Apple’s 40-day correlation to the Nasdaq 100 Index tumbled to 0.21 last week, the lowest since 2006, according to data compiled by Bloomberg.
Its correlation with the benchmark has been on the decline since May, when it reached 0.92, as Apple’s decision to mostly sit out the AI arms race has turned it into an outlier compared with many of its rivals. Source: zerohedge
Although global markets have narrowed the gap with the US in recent weeks, US equities still trade at a roughly 40% valuation premium to the rest of the world.
That premium could shrink further if big tech companies lose their capital-light appeal due to rising capex and begin to be valued more like capital-intensive businesses. Source: HolgerZ, Bloomberg
US white-collar recession is getting WORSE:
Job opening rates in key white-collar sectors are plunging to historic lows, according to BLS data. Finance and insurance rate is down to ~2%, the lowest in at least 14 years. Information sector openings are down to ~3%, near the cycle lows. Professional and business services FELL to ~4%, the 2nd-lowest in 12 years. All 3 sectors have seen openings fall -50% or more from their 2022 peaks. Source: Global Markets Investor, Bloomberg
Among the strongest duopoly stories in the world
NB: These are NOT investment recommendations Stocks World @anandchokshi19
What’s worrying billionaires?
• Trade tensions, geopolitics, and policy uncertainty top the list • Tariffs dominate in Asia-Pacific and inflation and conflict lead fears in the Americas Source: Visual Capitalist
ALERT: Search interest for “Bitcoin going to zero” is now higher than it was in 2022.
Source: Cointelegraph @Cointelegraph
Blue Owl permanently halts redemptions at private credit fund aimed at retail investors
Blue Owl Capital Corp II (OBDC II) has halted regular withdrawals from its retail debt fund, shifting to "episodic payments" after redemptions surged 20% in early 2025. The firm sold $1.4B of assets at near-par to manage liquidity, highlighting strong underwriting despite fund pressures. The case shows that illiquid private loans in retail structures carry risks, and liquidity is crucial when markets tighten. Source: FT
Bitcoin ETF's cumulative net inflows peaked at +$63B in October. Today (after the "massive" outflows) it's +$53B. That's NET NET +$53B in only two years.
Initially, most predictions were for $5-15B in the first year. This is an important context to consider when looking/writing about the $8B in outflows since 45% decline and/or the relationship between $BTC and Wall street, which has been overwhelmingly positive. h/t @JSeyff
