Looking for a "Anthropic proxy"?
It seems that SK Telecom ($SKM) offers stronger exposure to Anthropic than Zoom ($ZM) due to a larger and more valuable stake. SKM owns ~1.07% versus ZM’s ~0.6%, making its holding worth about $8.6B vs. $4.8B at an $800B valuation. As a result, Anthropic represents a much bigger portion of SKM’s valuation. Investors effectively get more Anthropic exposure per share with SKM, while its core business appears undervalued. Despite recent gains, SKM is still seen as a better proxy for Anthropic ahead of a potential IPO. Source: Negligible Capital
Semiconductor stocks now represent a RECORD 13% of the total US stock market cap.
This share has more than QUADRUPLED over the last 4 years. The percentage is nearly TWICE as high as during the 2000 Dot-Com Bubble peak. Meanwhile, the Semiconductor ETFs, $SOXX, and $SMH are up 33% and 24% year-to-date, respectively. Source: Global Markets Investor, Topdown Charts, LSEG
Michael Burry just called the bottom on software stocks
He opened a new 3.5% position in PayPal $PYPL at $49.38 yesterday And is adding Salesforce $CRM and MSCI $MSCI this morning, per his Substack. His recent purchases: • PayPal $PYPL • Fiserv $FISV • Adobe $ADBE • Autodesk $ADSK • Veeva $VEEV Source: Michael Burry Stock Tracker
The Nasdaq-100 is up 12 days in a row - something it hasn't done since July 2017...and has only surpassed this length of win-streak, four times in its history...
Source: zerohedge
The S&P 500's rally has likely been driven by short covering and positioning adjustments as opposed to fresh capital, according to LPL Financial.
"Trading volume has been notably light, running below its year‑to‑date average for each of the past five sessions despite the advance in headline indices," Kristian Kerr, head of macro strategy at the wealth management firm, wrote in a note on Thursday. "This suggests the move higher is being propelled more by short covering and forced positioning adjustments than by fresh capital being put to work." Source: Neil Sethi
The cheapest bubble ever? Nasdaq trades at 22x next 12M earnings, which below 5Y and 10Y average.
Bill Ackman believes "some of the best businesses in the world have become available at some of the lowest valuations in their history." Some examples: 1. $META – Meta Platforms - FWD P/E: 22x - Revenue: +30% YoY 2. $AMZN - Amazon Inc. - EV/EBITDA: 16x - Revenue: +14% YoY 3. $V - Visa Inc. - FWD P/E: 23x - Revenue: +15% YoY 4. $MSFT - Microsoft Inc. - FWD P/E: 22x - Revenue: +17% YoY 5. $UBER - Uber Technologies - P/FCF: 16x - Revenue: +20% YoY (These are NOT investment recommendations) Source: Bloomberg, Citadel,
Monster squeeze won't stop: most shorted stocks up 24% since March 30
Source: zerohedge
Over $6.6 TRILLION was added to the US stock market in just 12 trading days.
The S&P 500 is up 11%, adding $6.4 trillion to its market cap. The Nasdaq is up 15%, adding $5 trillion. The Russell 2000 is up 13%, adding $389 billion. The S&P 500 hit a new all-time high today, in the middle of an active war. Source: Bull Theory
