Syz the moment

The consensus among major investment banks surveyed by the FT sees the S&P 500 soaring past 7,500 by the end of 2026—a roughly 10% increase from current levels. What's fueling the bull market? 📌 The Triumvirate: Analysts at Morgan Stanley point to "easy fiscal, monetary and regulatory policy," including the estimated $129bn in corporate tax cuts from the Trump administration. 📌AI Tailwinds: The market believes it has shrugged off recent jitters over Big Tech valuations. Companies like Nvidia, the world's first $5T company, continue to power the index. 📌Rate Cuts: Investors are pricing in 3-4 quarter-point Fed rate cuts by the end of next year, boosting sentiment. The Great Debate: 🐂 Most Bullish (Deutsche Bank): Sees the S&P hitting a massive 8,000, betting on corporate earnings broadening out beyond tech. 🐻 Most Cautious (Bank of America): Forecasts just 7,100, warning that AI spending and data center build-out have yet to appear in better earnings. "For now investors are buying the dream." Note however that while such gains would mark the seventh year of double-digit gains in the past eight, they would represent a slowdown from the 16.6 per cent rise so far in 2025 and the average over the past decade - see chart below https://lnkd.in/eKYt6PK7 Source: FT

Source: The Market Ear, LSEG Workspace

As shown below, bitcoin has a high correlation with unprofitable tech stocks and the Nasdaq.

We think Nvidia has a different profile. Still, this is a scary one...

To celebrate ChatGPT’s 3-year anniversary, Deutsche Bank kicked off “AI Week” — using AI to build every Chart of the Day. And the first set of charts tells an incredible story: 🚀 Winners: The Magnificent 7 didn’t just outperform… they rewrote market history. Nvidia: +1,020% Broadcom: +712% Western Digital: +500% Meta: +499% The Mag-7 as a group? ~+300% since late 2022. Stunning. 💥 Losers: Market darlings turned disasters: First Republic – gone SVB – collapsed Moderna – -85% from 2022, -95% from peak Pfizer? Now trading back at 1998 levels and -60% from its highs, despite 3× the earnings it had in 2000. 💡 The Lesson: In just three years, AI exploded, market leadership flipped, and the biggest winners and losers were almost impossible to predict in real time. Nothing in markets is permanent — not hype, not dominance, not even “blue-chip safety.” A perfect way to kick off AI Week. Source: DB, zerohedge

Private investors outside the US purchased a record +$646.8 billion of US equities in the 12 months ending in September 2025. Purchases have doubled since the start of the year. This is now 66% ABOVE the+$390.0 billion high seen in 2021. Meanwhile, foreign private-investor purchases of US Treasuries were +$492.7 billion during the same period. Rolling 12-month non-US buying of Treasuries has remained above +$400 billion for 4 straight years. Source: The Kobeissi Letter

The proposal, filed in September, would let investors trade on chain “stock tokens” that are just digital representations of existing listed shares, with the same ticker, CUSIP, voting rights and dividends, and target rollout around Q3 2026 under current SEC market rules. Source: Wall St Engine

Historically, what comes next after such a rally? See the anser below. On average, the S&P 500 record positive returns. But the last 2 times we had a similar streak (Sept 2009 and August 2021), the market paused a month after. Source: RBC, TheMarketStats