Summary of Key Points from Conference Call Industry and Company Involved - The discussion primarily revolves around the **U.S. Treasury and the implications of the U.S. debt crisis**. It also touches on the **impact of the Trump tax cuts** and the **potential of domestic computing power companies** in the context of globalization and economic uncertainty. Core Insights and Arguments - The **U.S. Treasury has not issued new debt**, leading to a **$2 trillion fiscal gap** that relies on the TGA account and unconventional measures. The Treasury Secretary warns that funds will be exhausted by August, necessitating a resolution before mid-July to avoid a repeat of the 2019 debt ceiling crisis [1][3] - The **Trump tax cuts** are compared to Reagan's supply-side reforms, with the assertion that their stimulative effect is weaker than direct fiscal spending. If the 2025 tax cuts lack fiscal support, it could lead to an economic downturn and potentially trigger a global financial crisis [1][4] - Three paths to alleviate the U.S. fiscal crisis are identified: **over-issuing U.S. debt, increasing tariffs, and debt default**. Each of these paths would exacerbate the debt crisis by increasing supply, reducing dollar trade volume, and lowering credit ratings, respectively [1][5] - In the current environment of increasing uncertainty, there is a recommendation to embrace **anti-fragile safe assets**, including **immediate net assets** (like gold and similar assets) and **future cash flows** from domestic computing power companies that have a certainty premium [1][6] Other Important but Possibly Overlooked Content - The **rise of de-globalization** is increasing environmental uncertainty, leading capital to seek certainty. Anti-fragile safe assets, such as gold and domestic computing power companies, are seen as more attractive due to their principal certainty and future cash flow premiums [1][7] - The focus on **AI domestic patents** is emphasized, as de-globalization makes computing chips non-tradable, thereby securing market share for domestic computing power companies and providing future cash flow certainty [2][6]