How does it do it?
Source: Morning Brew
The largest sector in the S&P 500 since 1972.
Source: NDR, Rob Anderson
Foreign holdings of U.S. stocks have only kept rising since we first started hearing about the 'sell America' trade last year
Source: Gunjan Banerji, JP Morgan
CTAs are projected to dump stocks in EVERY SINGLE SCENARIO over the next week
Source: Barchart, Goldman Sachs
The Mag 7 continue to hit new 52-week lows relative to the broader market.
Source: Alfonso De Pablos, CMT
In case you missed it... Alphabet lost 5% yesterday —not because of earnings, but because talent walked out the door.
John Jumper, Nobel Prize winner and co-creator of AlphaFold, is leaving DeepMind for Anthropic. Days earlier, the co-lead of Gemini joined OpenAI. The market erased tens of billions in Alphabet's value. That says everything about AI's true competitive advantage. Chips, GPUs, and data centers can be bought. Exceptional AI researchers cannot. The AI race isn't just an infrastructure race—it's a talent war. In the world's most transformative technology, the scarcest asset isn't silicon. It's the people who know how to turn it into breakthroughs. Source: Thierry from arvy 🇨🇭
The market is clearly distinguishing between those who are receiving the checks (semiconductors - in green) and those who are writing the checks (hyperscalers - in red) ...
Source: zerohedge
In case you missed it... SpaceX shares closed down -16.4% yesterday, wiping out over $400 billion in market value.
The decline comes after the company officially launched its inaugural offering of senior unsecured notes on June 22, seeking to raise at least $20 billion. SpaceX disclosed approximately $100.8 billion in cash and cash equivalents as of June 19, 2026. $SPCX is now down -31.3% from its all-time high, having wiped out over $927 billion in market value in just 3 days, and is trading +14.5% above its IPO price. Source: Bull Theory
