Torsten Slok (pictured here) is the chief economist at Apollo Global Management. He noted yesterday that foreign ownership of the US equity market just hit a new high of 18%. It's risen to this level from about 6% in 1995.

The current market capitalisation of the companies in the S&P 500 is about $53 trillion. Applying Slok's ratio means that foreigners have sunk nearly $10 trillion of their hard-earned savings into ordinary shares of large US corporations. That includes the $660 million that Vestact has under management in New York.

Non-US investors (including central banks) also own about 30% of outstanding US Treasury bonds (of the $29 trillion in issue). They probably own a similar proportion of corporate debt in issue too.

Foreign investors don't send their capital to America as an act of charity, we are doing it because we enjoy good returns, many investor protections and the security of owning liquid assets in a hard currency.

Donald Trump is fixated on the fact that the US has a trade deficit with many countries, to the point that he wants to slap tariffs on trade flows. He should be mindful of the massive capital inflows to the US, which keeps their economy well-greased.

OpenAI and Google Cloud Services recently announced a cloud-service deal. The collaboration stands out for two reasons:

Firstly, Microsoft, one of OpenAI's biggest backers, also offers cloud services, and many consider Microsoft Azure to be the crème de la crème of the sector. The new deal bodes well for Google because it shows that its cloud service tech is good enough to compete with the best. It also shows that OpenAI wants to reduce its dependence on Microsoft.

It is also ironic that these two companies have chosen to partner as OpenAI is considered a huge threat to Google Search. Many complex questions are now going straight to AI chatbots and bypassing search engines.

It is all happening in the world of AI. My opinion is that the size and scale is going to be so big that most of the large players are going to be winners.

Data is the currency of the modern world. It is why the likes of Meta and Google are worth around $2 trillion dollars. Globally, politicians are debating about the best ways to regulate data collection.

In Europe, Meta was required to give users the option to opt out of sharing their data. Meta responded by charging those users a monthly fee equivalent to what they could sell that data for. As you can imagine, regulators felt that was unfair.

Brazil is experimenting with creating digital wallets for internet users, allowing them to sell their data directly to various companies. It sounds interesting, but it also sounds very messy. You can read the details here - Brazilians will soon be able to sell their digital data.

I have worked with small businesses and I can see that having access to potential customer data is very important. If you are a business selling edgy women's clothing from a single store in Parkhurst, you want bang from your Instagram advert. You want to make sure that young ladies based in Joburg North see your ad, not a retired farmer living in the Karoo.

For me, I don't mind Google having access to basic data about me. I get to use many of their products for free, and I'm also served ads relevant to me.

Kering has poached Renault CEO Luca de Meo to revive its struggling luxury empire, sending its stock up nearly 12%, its best day since 2008. Renault shares, meanwhile, fell 8%. De Meo, known for turning around Renault and restructuring its fraught Nissan alliance, will become the first outsider to lead Kering.

Chairman Francois-Henri Pinault admitted Kering's recent performance, particularly at Gucci, has lagged expectations and the group needs a fresh vision.

De Meo isn't a "firefighter," says Pinault, but a leader with brand savvy and turnaround chops, exactly what the debt-heavy group needs after taking on over EUR10 billion in liabilities.

The move might seem risky as De Meo has no fashion background, but analysts are optimistic, citing his marketing flair and product focus.

F1 is one step closer to returning to South Africa. Kyalami has plans for some 'light-touch' upgrades - The FIA approves Kyalami Grade 1 proposed upgrades.

It looks like dehorning rhinos works. A study found that dehorning drastically reduced poaching of these endangered animals - Protecting wildlife.

Asian markets took a knock this morning as investors braced for a possible US-Iran escalation. The MSCI Asia-Pacific index slipped around 1%, led by a more than 2% drop in Hong Kong. Mainland China, South Korea, and Japan also traded in the red. Risk sentiment soured after a Bloomberg report suggested US officials are prepping for a potential strike on Iran in the coming days.

In local company news, Shoprite is giving your pets the Sixty60 treatment. The retail giant has plugged its pet-care brand, Petshop Science, into its on-demand delivery platform, meaning same-day delivery is now available for over 3 500 pet products, from gourmet kibble to chew toys.

US markets are closed today for Juneteenth. The Rand is trading at around R18.04 to the US Dollar.

It is going to be quiet for markets today, have a good one.