Asset Managers and Hedge Funds have now built the largest Nasdaq Futures short position in history
Source: Barchart
In case you missed it... US 30-year government bond yields hit 5.31%, highest since 2007.
~$2tn deficits, sticky inflation, heavy long-bond supply due to AI-fueled corporate borrowing are lifting term premia as traditional demand fades. Even softer data can't stop the selloff. Source: HolgerZ, Bloomberg
Sandisk $SNDK is now up 62% in the last 14 days, adding $101 billion to its market value.
SanDisk has now broken past almost every analyst target on Wall Street. Source: Bull Theory
In case you missed it... Ferrari’s first fully electric car was sold for a record $40mn, making it the most expensive new car ever auctioned despite a backlash over its design.
First unveiled in May, the Luce was sold by Sotheby’s to an unnamed buyer at Monterey Car Week, an annual event in California where rare classic cars and luxury vehicles are showcased, according to the auction house. The auctioned vehicle was a one-off, produced by Ferrari for its charitable arm. The Luce is designed by former Apple designer Sir Jony Ive, and a standard model is priced from €550,000. The Luce’s auction price, which far exceeded presale estimates of $1.1mn, sets a record for a new car, surpassing the $26mn paid for a one-off Ferrari Daytona SP3 at last year’s Monterey event. Ferrari’s first EV remains short of the record for any car sold at auction, which was set instead by a 1955 Mercedes-Benz 300 SLR Uhlenhaut Coupé that sold for €135mn in 2022. The Italian luxury carmaker said the sale was an “outstanding result” and that all proceeds would benefit its foundation’s educational programmes. Ferrari polarised fans and investors with the EV launch in May, with critics arguing that its five-seat, battery-powered design marked too sharp a departure from the luxury car maker’s traditional styling and eroded the marque’s identity. Ferrari’s shares have since fully recovered but they fell more than 8 per cent on the day after the Luce was unveiled. Source: FT
In the US, fear of rising prices is climbing toward record highs as the U.S. saving rate collapses to 2.6%.
Source: Hedgeye
Energy stocks are up by nearly 38% so far this year ... so far, that ranks as the third best year going back to 1990.
Source: Kevin Gordon Bloomberg
There is no more vol left to sell
Source: zerohedge Bloomberg
All the AI revenue is fake. Really?
Source: Lance Roberts The Daily Shot
