$SAP, a German software company, is down -50% from its all-time high.
Source: Hedgeye
5.0 Million b/d US Exports Just Hit Record As Hormuz Flatlines
+23% above March.... In 1 month This isn't a coincidence. It's the market rerouting. Hormuz closes → Asian buyers panic → empty VLCCs race to US Gulf Coast → American crude fills the gap Source: Jack Prandelli on X, Bloomberg
The S&P 500 has closed green on the year for the first time in 27 trading days.
That looks to me like V-shape... $SPY Source: Trend Spider
From the FT: OpenAI investors question $852bn valuation as strategy shifts
OpenAI’s $852bn valuation is facing scrutiny as it shifts strategy toward enterprise AI, competing with Anthropic while maintaining ChatGPT’s consumer lead. Some investors worry the company is unfocused and vulnerable, especially as Anthropic’s rapid revenue growth challenges its position. The Claude-maker’s annualised revenue surged from $9bn at the end of 2025 to $30bn at the end of March, driven by demand for its coding tools. Anthropic’s business appears to have leapfrogged OpenAI, which hit $25bn in annualised revenue in February, though the companies use different accounting methods to book revenue, making direct comparison difficult. Despite raising $122bn and strong leadership confidence, OpenAI is cutting side projects and prioritizing higher-margin tools like Codex. It is also expanding infrastructure and workforce. However, strategic pivots, abandoned initiatives, and intensifying competition from Anthropic and Google raise concerns about execution and long-term valuation ahead of a potential IPO.
Talking about a K-shape economy...
The gap between Wall Street and Main Street has never been bigger: ➡️ Main Street: US consumer sentiment is down to 47.6 points, the lowest level in history. ➡️Wall Street: the S&P 500 is trading just 3% from its all-time high. ⚠️ Since the 2020 pandemic, consumer sentiment has fallen -50%. During the same period, the S&P 500 has rallied +205%. This comes as inflation, rising housing costs, and a weakening job market are increasingly squeezing the average American household. Meanwhile, 87% of all equities are held by the wealthiest 10% of households. Asset owners are the biggest winners in this economy. Source: The Kobeissi Letter, zerohedge
In case you missed it... $INTC Intel has risen an absurd 53% over the past 9 trading days
It is now up over 200% since the Trump Administration purchase @ $20.47 Source: Trend Spider
US Warships that are actively in the Middle East or in transit - 23 ships.
Source: Negligible Capital
First US Banks Q1 earnings results are IN. Goldman Sachs $GS Delivers Massive Q1 2026 Beat!
GS just dropped its first-quarter results, and the numbers are impressive. With the stock currently moving 3.28%, here are the most important highlights you need to know: Net Revenues: $17.23 billion up 14% YoY and 28% vs. Q4 2025. Diluted EPS: $17.55, significantly outperforming last year's $14.12. Net Earnings: $5.63 billion for the quarter. Segment Performance: Global Banking & Markets: A powerhouse quarter with $12.74 billion in revenue (+19% YoY). Investment Banking Fees: Surged 48% to $2.84 billion, fueled by a major comeback in M&A Advisory. Equities: Jumped 27% to $5.33 billion, driven by record-level financing and intermediation. Asset & Wealth Management: Solid growth with $4.08 billion in revenue (+10% YoY). Source: Hataf Capital
