Apollo just released a report titled: 'The extreme weight of AI in the S&P 500'
Here's the key message: Source: Niko Ludwig @Collateral_com
In case you missed it...
Canada is up 25% in 2025, driven by strength in financials and mining stocks: Source: J-C Parets, Trend Labs
S&P 500 - How does the rally compare to history?
-The 4th strongest rally vs all other bulls (82, 09, 20 were >). -The STRONGEST recovery excluding recessionary cases. At 116 days w/o a 6% pullback, the rally has gone farther than all but two early-stage bulls (1966 & 1957). Source: Warren Pies @WarrenPies, 3Fourteenresearch
On September 30, 2025, Nvidia will file its 13F form.
This report will list the companies Nvidia has invested in. Here are Nvidia’s current investment stakes: Source: graniteshares
Jeff Weniger went through all the cycles back to 1974.
In the 12 months after the first rate cut, Consumer Discretionary went on to beat the market in 75% of the observations. Poor performers included Energy and Utilities, which beat the market in only 17% and 25% of the 12-month windows, respectively. Source: Jeff Weniger
Lot of talk how valuations are 'high'.
Here's another reminder there is virtually no correlation between P/E multiples and what the S&P 500 does the next year (R-squared of -0.01). Source: Ryan Detrick, Carson
What’s fluffy, has big ears, and has seen its stock outpace the likes of Nvidia, Palantir, and Microsoft?
It’s Build-A-Bear Workshop, of course. The almost 28-year-old mall staple where one can stuff, name, dress, and accessorize a cuddly toy has seen its stock price soar more than 2,000% over the last five years, as reported by the Washington Post on Monday, outperforming some of the hottest names in AI and technology. Indeed, a theoretical $100 invested into BBW stock at the start of 2021 would be worth ~$1,600 today — about $200 more than the theoretical value of the same amount of Nvidia stock. Since its sales plunged in 2020, Build-A-Bear has only gone from strength to strength. The company reported its best Q1 results ever in May, with revenue rising 11% to $128.4 million, having emerged as a post-pandemic winner after tapping into a lucrative market: grown adults. Source: Chartr
AI is carrying the market:
Since ChatGPT’s launch in Nov 2022, AI-related stocks have delivered 181% gains in key names, while the rest of the S&P 500 has managed just 25%. More importantly, AI has powered 75% of total index returns, nearly 80% of earnings growth, and an incredible 90% of all capex growth. Without AI, the S&P’s rally would look far more modest. Source: StockMarket.news, JPAM
