In case you missed it... The Russell 2000 index is well ahead of the Nasdaq100 $NDX over the past 6 months.
Source: The Market Ear, LSEG Workspace
The Market Ear: "When you trade BTC, you're basically trading unprofitable tech, not a store of value, not dollar debasement".
As shown below, bitcoin has a high correlation with unprofitable tech stocks and the Nasdaq.
Great chart by Tavi Costa showing Mega-caps hardware stocks Entreprise Value as a % of GDP - 2000 vs. today...
We think Nvidia has a different profile. Still, this is a scary one...
🔥 Three Years Since The Launch Of ChatGPT, Here Are The Biggest Winners And Losers 🔥
To celebrate ChatGPT’s 3-year anniversary, Deutsche Bank kicked off “AI Week” — using AI to build every Chart of the Day. And the first set of charts tells an incredible story: 🚀 Winners: The Magnificent 7 didn’t just outperform… they rewrote market history. Nvidia: +1,020% Broadcom: +712% Western Digital: +500% Meta: +499% The Mag-7 as a group? ~+300% since late 2022. Stunning. 💥 Losers: Market darlings turned disasters: First Republic – gone SVB – collapsed Moderna – -85% from 2022, -95% from peak Pfizer? Now trading back at 1998 levels and -60% from its highs, despite 3× the earnings it had in 2000. 💡 The Lesson: In just three years, AI exploded, market leadership flipped, and the biggest winners and losers were almost impossible to predict in real time. Nothing in markets is permanent — not hype, not dominance, not even “blue-chip safety.” A perfect way to kick off AI Week. Source: DB, zerohedge
Foreign investors are buying US equities at a record pace:
Private investors outside the US purchased a record +$646.8 billion of US equities in the 12 months ending in September 2025. Purchases have doubled since the start of the year. This is now 66% ABOVE the+$390.0 billion high seen in 2021. Meanwhile, foreign private-investor purchases of US Treasuries were +$492.7 billion during the same period. Rolling 12-month non-US buying of Treasuries has remained above +$400 billion for 4 straight years. Source: The Kobeissi Letter
Nasdaq $NDAQ is making its tokenized stock plan a top priority and says it will “move as fast as we can” to get SEC approval.
The proposal, filed in September, would let investors trade on chain “stock tokens” that are just digital representations of existing listed shares, with the same ticker, CUSIP, voting rights and dividends, and target rollout around Q3 2026 under current SEC market rules. Source: Wall St Engine
The S&P 500 has been up 7 months in a row with a 20%+ gain.
Historically, what comes next after such a rally? See the anser below. On average, the S&P 500 record positive returns. But the last 2 times we had a similar streak (Sept 2009 and August 2021), the market paused a month after. Source: RBC, TheMarketStats
The good news on US equities is coming from... valuation.
Indeed, while absolute P/Es remain quite expensive, most sectors have de-rated throughout November - see chart below. When the column is red, it means that P/E has decreased in November. When it is blue, it implies that the P/E has increased. It seems that Tech and discretionary both de-rated in November Source: RBC, Bloomberg
