$MSFT & $ORCL are heavily tethered to OpenAI for their AI backlog.
$AMZN is building AI demand without that dependence which makes AWS growth cleaner while the other two look like a leveraged bet on OpenAI. Source: Shay Boloor @StockSavvyShay FT
You can’t electrify the world without copper and the world is running out of it.
- Large-scale copper discoveries are down 90% over the last two decades - Copper deficits are projected to widen through 2030 - Copper demand is surging: driven by electrification, data centers, and AI - It takes 20+ years from discovery to first production How far can this copper bull market run? Source: Lukas Ekwueme @ekwufinance
Fed hawks/doves table latest
Source: from BofA thru ZeroHedge
"It’s uncommon for a city to have even one sovereign wealth fund; the UAE’s capital has three"
This bloomberg article is a nice overview of how and where Abu Dhabi invests its wealth. Source: Ziad Daoud @ZiadMDaoud
Consumer confidence down, stock market up
A K-shaped economy captured in one chart. (via Bianco Research thru HolgerZ)
How far can this go?
Investors are in "all-in mode", as NYSE available cash as a percentage of market cap has just reached its lowest level ever. Source: Guilherme Tavares i3 invest
Gold relative to S&P 500: are we just at the start of the cycle?
A fascinating chart by Otavio (Tavi) Costa Gold relative performance dynamic follows very long-term cycles, and we’re likely only in the early stages of this one. As Tavi points out, we now face a trifecta of macro imbalances: ▪️The Debt Problem of the 1940s ▪️Inflation Issues of the 1970s ▪️Asset Valuation Imbalance of the Late 1920s and 1990s Source: Bloomberg, Crescat Capital
Total Put/Call Ratio fell to 0.70 on Friday, one of the lowest levels in the last 4 years 👀
Source: Barchart
