Satoshi Nakamoto enters the top 22 wealthiest people on Earth.
Source: Bitcoin Archive
Consensus has been positioning for a split congress (the House with the democrats and republicans keeping the Senate) but it might be wrong as a democrat sweep now looks like a real possibility.
Indeed, over the last few weeks, polymarket odds were showing a rising probability of Trump losing control of the Senate, but that trend accelerated sharply recently (see the chart below)! Source: Polymarket
Here are the S&P 500’s best-performing stocks of 2026
Source: Brew Markets
The gap between US earnings growth and the rest of the world has never been wider
Earnings of US companies have grown nearly +1,300% since 1990. By comparison, earnings of global companies excluding the US have risen +500% since 1990. In other words, US earnings growth has been 2.6 times larger than the rest of the world. This comes as global ex-US profit growth has remained roughly unchanged between 2008 and 2025. The US economy is in a league of its own. Source: The Kobeissi Letter
Three IPOs are worth more than… all IPOs in the last 45 years of tech
Source: @jason
US vs China AI (Scale vs Efficiency)
The US is spending roughly 7× more than China on AI infrastructure. China is finding ways to do more with less. Goldman Sachs estimates 2026 capex by major US cloud providers at $806bn, versus about $110bn in China. America’s compute advantage remains enormous. But China is competing on efficiency. DeepSeek V4.1 Flash reportedly uses 437× less KV cache per token than V1—a striking reduction in a key inference cost. That advantage is starting to show up in usage. Chinese models are gaining OpenRouter token share, including in coding and agent workflows, while lower-cost models put pressure on global inference prices. The next contest may be the most consequential: digital labour. AI agents are moving beyond coding toward finance, legal, accounting and other professional work. The US has the bigger infrastructure budget. China is testing how far better economics can take it. In AI, will scale win,or will efficiency narrow the gap? Source: Goldman Sachs, J.D.
Personal Savings Rate hits 2.6%, the 2nd lowest level in the last 65 years
Source: Barchart, CNBC
We are already approaching the end of September which means seasonality will soon turn as a tailwind for the market
This is the time of the year when investment banks are going to share their outlook and given the strength of the equity market don't expect these outlook to bve negative... see below the message from Goldman...
