Samsung and SK Hynix now account for ~13% of the MSCI Emerging Markets Index, the benchmark for more than $1 TRILLION in assets under management.
SK Hynix alone now commands a weighting equivalent to Tencent and Alibaba combined, after more than doubling in market value this year. Together with TSMC, the 3 chipmakers account for more than 25% of the entire index and have contributed over 70% of its gains so far in 2026. This is reminiscent of late 2020, when Chinese companies accounted for more than 40% of the MSCI Emerging Markets Index. When Chinese stocks peaked in February 2021 and subsequently collapsed, the broader EM index entered a 15-16 month bear market, falling ~50% from peak to trough. Even emerging market indexes are extremely concentrated. Source: Global markets Investors, Bloomberg Opinion
History has been kind to Fed Chairs in their first year. Besides Greenspan, who got handed Black Monday...
Source: TrendSpider
Another "K-shaped economy" chart
Source: Lawrence McDonald, Bloomberg
When rates start to matter... NASDAQ versus inverse US 10-year yields remains one of the biggest macro dislocation charts out there.
Let's keep in mind that bond volatility is exploding higher JUST AS hyperscalers enter the most capital-intensive spending cycle in modern tech history. Source: The Market Ear
SOX cracks...
The semiconductors index SOX is printing its biggest downside candle since the melt-up began. The index is now breaking below the steep trend line while slipping under the 8 day moving average. The 21 day sits lower (next meaningful support), while the 50 day remains far below current levels. Source: TME, LSEG
The momentum trade is VERY extended.
See below great chart from Alpine Macro showing that Momentum stocks (dominated by semis) have basically had a vertical rally relative to minimum volatility stocks (think defensives like staples, utilities). Markets don’t like big straight-line moves like that. It’s not something that persists. Source: TME
Which company will ultimately benefit the most from Trump's trip to China?
Source: TrendSpider
Google $GOOGL now has a $467.6 Billion revenue backlog up from $92.4B in the same quarter last year.
Source: Evan on X, Fiscal.ai
