--- title: Microsoft's market capitalization is greater than the entire energy sector description: Chinese car exports on the rise, the Dow is down year-to-date, while inflation numbers came in higher than expected. 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If you made a mistake, please change here USA Country Switzerland Canada: Other than Ontario, Quebec, Alberta Canada: Ontario, Quebec or Alberta USA Other country Language Language English French German Italian I confirm Legal information 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. [The week in seven charts](https://blog.syzgroup.com/fast-food-for-thought/tag/the-week-in-seven-charts) ### Microsoft's market capitalization is greater than the entire energy sector Chinese car exports on the rise, the Dow is down year-to-date, while inflation numbers came in higher than expected. Each week, the Syz investment team takes you through the last seven days in seven charts. [![Charles-Henry Monchau, CFA, CMT, CAIA](https://blog.syzgroup.com/hubfs/charles-2.jpg)](https://blog.syzgroup.com/fast-food-for-thought/author/charles-henry-monchau) [**Charles-Henry Monchau, CFA, CMT, CAIA**](https://blog.syzgroup.com/fast-food-for-thought/author/charles-henry-monchau) Chief Investment Officer **Monday, 02/27/2023** | - ![Pdf](https://blog.syzgroup.com/hubfs/pdf%20(1).png) - - - - #### Chart #1 — ## The Dow ended the week in the red for 2023 Several upside surprises regarding inflation and growth in the US led to profit taking in US stocks. The S&P 500 Index even recorded its worst week since early December. As of Friday's close, the index had given up about 35% of the gains it made in October; however, it remains up 3.5% year-to-date. As for the Dow Jones Industrial Average, it is now in negative territory for the year. The Nasdaq 100 is still up for 2023 with a 9.1% increase.  ![Picture1-Feb-27-2023-03-12-10-9297-PM](https://blog.syzgroup.com/hs-fs/hubfs/Picture1-Feb-27-2023-03-12-10-9297-PM.jpg?width=384&height=228&name=Picture1-Feb-27-2023-03-12-10-9297-PM.jpg) Source: www.zerohedge.com, Bloomberg --- #### Chart #2 — ## Fed terminal rate keeps moving higher Here is the chart that is weighing on investor sentiment: since the beginning of the year, the market has raised its expectations for the Fed's terminal rate (i.e. the rate level that should be reached at the end of the monetary tightening movement) by 50 basis points.  ![Picture2-Feb-27-2023-03-14-09-7884-PM](https://blog.syzgroup.com/hs-fs/hubfs/Picture2-Feb-27-2023-03-14-09-7884-PM.png?width=624&height=334&name=Picture2-Feb-27-2023-03-14-09-7884-PM.png) Source: Bloomberg --- #### Chart #3 — ## U.S. inflation for January surprises on the upside The release of the US inflation figures for the month of January displeased the equity markets. The PCE (Personal Consumption Expenditure) index came in at +5.3% year-on-year versus +5% expected. Core inflation (i.e. excluding energy and food) was also higher than expected (+4.7% y/y vs. +4.3% expected by the consensus). ![Picture3-Feb-27-2023-03-15-51-0253-PM](https://blog.syzgroup.com/hs-fs/hubfs/Picture3-Feb-27-2023-03-15-51-0253-PM.jpg?width=574&height=347&name=Picture3-Feb-27-2023-03-15-51-0253-PM.jpg) Source: Bloomberg --- #### Chart #4 — ## Should we avoid extrapolating January's US consumer and inflation figures? Could this be the most important chart of the week? The huge January tax cut could be the main reason for the surge in spending and inflation in the first month of the year. Indeed, the $256 billion tax cut in January is the largest in history, surpassing the plunge of the Covid crash in March 2020 and that of the great global financial crisis in January 2009! The reasons for this large tax cut have not yet been clarified. But according to JP Morgan, it is possible that January's macroeconomic data is truncated by this figure; Friday's data on personal income and spending should be interpreted with extreme caution.  ![Picture4-Feb-27-2023-03-16-56-2808-PM](https://blog.syzgroup.com/hs-fs/hubfs/Picture4-Feb-27-2023-03-16-56-2808-PM.jpg?width=662&height=352&name=Picture4-Feb-27-2023-03-16-56-2808-PM.jpg) Source: www.zerohedge.com, Bloomberg --- #### Chart #5 — ## Microsoft's market capitalization is greater than the entire energy sector Microsoft still has a higher market capitalization than the entire energy sector as represented in the S&P 500. This is despite the fact that 1) only one company in the oil sector - Exxon Mobil ($XOM) - alone generates more free cash flow than Microsoft; 2) On a free cash flow basis, all of the companies represented in the S&P 500 energy sector are profitable. ![Picture5-Feb-27-2023-03-17-54-4773-PM](https://blog.syzgroup.com/hs-fs/hubfs/Picture5-Feb-27-2023-03-17-54-4773-PM.jpg?width=468&height=414&name=Picture5-Feb-27-2023-03-17-54-4773-PM.jpg) Source: Bloomberg, Crescat Capital --- #### Chart #6 — ## China is gaining considerable ground in the car export market Real GDP growth in Germany was down 0.4% in Q4 and could also decline in Q1 2023, meaning that Germany will experience a technical recession. The German economy is struggling to rebound on one of its pre-covid strengths, namely car exports. On the other hand, exports of cars produced in China are at an all-time high. This increase is a very serious concern for the German automobile industry.  ##### China has emerged from the pandemic as an auto export powerhouse ![Picture6-Feb-27-2023-03-19-28-9603-PM](https://blog.syzgroup.com/hs-fs/hubfs/Picture6-Feb-27-2023-03-19-28-9603-PM.jpg?width=618&height=464&name=Picture6-Feb-27-2023-03-19-28-9603-PM.jpg) Source: Gavekal --- #### Chart #7 — ## Retail investors’ 10 most popular stocks According to VandaTrack, retail investors have been particularly active since the beginning of the year with an average of $1.5 billion in US stock purchases per day in 2023. This is a record level of capital inflow, which begs the question: which stocks are preferred by retail investors?  The top ten names on this list will surprise no one. They represent eight of the world's largest and best-known technology companies, as well as two popular US equity ETFs. Here are the rankings: 1) Tesla; 2) SPDR S&P 500 ETF; 3) Amazon; 4) Apple; 5) NVIDIA; 6) Invesco QQQ ETF; 7) Alphabet; 8) AMD; 9) Meta and; 10) Microsoft.  ![Picture7-Feb-27-2023-03-20-42-8164-PM](https://blog.syzgroup.com/hs-fs/hubfs/Picture7-Feb-27-2023-03-20-42-8164-PM.png?width=704&height=814&name=Picture7-Feb-27-2023-03-20-42-8164-PM.png) Source: Visual Capitalist #### 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. Read More ## Related Articles [The week in seven charts](https://blog.syzgroup.com/fast-food-for-thought/tag/the-week-in-seven-charts) #### [Four years into the bull market](https://blog.syzgroup.com/fast-food-for-thought/four-years-into-the-bull-market?hsLang=en) Meanwhile, earnings growth, not valuation expansion, is doing the heavy lifting behind the S&P 500’s rally. Each week, the Syz investment team takes you through the last seven days in seven charts. **[Charles-Henry Monchau, CFA, CMT, CAIA](https://blog.syzgroup.com/author/charles-henry-monchau?hsLang=en)** | 12/10/2026 [The week in seven charts](https://blog.syzgroup.com/fast-food-for-thought/tag/the-week-in-seven-charts) #### [Is France’s sovereign debt heading towards “junk” territory?](https://blog.syzgroup.com/fast-food-for-thought/is-frances-sovereign-debt-heading-towards-junk-territory?hsLang=en) Meanwhile, what does Anthropic’s $2tn valuation assume about future growth? Each week, the Syz investment team takes you through the last seven days in seven charts. **[Charles-Henry Monchau, CFA, CMT, CAIA](https://blog.syzgroup.com/author/charles-henry-monchau?hsLang=en)** | 05/10/2026 [The week in seven charts](https://blog.syzgroup.com/fast-food-for-thought/tag/the-week-in-seven-charts) #### [The 10-year Treasury yield hits a 19-year high](https://blog.syzgroup.com/fast-food-for-thought/the-10-year-treasury-yield-hits-a-19-year-high?hsLang=en) Meanwhile, US earnings growth leaves the rest of the world behind. Each week, the Syz investment team takes you through the last seven days in seven charts. **[Charles-Henry Monchau, CFA, CMT, CAIA](https://blog.syzgroup.com/author/charles-henry-monchau?hsLang=en)** | 28/09/2026 ## Straight from the Desk # Syz the moment Live feeds, charts, breaking stories, all day long. 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