AI mania is the only game in town as the real economy sinks.
Great chart from @WarrenPies highlighting the recent divergence. Source: Bob Elliott @BobEUnlimited
Data center demand for electricity is predicted to double by 2030. - FT
Source: Energy Headline News @OilHeadlineNews
Here are the largest holdings in the S&P 500
Source: Leveraged shares, Evan
The Melt-Up
"However you measure it, tech stocks are on an all-time heater. This is one of the great bull markets we’ve ever witnessed. So now what? Source: Ritholtz @RitholtzWealth
The total value of the US stock market is now ~245% of the country’s GDP – far above the 100% level that Warren Buffett considers a sign of a market bubble.
Source: HolgerZ, Bloomberg
💰 How Much Gold Is Left to Mine?
To visualize: • 🟨 All the gold ever mined would fit inside a cube just 22.3 meters wide — smaller than the Great Pyramid of Giza. • 🟨 Remaining reserves would form a cube of 15.2 meters per side. • ⛏️ Two-thirds of all gold in human history has been extracted since 1950, a period of accelerated mining and financialization. 📊 Source: World Gold Council, Britannica, Live Science Source: INVEST
APPLE $AAPL JUST REPORTED EARNINGS EPS of $1.85 beating expectations of $1.75
Revenue of $102.5B beating expectations of $101.8B🟢 Stock is up 5% in after hours 🚀 The company's chief financial officer said Apple expects total company revenue to grow 10 to 12% year over year in the three months to December, with iPhone revenue growing double digits $AAPL Apple Q4 FY25 (Sept. quarter): 💳 Services +15% Y/Y to $28.8B. 📱 Products +5% Y/Y to $73.7B. • Revenue +8% Y/Y to $102.5B ($0.2B beat). • Operating margin 32% (+0.5pp Y/Y). • EPS $1.85 ($0.08 beat). Source: App Economy Insights @EconomyApp
🚨 Such concentration has almost NEVER happened:
NVIDIA accounts for 8% of the S&P 500's market cap, the highest for any company in history. Microsoft’s and Apple’s shares are 6.5% and 6.0%, respectively. The top 10 companies represent a record 40% of the index's total value. Source: Global Markets Investor
