South Korea has claimed the spot of the world's sixth-largest stock market.
We all know this is largely driven by tech, specifically Samsung and SK Hynix. Source: Ayesha Tariq, CFA
The software squeeze
At range highs, it is difficult to get greedy. Source: TME, LSEG Workspace
The S&P 500 averages +4.6% in midterm years dating back to 1950.
It's already up 11% halfway through 2026. Stocks are outpacing their own history by a mile this year. Source: Phil Rosen
The U.S. technology sector has surged 42% in the last two months, marking its biggest two-month rally in 24 years as AI and semiconductor stocks lead the market higher.
Source: Bloomberg
Google Stock Buybacks Per Year
AI is a capital intensive business. Source: Brandon Carl @brandonjcarl
The 1997 analogy on the S&P 500 (current in yellow vs. 1997 cycle in red)
There are plenty of tempting short signals out there, but markets driven by momentum and speculation rarely stop simply because they look expensive. For now, the 1997 analogy continues to prevail. The crowd keeps chasing upside, leverage keeps building, and downside protection remains unwanted. History suggests that can continue longer than expected. History also suggests it eventually matters... Source: TME
The BTC top coincided with the moment the AI narrative went parabolic.
One possible explanation is that speculative capital has simply found a higher-beta home in AI. SK Hynix remains one of the key AI mania names to watch. Is an AI bear market the only thing that can bring those flows back to crypto? If so, BTC bulls may find themselves in the unusual position of rooting for weakness in the very risk assets that have driven markets higher. Source: TME
Berkshire Hathaway buys another $10 billion in Alphabet $GOOG to raise its stake to $26 billion.
Warren Buffett never would have guessed that Berkshire's 4th-largest holding would be a $4.5 trillion AI company just one year after he retires. Source: Phil Rosen @philrosenn
