Megacap Tech gets more powerful.
This Q1 earnings season, the contribution has made an outsized impact. Megacap Tech about 17.3% of the total S&P 500 earnings - close to double that of Q4, 2025. Here, Megacap Tech = AMZN, AAPL, META, MSFT, NVDA, GOOGL Source: Ayesha Tariq, CFA, Factset, S&P
The hyperscalers' combined free cash flow is expected to fall to ~$4B in Q3.
Their free cash flow this year will likely be at its lowest level since 2014, when revenues were about a seventh of their current size. Source: Edward Conard, FT
Since the start of 2026, the S&P 500 has risen by +8%, consensus forward 12-month EPS estimates have risen by +13%, and the P/E multiple has declined from 22x to 21x.
Source: Neil Sethi, Goldman Sachs
Another day and another new all-time high for Korea Kospi with Samsung and Hynix again on fire.
AI memory changed the rankings fast. Samsung Electronics is now a $1T+ company. SK Hynix is sitting near JPMorgan by market cap. Korea is not a side story in AI anymore. Source: koreanstockguy on X
₹5.5 trillion has now been wiped out from the Indian stock market today.
Top 4 losers: State Bank of India (SBI) down -4.14%, banking sector pricing in a full economic slowdown as India's energy crisis deepens. Titan Company down -6.72%, PM Modi directly asked 1.4 billion Indians to stop buying gold for a year. Titan makes jewellery. ABB India down -8.77%, capital goods and manufacturing collapsing as energy costs make industrial operations unviable. IndiGo down 4.8%, jet fuel costs have exploded and PM Modi just discouraged all foreign travel. India's forex reserves have fallen by $38 billion since the war started as the RBI has been selling dollars to defend the rupee. At the current rate of drawdown, India has roughly 8 months of import cover remaining. The rupee hit an all time low of 95.23 against the dollar today. Every $10 per barrel increase in crude oil prices raises India's annual import bill by approximately $13–$14 billion. Source: Bull Theory
AI Memory Stocks Are Crushing the Market
The bottleneck is spreading across DRAM, NAND, SSD controllers, HDDs, advanced packaging, process control, server racks, and wafer fab equipment. Every layer of the stack is being repriced as AI workloads demand more bandwidth, more capacity, and faster data movement. Source: Sergey
The semiconductors ETF $SMH is up roughly +153% over the past year, the strongest 1-year performance on record going back to 2001 and roughly 4 standard deviations above the long-run average.
As DataTrek notes, staying bullish from here increasingly requires confidence that the semiconductor cycle and AI-driven backlog can remain durable for much longer. Source: The Market Ear
The S&P500 has rallied 16% since the March 30 lows.
10 stocks have been responsible for almost 70% of this rally, with Alphabet $GOOG and Nvidia $NVDA alone accounting for 25% of the whole index’s returns. Source: Negligible Capital
