The MSCI Emerging Markets index relative chart (vs. the US) looks very different if you take out TSMC, Samsung and SK Hynix.
Source: Oxford Economics
UBS’s balance sheet is bigger than Switzerland’s economy.
Source: @financialtimes
DeepSeek is now up to 50x CHEAPER than OpenAI and Anthropic for AI tokens.
DeepSeek’s massive price cuts have made its AI token costs up to 50x cheaper than OpenAI and Anthropic, reshaping enterprise AI economics. Since hashtag#AI costs scale with token usage, companies running coding agents or reasoning-heavy models can spend millions—or even billions—annually. More advanced models consume huge hidden “reasoning” tokens, dramatically increasing compute costs. This is pushing firms toward cheaper, optimized models and tools, with companies like Microsoft and Uber already feeling budget pressure. The key competitive advantage in AI may shift from having the smartest model to delivering “good enough” AI at the lowest scalable cost. Source: Bull Theory
Short Squeeze Risks Rising?
“…Goldman Sachs’ trading desks argue that the core tension in today’s market is not about the strength or weakness of fundamentals, but rather the excessive accumulation of short positions, which—if triggered into covering—could unleash a self-reinforcing upward spiral…” Source: kristen shaughnessy @kshaughnessy2
The Iran war is accelerating the rise of the Chinese yuan in global trade:
China’s Cross-Border Interbank Payment System (CIPS) has grown rapidly, with daily transactions rising from about 300 billion yuan in 2021 to a record 920 billion yuan in March 2026, briefly peaking at 1.22 trillion yuan in April. Created in 2015 as an alternative to Western payment networks, CIPS is increasingly used by sanctioned countries like Russia and Iran for energy trade. Saudi Arabia is also expanding renminbi-based oil transactions with China, boosting “petroyuan” speculation, though the US dollar still dominates global oil trade.
The decline in the number of public companies has been driven by the disappearance of small companies.
Source: @a16z, (((The Daily Shot))) @SoberLook
Immune SPX?
The gap between SPX and inverse MOVE remains enormous. Equities keep trading as if the recent explosion in bond volatility is somebody else’s problem. Source: TME, LSEG Workspace Activate to view larger image,
The entry point for this top-eight list moved from $30B in 2011 to $188B in 2026
Source: InvestyWise by Groww
