In 2007, BlackBerry was worth more than Amazon, AMD, Netflix, Nvidia and Salesforce combined
Barry Ritholtz: How little do we know about the future? A great way to figure that out is to look to our past, to see what we previously thought about what the future will hold. To wit: 26 years ago, the image above came from the cover story of Fortune magazine: “There’s a lot of buzz in the smartphone business lately, with Apple’s (AAPL) iPhone turning the mobile world upside down and Nokia’s (NOK) upcoming phone announcement providing a new challenge. Despite all the hype, though, Research in Motion’s (RIMM) BlackBerry is still the most formidable force in U.S. smartphones. This statement, of course, is gadget heresy. Popular opinion holds that the iPhone is today’s must-have device, and none of the others stand a chance. But while the iPhone is revolutionary, it’s not yet positioned to truly challenge RIM’s foothold in the smartphone market.” Source: Jon Erlichman @JonErlichman
Total Returns over Last 20 Years:
US Stock Market $VTI: +658.4% / Gold $IAU: +658.4%, Source: Charlie Bilello
INSIGHT: India, the U.S. and Pakistan top Chainalysis’ 2025 Global Crypto Adoption Index, followed by Vietnam and Brazil
Source: Cointelegraph
Gold knows
Gold is following the Japanese 30 year, pricing in "spillover" risks... Source: TME, LSEG workspace
U.S. Top 10 Tech Giants Reach $22 Trillion Market Cap in August 2025
As of August 29, 2025, the combined market capitalization of ten leading U.S. tech companies: Alphabet, Amazon, Apple, Broadcom, Meta, Microsoft, Netflix, Nvidia, Oracle, and Tesla, hit a record $21.95 trillion, representing roughly one-third of the U.S. equity market. From 2012 to 2025, their market cap grew at a 23% compound annual growth rate (CAGR), underscoring their dominant role in shaping market performance. Source: Econovis
In the AI race between Alphabet $GOOGL and Microsoft $MSFT, Alphabet is once again clearly ahead
Since the launch of ChatGPT, Alphabet stock has risen nearly 128%, while Microsoft's share price has only increased 98%. Source: HolgerZ, Bloomberg
Lots of talks about seasonality these days...
If you believe in election cycle, we are in for a stretch of sideways at best. Source: Nautilus thru RBC
The gap in 🇺🇸 consumer confidence is widening.
Wealthier households remain upbeat, while middle-income sentiment has slumped sharply since June — now looking closer to lower-income pessimism. It’s the middle class that’s starting to feel the squeeze.
