Arthur Hayes closed his positions in HYPE and NEAR.

I’ve just fully closed my positions in HYPE and NEAR—I’ll explain the details in the essay “Reality Test,” which will be released on Tuesday.

TLDR:

• Energy prices are rising due to the war with Iran and inventory replenishment
• Three major AI-related IPOs—now through early Q3
• Forecast: Trump will adopt an anti-AI stance to help Republicans win the midterm elections
• Markets will likely peak between now and September
• It’s time to take profits and take a break without worrying too much about positions