The "Great SaaS Meltdown" is here
For over a decade, tech rewarded growth over profits. That model no longer works. AI has fundamentally altered the risk calculus. High-growth, low-profit SaaS is now a liability, not a promise. AI-native competitors can undercut costs and reach scale faster, threatening legacy products before they ever achieve profitability. What once looked like a long runway now looks like a race against displacement. Investors are adapting accordingly. In private markets, VCs are pulling back from funding growth without durable moats. In public markets, profitability is no longer assumed—it must be visible and resilient. Capital is shifting from ambition to efficiency. The takeaway: selling the future is no longer enough. In an AI-native world, efficiency and resilience are prerequisites for survival. Source: Chamath Palihapitiya on X (@chamath)
20 days into 2026 and the Dalio playbook is already crushing
Metals, Defense, EMs, Europe outperforming. US stocks and long bonds lagging. Source: TrendSpider TrendSpider LLC
S&P 500 $SPX remains stuck and continues trading the "eternal" range. Resistance 7000, supports: 6800, 6600 (futures)
Source: TME
Korea's market cap (in white) is about to top Germany's (in blue) on this massive AI rally
Source: David Ingles, Bloomberg
Emerging Market stocks now outperforming U.S. equities by the largest margin since 2023
Source: Barchart
S&P 500 technicals
$SPX has reversed near the top of the range and is now breaking below the short-term trend line. Zooming out, the market still lacks a clear medium-term trend, with price sitting right on the 50-day and RSI suddenly at its most oversold since the December shakeout. First meaningful support comes in around 6,800 (futures). Source: LSEG, TME
BREAKING: Procure Space, $UFO led the ETF industry in percentage growth last week.
Its weekly net inflows amounted to 18% of AUM, or $40.9 million. Space surged +7.9% higher week-over-week and is now up +22.5% YTD in 2026. Source: Hedgeye on X
Emerging Market Stocks have formed a Potential Inverse Head & Shoulders Pattern against the S&P 500
Source: Barchart
