Michael Burry says the AI boom isn't funded by real demand
It's a loop cycle: borrow money, buy GPUs, use GPUs as collateral, borrow more money, repeat. Source: Michael Burry Stock Tracker ♟ @burrytracker
🔴 $ASML fantastic Q2 2026 earnings ‼️
ASML on Wednesday raised its guidance for the second time this year and reported stronger-than-expected quarterly results as its customers continue to ramp up production of AI chips. The Dutch semiconductor-equipment maker said it now expects full-year sales to come in between 43 billion euros ($49 billion) and 45 billion euros, and a gross margin of between 54 and 56%. It previously predicted annual net sales of between 36 billion and 40 billion euros, and a gross margin between 51% and 53%. The opened up 7% and is now up 64% YTD. Market cap is close to EUR 630 billion. ASML Q2 results In a nutshell: • EPS: €7.59 vs €6.88 est. • Revenue: €9.33B vs €8.87B est. • Gross Margin: 54.0% vs 51.9% est. 𝗢𝘂𝘁𝗹𝗼𝗼𝗸 𝗤𝟯 𝟮𝟬𝟮𝟲 Revenue: €11B-$12B vs €10.34B est. 𝗢𝘂𝘁𝗹𝗼𝗼𝗸 𝟮𝟬𝟮𝟲 Revenue: €43B-$45B vs €39.34B est. Source: Investing visuals @InvestingVisual CNBC
Warren Buffett will no longer be gifting shares of Berkshire Hathaway to the Bill Gates Foundation 🚨 🚨
Source: Barchart
Hyperscaler bond basket: another day, another record wide
Source: zerohedge
From this chart, it seems very clear what the most crowded trade is...
Source: BofA
Net foreign inflows into U.S. equities hits record high
Source: Hedgeye, Apollo
Cheapest bubble to burst ever?
If Korea's equity market was in a bubble this year and if that bubble had in fact just burst, would be the cheapest bubble to burst ever.. went from 8x earnings to 5x earnings now. Source: David Ingles @DavidInglesTV
For the first time since 1998, primary dealers are net short corporate bonds.
They've sold more credit exposure than they actually own—a dramatic shift from holding an average $16B of inventory in 2017. Most of the short position is in longer-dated bonds, where rising yields hurt the most. With credit spreads near multi-decade lows, the reward for taking that risk is minimal. If yields keep rising, dealers look well positioned. But if bonds rally, they could be forced to cover into a market with limited supply, accelerating the move. One thing history shows: credit markets often crack—or recover—before equities do. Source: Bull Theory
