It would be great to see more new all-time-highs at the stock level. It would be great to see more new all-time-highs at the stock level.
Market breadth should confirm market action at the headline level
This chart comparing AI leaders and AI laggards highlights how artificial intelligence is reshaping companies and business models.
As the chart below shows, the pace of disruption has accelerated significantly in recent weeks. (HT Goldman Sachs) Source: HolgerZ, Bloomberg
Canada has scrapped a digital services tax that targeted US tech companies after Donald Trump described the levy as a 'direct and blatant' attack.
▶️ Canada has walked back on its digital services tax “in anticipation” of a mutually beneficial comprehensive trade arrangement with the United States, Ottawa announced Sunday night, just one day before the first tax payments were due. ▶️This decision from Ottawa was an about-turn from Canadian officials earlier this month, who said they would not pause the digital services tax, despite strong opposition from the U.S. ▶️Canada’s Minister of Finance and National Revenue Francois-Philippe Champagne added, “Rescinding the digital services tax will allow the negotiations of a new economic and security relationship with the United States to make vital progress and reinforce our work to create jobs and build prosperity for all Canadians.” Source: FT, CNBC
US TREASURY SECRETARY BESSENT JUST SAID:
• US tariffs on China: 30% • China’s tariffs on US: 10%
BREAKING: US INFLATION DATA RELEASED!
• May PCE rises to 2.3%, in-line with expectations • Core PCE inflation rises to 2.7%, above expectations of 2.6%. PCE inflation is now rising for the first time since February 2025 YoY Growth: PCE (May), 2.3% Vs. 2.3% Est. (prev. 2.1%) Core PCE, 2.7% Vs. 2.6% Est. (prev. 2.5%) MoM Growth: PCE (May), 0.1% Vs. 0.1% Est. (prev. 0.1%) Core PCE, 0.2% Vs. 0.1% Est. (prev. 0.1%) Source: Macrobond
Nvidia $NVDA earns $2.22 million in profit per employee, nearly 4x more than $GOOG and $AAPL and 5.5x more than $MSFT.
Source: Beth Kindig
The Best Countries in The World (according to a survey conducted by US News in partnership with WPP and Wharton)
The U.S. News Best Countries rankings are based on a survey of 17,000 people from 36 nations who evaluated 89 countries across 10 subrankings, in partnership with WPP and Wharton. ATTRIBUTES Different, dynamic, unique Safe, affordable, stable Innovative, skilled, connected Modern, adaptable, responsive Ethical, equitable, climate-focused Low-cost, tax-friendly, efficient Trendy, prestigious, influential Fun, scenic, tourist-friendly Military, political, economic Historic, cultural, culinary Countries must meet certain GDP, tourism, and FOI thresholds to be included in the survey. Survey conducted between March 22nd-May 23rd, 2024. Source: USNews. com, Visual Capitalist
Top 10 Profitable Companies in 2024
1. Saudi Aramco: $120.7B 2. Apple: $97.0B 3. Berkshire Hathaway: $96.2B 4. Alphabet (Google): $73.8B 5. Microsoft: $72.4B 6. ICBC: $51.4B 7. JP Morgan Chase: $49.6B 8. China Construction Bank: $47.0B 9. Meta (Facebook): $39.1B 10. Agricultural Bank of China: $38.0B Source: Statista
