 20% of Graphite Miner Syrah in Critical Minerals Push”: https://www.bloomberg.com/news/articles/2026-03-26/us-agency-to-own-20-of-graphite-miner-syrah-in-critical-minerals-push

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

 Follow Monetary Matters on:

Apple Podcasts https://rb.gy/s5qfyh

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This episode is sponsored by the Teucrium Corn Fund (CORN). Download our free eBook, "Why Investors Are  Increasingly Turning to Commodity ETFs," to explore the macro forces shaping commodity markets today. 

Download the eBook: insights.teucrium.com/why-investors-turning-to-commodity-etfs 

CORN Fund Page & Prospectus: www.teucrium.com/corn 

This material must be preceded or accompanied by a prospectus. The prospectus is available at  https://teucrium.com/corn.

Investing involves risk, including the possible loss of principal. Commodities and futures generally are volatile, and  instruments whose underlying investments include commodities and futures are not suitable for all investors. Past  performance does not guarantee future results. 

For further discussion of these and additional risks associated with an investment in the Funds please read the  respective Fund Prospectus before investing. 

CORN, CANE, SOYB, and WEAT are commodity pools regulated by the Commodity Futures Trading  Commission (CFTC). The Funds do not track the spot price of corn, sugar, soybeans or wheat. These Funds,  which are ETPs, are not a mutual fund or any other type of Investment Company within the meaning of the  Investment Company Act of 1940, as amended, and are not subject to regulation thereunder. Teucrium Trading,  LLC is the Sponsor for CORN, CANE, SOYB, and WEAT. 

PINE Distributors LLC is the Marketing Agent for CORN, CANE, SOYB, and WEAT and is not affiliated with  Teucrium Investment Advisors, LLC and Teucrium Trading, LLC.

Sponsor: Teucrium Corn Fund (NYSE Arca: CORN):

https://teucrium.com/corn

In this episode of Monetary Matters, host Jack sits down with Matt Smith, the Director of Research at Kepler, to analyze how the global oil market is sleepwalking into a major supply crisis four months into the Iran war conflict. With the Strait of Hormuz closed for over three months, approximately 11 million barrels per day of crude supply have been removed from the market, forcing a global reduction of 9 million barrels per day in refinery runs. Smith explains that China's sudden decision to halt buying and scale back its own refinery operations temporarily freed up 4.5 million barrels per day for the global market, masking the true severity of the physical shortage. Meanwhile, the United States has acted as a primary buffer by heavily exporting refined products overseas, which has caused domestic inventories—particularly at the Cushing pricing hub—to deplete rapidly toward critical operational bottoms. Despite these deep structural deficits, headline benchmarks remain under $100 due to seasonal demand lulls and political interventions, leaving the trading market in a temporary state of complacency. Ultimately, Smith warns that a major market breakdown could occur as early as July when these dwindling stockpiles finally run dry and force a dramatic price response.

This episode is sponsored by the Teucrium Corn Fund (CORN). Download our free eBook, "Why Investors Are  Increasingly Turning to Commodity ETFs," to explore the macro forces shaping commodity markets today. 

Download the eBook: insights.teucrium.com/why-investors-turning-to-commodity-etfs 

CORN Fund Page & Prospectus: www.teucrium.com/corn 

This material must be preceded or accompanied by a prospectus. The prospectus is available at  https://teucrium.com/corn.

Investing involves risk, including the possible loss of principal. Commodities and futures generally are volatile, and  instruments whose underlying investments include commodities and futures are not suitable for all investors. Past  performance does not guarantee future results. 

For further discussion of these and additional risks associated with an investment in the Funds please read the  respective Fund Prospectus before investing. 

CORN, CANE, SOYB, and WEAT are commodity pools regulated by the Commodity Futures Trading  Commission (CFTC). The Funds do not track the spot price of corn, sugar, soybeans or wheat. These Funds,  which are ETPs, are not a mutual fund or any other type of Investment Company within the meaning of the  Investment Company Act of 1940, as amended, and are not subject to regulation thereunder. Teucrium Trading,  LLC is the Sponsor for CORN, CANE, SOYB, and WEAT. 

PINE Distributors LLC is the Marketing Agent for CORN, CANE, SOYB, and WEAT and is not affiliated with  Teucrium Investment Advisors, LLC and Teucrium Trading, LLC.