Uranium miners closed at new all-time highs last week. Is the relative trend just getting started
$URA $URNM $SPY Source: Donovan Jackson @TheDonInvesting on X The chart report
CoreWeave Behind the AI Hype, a Debt-Fueled Illusion
Nvidia is investing $2B in CoreWeave, deepening a partnership central to AI infrastructure expansion. CoreWeave plans to build over 5 GW of AI data centers by 2030 using Nvidia’s next-gen platforms. However, despite the hype, CoreWeave’s financials raise serious concerns: the company is losing money on every dollar of revenue, carries a massive working-capital deficit, holds over $10B in long-term debt, and relies on rapidly depreciating GPU assets. Facing weak demand, CoreWeave is increasingly using “compute-for-equity” deals—trading GPU capacity for startup equity at inflated valuations—effectively acting like an AI venture capitalist rather than a stable infrastructure provider. The business model depends on continued access to debt markets; if funding dries up, risks fall heavily on retail investors while early institutional players are likely already exiting.
Yesterday was the 15th straight day that the S&P 500 ($SPY) has failed to outperform the Russell 2000 ($IWM)
IWM is now outperforming SPY by almost 900bps YTD... Source: www.zerohedge.com, Bloomberg
That was just another new low today for the Nasdaq100 relative to the Russell2000 small-caps.
Look at that collapse since last summer Source: J-C Parets
Everyone’s Winning. 63% of S&P 500 stocks are beating the index YTD (from NDR, as of Jan 14).
This is the best market participation since 2001. As of yesterday’s close, this number is now up to 65% the second best in 50 years. *Will the market’s strength continue? Source: Macro Charts @MacroCharts NDR
Institutional investors sold -$9.2 billion in US equities last week, marking the 5th straight week of selling.
They dumped -$8.1 billion in single stocks and $1.1 billion in ETFs, bringing the 4-week average to -$3.5 billion. On the other hand, hedge funds bought for a 5th consecutive week, while retail investors bought for the 2nd straight week. As a result, net selling rose to -$6.3 billion, from -$2.6 billion in the prior week. Source: BofA, Global Markets Investor
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
