Japanese Yen hits weakest level against the U.S. Dollar in more than 8 months
Source: Barchart
🚨The S&P 500 has NEVER been this expensive:
The index Price-to-Sales (P/S) hit 3.6x, WAY above the 2000 Dot-Com Bubble peak of 2.1x. The Price/Book (P/B) ratio hit 5.6x, above the 2000 high of 4.6x. Forward P/E is 26x, the second-highest since the Dot-Com Burst. Source: Global Markets Investor
📉 China’s manufacturing slowdown deepens.
October’s PMI came in at 49.0 — hitting a 6-month low and missing expectations of 49.6 (Reuters poll). That’s down from 49.8 in September. 🇨🇳 China’s manufacturing sector has now been in contraction since April, underscoring persistent weakness in global demand and domestic investment. ⚙️ The country’s manufacturing activity has remained in contraction since April. Source: CNBC
📈 The comeback of Amazon — in one chart!
🚀 AWS is back in growth mode. Demand for cloud computing is on fire, and Amazon Web Services is accelerating fast. 💡 According to CEO Andy Jassy, AWS’s power capacity is on track to double the levels seen in 2022 — and then double again by 2027. That’s not just a rebound — it’s a full-blown AI-fueled growth surge. 🔥 The message is clear: the AI trade still has momentum, and Amazon is positioning itself right at the center of it. Source: Jefferies, HolgerZ
🚀 Big Tech just confirmed it — the AI spending boom is still in fire 🔥
This week’s earnings from the MAG7 show that AI CapEx is accelerating into 2026, powered by massive, structural demand that shows no signs of slowing. 💰 This investment wave isn’t just a side story, it’s the engine driving the bull market. 👀 Now the big question everyone’s asking: Will the rumored OpenAI IPO mark the peak of the AI bull run… or the next leg higher? Source: WSJ
🚨 BYD’s profits just dropped 33% in Q3 — and it’s a wake-up call for China’s EV giant.
For years, BYD has been the unstoppable force in electric vehicles — outpacing Tesla in global sales and setting records for innovation in battery and autonomous tech. But the latest numbers tell a different story 👇 📉 Q3 profit: RMB 7.8B (~$1.1B) 📉 Down from: RMB 11.6B last year 📉 Below analyst expectations: RMB 9.6B 📈 Still up from Q2: RMB 6.36B So what’s happening? Beijing’s recent crackdown on price wars and supplier payment practices has cooled the once red-hot EV market. The aggressive domestic competition that fueled BYD’s growth is now under scrutiny — and that’s forcing the company to look overseas faster than ever. Earlier this year, BYD’s stock hit record highs after breakthroughs in charging and driverless tech. But since May, shares have fallen more than 30%. 🌍 The takeaway: China’s EV boom is maturing. The next phase of the race won’t be about who can build cheaper — it’ll be about who can go global, profitably. Source: FT
It took Nvidia 6,138 days to reach a $1T market cap.
Then just 597 days to reach $5T. Slow, then fast. $NVDA Source: Morning Brew
In Q1 2026, Microsoft $MSFT's CapEx totaled $35B, up 44% QoQ
That brings Last Twelve Months (LTM) CapEx to over $100B. Source: Quartr
