~$9.6 trillion of U.S. marketable government debt will mature over the next 12 months, the most ever.
That’s roughly 1/3 of ALL outstanding public debt that needs to be refinanced. Most of it was originally issued when rates were near zero. Now it refinances at 4–5%. The math: even a 2% average rate increase on $9.6T = ~$192B in added annual interest costs alone. For context, net interest on U.S. debt is already on pace to exceed $1 trillion/year in 2026, more than the defense budget. The largest refinancing wall in history is here. Source: @NoLimitGains on X
US equities market broadening in a few pics.
“Old economy” and interest-rates sensitive sectors have been outperforming lately Note there are also parts of the economy which are LESS subject to AI-disruption Source: Bloomberg, RBC
In Germany, gas storage levels have fallen below 24%
a record low for this time of year. Typically, storage levels average around 50.7% at this point. At 23.95%, inventories are also at their lowest level since May 2018. Source: Bloomberg, HolgerZ
The "Feel good story of the day".
If you invested $10,000 in Beyond Meat in 2021, today you would have $41. The stock was as fake as the meat. Source: Brew Markets @brewmarkets Wall Street Mav
The typical ETF investor has about half their portfolio in Tech Stocks
Source: Topdown Charts @topdowncharts
Three silent killers of bull markets.
"The investor's chief problem - and even his worst enemy - is likely to be HIMSELF" - Ben Graham Nice visual by @safalniveshak
Fear has returned to the Stock Market
Source: Barchart
Anthropic has raised $30bn from investors including GIC, Coatue, Founders Fund and Nvidia
reaching a $350bn pre-money valuation ahead of a potential IPO. Founded in 2021 by former OpenAI researchers, the company focuses on enterprise AI tools. About 80% of its $14bn revenue run rate comes from business clients. Its Claude Code product has gained strong adoption, with over 500 customers spending more than $1mn annually. Source: Financial Times
