Nvidia, $NVDA, has already added another $130 billion of market cap in 2024 and we're only 6 trading days in
Since its low in October 2022, $NVDA has officially added $1 TRILLION in market cap. As of today, the stock is officially up 400% from its 2022 lows. In 2 years, Nvidia has gone from barely being a top 30 company by market cap to being the 6th largest public company in the world. Source: The Kobeissi Letter
Bitcoin on a roller coaster after SEC drama
Shortly after the market close on Tuesday, the SEC's X account posted an announcement that it had approved bitcoin ETFs to begin trading, something that has been widely anticipated by the crypto market. That post was made by an imposter and was deleted soon after. About 15 minutes after SEC's imposter post, SEC chair Gary Gensler said from his X account that no bitcoin ETFs had been approved. “The SEC’s @SECGov X/Twitter account has been compromised. The unauthorized tweet regarding bitcoin ETFs was not made by the SEC or its staff,” an SEC spokesperson told CNBC. The price of bitcoin briefly spiked after the initial post, but then quickly slid below $46,000. Source: Bloomberg, CNBC, HolgerZ
Remember the 70s?
Source: Win Smart
This chart from Eurasia Group's Top Risks 2024 Report shows how far Americans' trust in institutions has eroded
And the chart gives a feel for the upcoming election campaign, which is unlikely to be a trust-building measure. And should Trump win, he 'would take steps to consolidate exec power, weaken checks & balances, & undermine the rule of law,' the authors write. Source: HolgerZ
Mapped: The Top Middle East Exports by Country
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The average price of a used Tesla has declined 18 months in a row
moving from a record high of $67,900 in July 2022 to a record low of $36,661 today (-46%). $TSLA Source: Charlie Bilello
Money is flowing out of China for the first time in over 25 years
Source: AnilVohra1962, Safe, Macrobond, Clock Tower
UK 20-Year Bond Auction: A Strong Start to 2024!
Today's successful auction of the UK 4.75% 2043 bonds, raising GBP 2.25 billion at a yield of 4.391%, represents a significant rise from the 1.36% yield in the previous auction in October 2021. 📈 Highlighting investor confidence, the auction achieved a strong bid-to-cover ratio of 3.6. Notably, the 20-year UK Gilt has climbed nearly 40bps from its late 2023 low. 🔍 With core inflation trends showing signs of stabilization, market participants are keenly awaiting signals from upcoming wage and inflation data. We are observing keen interest in how the yield curve will react, particularly with the anticipated new 30Y gilt syndication on the horizon. More steepening could be on the cards. 💷 Considering the estimated £76 billion gilt supply for Q1 2024, a key question emerges: Can today's robust auction mitigate the recent selloff, primarily driven by substantial global duration issuance and reassessment of aggressive rate cut expectations? Source: Bloomberg
