Charles-Henry Monchau

Chief Investment Officer

Chart #1 — 

Nvidia just retook the crown from Microsoft as the largest market capitalisation of the world

 



Interestingly, 8 of the 10 largest companies by market value worldwide are based in the United States.

Source: companiesmarketcap.com 

 


Chart #2 — 

There are now 13 ETFs with assets under management above $100 billion

Investors are steadily pouring funds into ETFs, with 188 of them in the U.S. now holding over $10 billion in assets, and 13 surpassing the $100 billion mark.

Collectively, the 188 ETFs with more than $10 billion in assets manage a total of $8.7 trillion. Meanwhile, the 13 largest ETFs, each with assets exceeding $100 billion, account for a combined $3.7 trillion.

Much like how a few mega-cap stocks dominate the S&P 500, these "mega-ETFs" hold a commanding position in the ETF landscape. Below is a breakdown of the largest US listed ETFs, including their performance so far this year and their expense ratios.

Source: Bespoke 


Chart #3 — 

Does Google have the top AI model in the world?

 

Betting platform Polymarket shows growing confidence among traders that Google will lead the AI race by the end of 2025, with its odds rising to 59%, a sharp increase from under 30% in March. Despite growing attention from competitors, no recent developments have disrupted this upward trend.

Google’s edge appears to lie in its unmatched training data, powerful Tensor Processing Units (TPU) accelerated cloud infrastructure, and world-class research team, an advantage that becomes increasingly evident as its models scale through Google Cloud Platform (GCP).

TPUs are Google’s custom-designed chips built specifically to accelerate AI workloads, enabling faster and more efficient training and deployment of large models compared to traditional hardware. GCP, meanwhile, is a comprehensive suite of cloud services that includes computing, storage, databases, machine learning, and networking, all delivered over the internet. It allows businesses to build, deploy, and scale applications without managing physical infrastructure, making it a powerful vehicle for distributing and monetizing AI models.

If Google's Gemini AI modelscontinue outperforming, the enterprise value baked into GCP may be materially underestimated. 

 

Source: Wall St Engine @wallstengine, Polymarkets


Chart #4 — 

If semis are the new oil, they’re just getting started…  

Melius analyst Ben Reitzes asks a compelling question: What if semiconductors are the “new oil”? If chips become as vital to the global economy as oil was in the 1980s, the current surge in semiconductor stocks could be just the beginning. At present, semiconductors represent about 12.1% of the S&P 500, while energy stocks once peaked at roughly 30% of the index in 1980. Today, energy makes up only 3%. The takeaway? If chips follow a trajectory similar to oil during its peak, both their market share and valuations could rise significantly.

Note: Broadcom is 20% and Nvidia is 56% of the semiconductors & semiconductor equipment S&P 500 index market cap.

Source:  FactSet, Melius Research, HolgerZ


Chart #5 — 

𝗧𝗵𝗶𝘀 𝗶𝘀 𝗽𝗿𝗼𝗯𝗮𝗯𝗹𝘆 𝘁𝗵𝗲 𝗺𝗼𝘀𝘁 𝗶𝗺𝗽𝗼𝗿𝘁𝗮𝗻𝘁 𝗺𝗮𝗰𝗿𝗼 𝗰𝗵𝗮𝗿𝘁 𝗳𝗼𝗿 𝗯𝗶𝘁𝗰𝗼𝗶𝗻 𝗿𝗶𝗴𝗵𝘁 𝗻𝗼𝘄

Bitcoin’s 60-day correlation with US 10-year Treasury futures has dropped to its lowest level ever recorded.

Source: Bloomberg, Bitwise Europe 


Chart #6 —

The Porsche-to-GOLD ratio 

Back in 1965, a Porsche 911 was priced at $6,500. Today, the average model costs around $120,100, an 18.5x increase. Meanwhile, gold has surged from $35 per ounce to over $3,000, marking an 86x rise.

Guess who won the inflation race?

Here’s how the Porsche/Gold Ratio:

  • 1965: 186 oz
  • 1980: 45 oz
  • 2000: 235 oz
  • 2025: just 40 oz

In gold terms, the 911 is way cheaper today than in 1965.

The lesson: gold preserves purchasing power.

Source: Mining Visuals


Chart #7 — 

Who will be the next Fed chair?

According to betting platform Polymarket, the current odds for who will be announced in 2025 are as follows:

  • Kevin Warsh: 24.2%
  • Christopher Waller: 20.0%
  • Kevin Hassett: 18.7%
  • No announcement: 18.0% 

Looking to avoid shark attacks? Avoid ice cream.

Source:  Bloomberg, Polymarkets 


Disclaimer

This marketing document has been issued by Bank Syz Ltd. It is not intended for distribution to, publication, provision or use by individuals or legal entities that are citizens of or reside in a state, country or jurisdiction in which applicable laws and regulations prohibit its distribution, publication, provision or use. It is not directed to any person or entity to whom it would be illegal to send such marketing material. This document is intended for informational purposes only and should not be construed as an offer, solicitation or recommendation for the subscription, purchase, sale or safekeeping of any security or financial instrument or for the engagement in any other transaction, as the provision of any investment advice or service, or as a contractual document. Nothing in this document constitutes an investment, legal, tax or accounting advice or a representation that any investment or strategy is suitable or appropriate for an investor's particular and individual circumstances, nor does it constitute a personalized investment advice for any investor. This document reflects the information, opinions and comments of Bank Syz Ltd. as of the date of its publication, which are subject to change without notice. The opinions and comments of the authors in this document reflect their current views and may not coincide with those of other Syz Group entities or third parties, which may have reached different conclusions. The market valuations, terms and calculations contained herein are estimates only. The information provided comes from sources deemed reliable, but Bank Syz Ltd. does not guarantee its completeness, accuracy, reliability and actuality. Past performance gives no indication of nor guarantees current or future results. Bank Syz Ltd. accepts no liability for any loss arising from the use of this document.

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