The End of the Buyback Era?
Mega-cap tech in the S&P 500 is undergoing a major shift. Before: buybacks exceeded CapEx, supporting valuation multiples. Now: CapEx exceeds buybacks, driven by the AI arms race.
Shares of automaker Stellantis plunged 23% in European trading on Friday
The company said it expects to take a 22-billion-euro ($26 billion) hit from a business reset and hinted at a pull-back from its electrification push. After Ford and General Motors announced large write-downs linked to their EV strategy, today Stellantis has announced it will take ~€22 billion ($26 billion) in impairments as it scales back its EV plans. With a brutal admission by the CEO ⬇️ Source: Javier Blas
The $BTC capitulation metric has printed its second-largest spike in two years, highlighting a sharp escalation in forced selling.
These stress events typically coincide with accelerated de-risking and elevated volatility as market participants reset positioning". Source: Glassnode
US companies announced the largest number of job cuts for any January since the depths of the Great Recession in 2009
according to data from outplacement firm Challenger, Gray & Christmas Inc Source: Bloomberg
To put things in perspective...
The Amazon $AMZN CAPEX estimates ($200B for 2026) aren’t even on the screen on the Bloomberg GF page yet… Source: Bloomberg, RBC
At yesterday's low of $60k, bitcoin was down over 52% from its October 2025 peak.
This was its 9th 50+% decline off an all-time high since it began trading on exchanges back in 2010. $BTC Source: Charlie Bilello
Over 9.3M Bitcoins are underwater, the highest supply in loss since January 2023, per Glassnode.
Source: www.cointelegraph.com
Bitcoin Returns since 2010...
Source: Charlie Bilello
