The Woosh Era Begins: Which Assets Are Riding the Wave
Woosh Takes Charge of the Federal Reserve: A Paradigm Revolution in Market Pricing Logic
Kevin Woosh's appointment as Chairman of the Federal Reserve is not merely a simple personnel change, but a profound signal of a deep shift in global monetary policy and market pricing logic. Under his policy framework, the essence of inflation is redefined as a product of fiscal mismanagement and government inefficiency, while AI becomes the core lever to unlock this dilemma and reshape productivity and governance capabilities. As AI systems like Palantir are deeply embedded in key areas such as federal spending audits, housing finance, and medical reimbursements, this institutional shift is moving from concept to execution, driving the market into a new era of structural differentiation and repricing.
Wosh is not a traditional policy technocrat; his core value lies in his systematic insights into global capital flows, financial structures, and institutional incentives. More crucially, he has formed a deeply bonded policy execution alliance with Palantir and its core circle. Druckenmiller, an early investor in Palantir, regards Wosh as a 'trusted advisor'; meanwhile, Wosh's in-depth exchanges with Palantir CEO Karp have long anticipated a leap in the complexity of global governance and fiscal systems. This connection is by no means accidental, but rather a strategic layout by the U.S. policy layer to construct a new governance system around 'AI + fiscal discipline', with Palantir being the 'execution hub' of this layout.
Currently, 42% of Palantir's revenue comes from the U.S. government, and its technology has become a core tool for federal anti-fraud and expenditure audits. At the Small Business Administration (SBA), Palantir integrates cross-agency data through the Foundry platform, upgrading the investigation of $400 million in PPP and EIDL loan fraud in Minnesota into a national 'zero tolerance' anti-fraud action, achieving precise sorting of risk clues and full-process tracking; at Fannie Mae, its AI capabilities are embedded in the $4.3 trillion housing finance system, proactively identifying mortgage fraud patterns to reduce market risk from the root; in the healthcare sector, Palantir's deployments directly impact companies like Humana that profit from the complexities of government healthcare reimbursements, creating a stark divergence in stock prices between them and Palantir. This phenomenon sends a clear signal: the market is re-pricing 'opaque beneficiaries' and 'providers of transparency', with the normalization of AI-driven fiscal audits becoming a structural transformative force across industries.
The core of this transformation is Wosh's disruptive reconstruction of inflation theory. He completely denies the mainstream inflation model since the 1970s, which attributes inflation to economic overheating and wage increases, stating outright that the root of inflation is the government's 'printing too much and spending too much' fiscal uncontrollability. At the same time, he views AI as a structural deflationary force, believing that the productivity explosion it brings will allow the economy to grow rapidly without pushing up inflation, while the current Federal Reserve is bound by old models, mistakenly interpreting growth as inflation. These two judgments ultimately converge on Palantir—AI reduces costs through technology, creating deflation, and also curbs fiscal waste through auditing efficiency, jointly reshaping the logic of inflation governance.
Within this framework, the role of the Federal Reserve undergoes a fundamental shift: it is no longer the opposite of fiscal constraints, but a collaborator in fiscal discipline. Interest rate cuts are no longer a sign of dovishness but rather a manifestation of confidence in curbing inflation through 'AI efficiency improvement + fiscal accountability enhancement'; balance sheet reduction becomes the core means to end 'printing money-style easing' and restore monetary discipline. This combination of 'interest rate cuts + balance sheet reduction' completely breaks the market inertia of the past decade, where 'easing必扩表, tightening必加息', and reconstructs the pricing framework of interest rates, the dollar, and global capital flows.
Under the wave of institutional implementation, global assets are undergoing systemic repricing. AI and the semiconductor sector become core beneficiaries, with Wosh clearly viewing AI as the core engine of non-inflationary growth, and core enterprises in the industry chain like Nvidia and Micron will continue to gain premiums; traditional anti-inflation assets like gold and silver face logical disruptions, as a strong dollar and the return of monetary discipline directly undermine their safe-haven value; cryptocurrency assets exhibit characteristics of 'long-term bullish, short-term under pressure', with Wosh acknowledging Bitcoin's digital gold properties, but the liquidity environment of 'interest rate cuts without balance sheet expansion' will suppress its short-term liquidity premium; the banking sector benefits from regulatory easing, with the credit expansion capacity of small and medium-sized banks increasing; the real estate market shows differentiation, with floating rate mortgage costs decreasing, but the Federal Reserve's reduction of MBS may push up long-term fixed mortgage rates; renewable energy loses policy tailwinds due to the Federal Reserve's withdrawal from climate-related regulation, facing valuation adjustments; small-cap stocks benefit from expanded financing channels for small and medium enterprises, welcoming growth opportunities.
The differentiation in global markets is more pronounced: Japan and South Korea, having control over core links in the AI supply chain, possess dual resilience in exports and profits under a strong dollar; emerging markets face pressure due to increased dollar debt burdens and tightening liquidity; Europe faces dual constraints from a weakening euro and rising energy costs; the China and Hong Kong markets are overall bearish due to the strong dollar and differences in the policy environment.
Wosh's appointment marks a shift in market pricing logic from 'demand-side control' to a three-dimensional framework of 'supply-side + fiscal discipline + AI efficiency'. The old binary thinking of 'hawks vs doves' and 'interest rate hikes vs cuts' can no longer explain the current changes. The core proposition of the market in 2026 is no longer the specific level of the federal funds rate, but rather the execution capability of the policy alliance of 'AI + fiscal discipline'. As AI transitions from a technical concept to a governance tool, and fiscal discipline moves from a slogan to auditing practice, a pricing revolution that spans asset classes, regions, and industries is profoundly reshaping the underlying logic of global financial markets.$BTC