The META effect
Meta Platforms (NASDAQ:META) climbed more than 10% on Wednesday after a report said the social media company is developing a cloud computing business that would monetize surplus artificial intelligence computing capacity. Meta's plan to monetize excess AI compute may have exposed the first real crack in the AI CapEx narrative. If hyperscalers can generate revenue from spare capacity, or eventually reduce spending without sacrificing AI capabilities, the market's assumption of persistent compute scarcity comes into question. That would be a negative for the hardware and infrastructure layer, but potentially positive for hyperscalers that can monetize existing assets more efficiently (more here). Chart below shows KOSPI, SOX and META (inverted). Source: TME
The US equity market is recording massive inflows
Source: EPFR, Goldman
The end of US exceptionalism? really?
Source: Goldman, EPFR
Hedge funds are abandoning US tech stocks at the fastest pace in over a decade:
The Technology, Media, and Telecom sector has seen the largest and most sustained outflows of any US sector in 2026. The net selling accelerated sharply in June to nearly -3% of total US gross market value, according to Goldman Sachs. Last week, hedge funds sold the most US Information Technology stocks in more than 10 years, in both dollar and percentage terms. This was driven by long and short sales at a ratio of roughly 1.3 to 1. Semiconductors and semiconductor equipment accounted for more than half of the total tech sales, having now been net sold for 8 consecutive sessions. Hedge funds are running to the exit in US tech. Source: Global Markets Investor, Goldman Sachs
The top 10 contributors to S&P 500 earnings growth.
Source: Markets & Mayhem, Factset
88% of companies have entered buyback blackout window (GS)
Source: zerohedge
Only 2 months left to buy the Magnificent 7 before the cash flow explosion begins???
Source: Patient Investor @patientinvestor FT
World's Most Cash Rich Companies
Source: The Market Mind @Market_Mind_
