It may be a short week, but Thanksgiving week has traditionally been good for equities.
source : bespoke
Big opportunities are often ignored by everyone Gemini
Source: Bourbon Capital @BourbonCap
There are 5 spot Crypto ETFs launching over next 6 days.
Nice chart showing what's launched and what's on deck from @JSeyff Source: Eric Balchunas @EricBalchunas, Bloomberg Intelligence
Fed Rate-cut odds for December are on the rise...
Hopes of another rate cut in December were initially boosted by Fed's Williams dovish comments on Friday and then encouraged by Goldman over the weekend. Yesterday, San Francisco Fed's Daly added to the sudden dovish pivot (from the rampant hawkish pivot mid-last week): "On the labor market, I don't feel as confident we can get ahead of it," she said in an interview on Monday. "It's vulnerable enough now that the risk is it'll have a nonlinear change." An inflation breakout, by contrast, is a lower risk given how tariff-driven cost increases have been more muted than anticipated earlier this year, she said. Daly's comments pushed the odds of a December cut back above 80%... Source: zerohedge, Bloomberg
$GOOGL Alphabet has seen it's forward P/E expand by 74% (16.2x ➝ 28.2x) in the last 7 months.
Source: Koyfin @KoyfinCharts
TPU > GPU ???
Google's AI chips - TPUs, or tensor processing units - are having a moment. These semiconductors were used to train its latest genAI model, Gemini 3, which has received rave reviews, and are cheaper to use than Nvidia's offerings. 🚀 But here's the real reason Google invented the TPU Back in 2013, Google ran a simple forecast that scared everyone: If every Android user used voice search for just 3 minutes a day, Google would need to double its global data centers. Not because of videos. Not because of storage. But because AI was too expensive to run on normal chips. So Google made a bold move: 👉 Build its own AI chip - the TPU. 15 months later, it was already powering Google Maps, Photos, and Translate… long before the public even knew it existed. ⚡ Why TPUs Matter GPUs are great, but they were built for video games, not AI. TPUs were built only for AI. No extra baggage. No wasted energy. Just raw efficiency and speed. That focus paid off: TPUs deliver better performance per dollar Use less energy Are faster for many AI tasks And with each generation, Google doubles performance Even Nvidia’s CEO, Jensen Huang, openly respects Google’s TPU program. 🤔 Then why don’t more companies use TPUs? Simple: Most engineers grew up with Nvidia + CUDA, and TPUs only run on Google Cloud. Switching ecosystems is hard — even if the tech is better. ☁️ The Bigger Picture: Google’s Cloud Advantage AI is crushing cloud margins because everyone depends on Nvidia. Google isn’t. It owns the chip and the software stack. That means: ✔️ lower costs ✔️ better margins ✔️ faster innovation ✔️ and a defensible advantage competitors can’t easily copy Some experts now say TPUs are as good as or even better than Nvidia’s best chips. 🔥 The Punchline Google didn’t build TPUs to sell chips. It built them to survive its own AI growth. Today, TPUs might be Google Cloud’s biggest competitive weapon for the next decade. And the moment Google fully opens them to the world? The AI infrastructure game changes. Source: zerohedge, uncoveralpha
The iShares Bitcoin Trust ETF $IBIT has recorded $2.2 billion in outflows so far this month
Source: CNBC
China’s $18.7T Debt Problem… Isn’t the Same as America’s
China’s government debt has exploded — up to $18.7 trillion in 2025, growing 13.6% a year. But here’s the twist: 👉 98% of that debt is owed to China’s own banks, companies, and citizens. Not to foreign governments. Not to global investors. Compare that to the U.S., where ~24% of public debt is held overseas. And that one difference changes everything. 🔍 Why China’s Debt Works Differently Because the debt is domestic: China can control its crisis responses Beijing can extend payments, adjust rates, restructure debt There’s no risk of foreign investors dumping Chinese bonds The currency is less exposed to sudden global panic In other words: China can fix China’s debt. The U.S. can’t always fix U.S. debt. 🇺🇸 The U.S. Advantage — and the Weak Spot The U.S. benefits because the dollar is the world’s reserve currency, so global demand keeps borrowing costs low. But the trade-off? America depends on continued trust from foreign buyers. If that confidence ever wobbles, financing gets harder — fast. ⚖️ The Trade-Off China = more control, less external risk… but must fix its own bubbles internally. U.S. = global trust, cheap borrowing… but more exposed if the world’s confidence cracks. Two superpowers, two debt systems, two very different risk profiles — and both will shape the next decade of global finance. Source: StockMarket.news
