Only 26% of S&P 500 stocks have outperformed the $SPX over the last 3 months, one of the worst market breadth readings since 2020
Source: Goldman
Buybacks are back...
"Goldman estimates over $6B worth of stock buyback vwap demand for each November trading day" Source: zerohedge
US corporate earnings growth is booming:
S&P 500 quarterly earnings growth is up to +18% YoY in Q3 2025, the highest since Q3 2021. Excluding the post-pandemic recovery, this marks the strongest growth since 2018. This comes as 6 of the 11 S&P 500 sectors reported positive average EPS growth in Q3, a material improvement from just 2 sectors in Q2. Additionally, median profit growth in the Russell 3000 index hit +11% YoY, the highest since Q3 2021 and up from +6% in Q2. Overall, the frequency of earnings beats is now among the highest on record. Earnings momentum is incredibly strong. Source: FT, Global Markets Investor
*SOFTBANK SHARES FELL AS MUCH AS 10% (before recovering somewhat to close at -3.5%)
Maybe liquidating NVDA to invest in its biggest cash-incinerating client wasn't the best idea... Source. zerohedge
Michael Burry has said that Oracle, $ORCL, and Meta, $META, could overstate earnings by 26.9% and 20.8%.
He adds: "It gets worse." Source: unusual_whales @unusual_whales
🚨 TSMC’s Growth Just Slowed — and the Entire AI Supply Chain Is Watching
Bloomberg reports TSMC’s October sales rose 16.9% — still strong, but slower than the recent surge. Why it matters: TSMC sits at the choke point of advanced chips. When it slows, the ripple hits GPUs, memory, packaging, the whole AI stack. 📉 A slowdown in monthly sales doesn’t always mean weak demand. It can be: - Order timing (customers shifting deliveries) - Yield ramps (new node transitions) - Inventory digestion (buyers catching up) But zoom out… 💰 Cloud giants plan to spend >$400B on AI infrastructure next year — a 21% jump. That money flows straight into NVIDIA GPUs, high-bandwidth memory, advanced packaging, and TSMC’s cutting-edge wafers. 🗣️ NVIDIA’s CEO says demand is “getting stronger month by month” and even met with TSMC’s CEO to ask for more capacity. Translation: supply, not demand, is still the bottleneck. TSMC also builds for AMD, Qualcomm, and Apple — so who gets priority at the fab affects entire product launches. 🎯 The company says capacity is “very tight,” and chip designers are literally chasing slots in Hsinchu. Source: Bloomberg, Rohan Paul @rohanpaul_ai
$AMD is the second best performing position over the last 10 Years in the S&P 500
Source: Charlie Bilello
The best performing stocks in the S&P 500 this year...
Source: Charlie Bilello
