The national debt crossed $40 trillion this week. Jerremy Alexander Newsome and Dave Conley mark it with cake and party hats — the cake is on fire. The Treasury just doubled its long-end buyback program to at least $48 billion per operation, running September 9 through November 4, with the 30-year flirting with 5.3%. Dave’s read: six AI executives — Zuck, Elon, Sam Altman, Jensen Huang, Dario, and Satya — are holding up the entire US economy on valuations built from replacing human jobs, while everyone else ends up in the mines. Jerremy sees NVIDIA’s seven straight selling days into Wednesday’s earnings as a buyable dip, not a warning. Dave closes on Walmart’s CFO calling high gas prices a psychological effect, and what that misread means heading into November.

Timestamps

• (00:00) Don’t make it one day – Jerremy’s Monday pep talk opener
• (01:03) National debt crosses $40 trillion – cake, party hats, and fire
• (02:51) Issuing debt to pay debt – Dave does the math
• (03:45) Six AI executives – valuations resting on replacing human jobs
• (04:41) NVIDIA earnings Wednesday – seven straight selling days into the print
• (08:24) Are 4–7% mortgage rates healthy? – Jerremy makes the case
• (09:44) Walmart’s CFO calls gas prices psychological – Dave isn’t having it
• (11:20) Everesting in Whistler – then seven marathons, seven continents, seven days
• (12:24) Wednesday’s data dump – GDP, inflation, durable goods, Salesforce, CrowdStrike

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