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Bank Syz Ltd. accepts no liability for any loss arising from the use of this document. ## Straight from the Desk # **Syz** the moment Live feeds, charts, breaking stories, all day long. - [All](https://blog.syzgroup.com/syz-the-moment) - [equities](https://blog.syzgroup.com/syz-the-moment/tag/equities) - [United States](https://blog.syzgroup.com/syz-the-moment/tag/united-states) - [Macroeconomics](https://blog.syzgroup.com/syz-the-moment/tag/macroeconomics) - [Food for Thought](https://blog.syzgroup.com/syz-the-moment/tag/food-for-thought) - [markets](https://blog.syzgroup.com/syz-the-moment/tag/markets) - [Central banks](https://blog.syzgroup.com/syz-the-moment/tag/central-banks) - [bitcoin](https://blog.syzgroup.com/syz-the-moment/tag/bitcoin) - [Fixed Income](https://blog.syzgroup.com/syz-the-moment/tag/fixed-income) - [AI](https://blog.syzgroup.com/syz-the-moment/tag/ai) - [geopolitics](https://blog.syzgroup.com/syz-the-moment/tag/geopolitics) - [Asia](https://blog.syzgroup.com/syz-the-moment/tag/asia) - 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[Alternatives](https://blog.syzgroup.com/syz-the-moment/tag/alternatives) - [Volatility](https://blog.syzgroup.com/syz-the-moment/tag/volatility) - [Real Estate](https://blog.syzgroup.com/syz-the-moment/tag/real-estate) - [apple](https://blog.syzgroup.com/syz-the-moment/tag/apple) - [emerging-markets](https://blog.syzgroup.com/syz-the-moment/tag/emerging-markets) - [google](https://blog.syzgroup.com/syz-the-moment/tag/google) - [Middle East](https://blog.syzgroup.com/syz-the-moment/tag/middle-east) - [switzerland](https://blog.syzgroup.com/syz-the-moment/tag/switzerland) - [tesla](https://blog.syzgroup.com/syz-the-moment/tag/tesla) - [amazon](https://blog.syzgroup.com/syz-the-moment/tag/amazon) - [microsoft](https://blog.syzgroup.com/syz-the-moment/tag/microsoft) - [United Kingdom](https://blog.syzgroup.com/syz-the-moment/tag/united-kingdom) - [assetmanagement](https://blog.syzgroup.com/syz-the-moment/tag/assetmanagement) - [ethereum](https://blog.syzgroup.com/syz-the-moment/tag/ethereum) - [meta](https://blog.syzgroup.com/syz-the-moment/tag/meta) - [russia](https://blog.syzgroup.com/syz-the-moment/tag/russia) - [Industrial-production](https://blog.syzgroup.com/syz-the-moment/tag/industrial-production) - [Healthcare](https://blog.syzgroup.com/syz-the-moment/tag/healthcare) - [ESG](https://blog.syzgroup.com/syz-the-moment/tag/esg) - [inflation](https://blog.syzgroup.com/syz-the-moment/tag/inflation) - [Global Markets Outlook](https://blog.syzgroup.com/syz-the-moment/tag/global-markets-outlook) - [Turkey](https://blog.syzgroup.com/syz-the-moment/tag/turkey) - [bankruptcy](https://blog.syzgroup.com/syz-the-moment/tag/bankruptcy) - [Market Outlook](https://blog.syzgroup.com/syz-the-moment/tag/market-outlook) - [brics](https://blog.syzgroup.com/syz-the-moment/tag/brics) - [performance](https://blog.syzgroup.com/syz-the-moment/tag/performance) - [africa](https://blog.syzgroup.com/syz-the-moment/tag/africa) - [LLM](https://blog.syzgroup.com/syz-the-moment/tag/llm) - [Market News](https://blog.syzgroup.com/syz-the-moment/tag/market-news) - [Global](https://blog.syzgroup.com/syz-the-moment/tag/global) - [Weekly Equities](https://blog.syzgroup.com/syz-the-moment/tag/weekly-equities) Show more 2 Nov 2026 - - - #### The MAG7 free cash flow is estimated to explode into 2030 per Bloomberg Source: Investing visuals [#earnings|](https://blog.syzgroup.com/syz-the-moment/tag/earnings) [#magnificent-7](https://blog.syzgroup.com/syz-the-moment/tag/magnificent-7) ![The MAG7 free cash flow is estimated to explode into 2030 per Bloomberg](https://blog.syzgroup.com/hubfs/1793565009937.jpg) ![The MAG7 free cash flow is estimated to explode into 2030 per Bloomberg](https://blog.syzgroup.com/hubfs/1793565009937.jpg) 30 Oct 2026 - - - #### The Big 4 have now revealed their quarterly CapEx spending with a combined total surpassing $200B • $AMZN ~$77B • $GOOGL ~$51B • $MSFT ~$39B • $META ~$34B Source: Shay Boloor [#earnings|](https://blog.syzgroup.com/syz-the-moment/tag/earnings) [#magnificent-7](https://blog.syzgroup.com/syz-the-moment/tag/magnificent-7) ![The Big 4 have now revealed their quarterly CapEx spending with a combined total surpassing $200B](https://blog.syzgroup.com/hubfs/1793312001216.jpg) ![The Big 4 have now revealed their quarterly CapEx spending with a combined total surpassing $200B](https://blog.syzgroup.com/hubfs/1793312001216.jpg) 26 Oct 2026 - - - #### The largest pension fund in the US just cut its Mag 7 exposure by 26%! Calpers, the $640B giant, is rotating out of Big Tech. California’s $640bn pension giant is pivoting away from big US tech companies and boosting its exposure to private equity, underscoring concerns that the AI rally that has powered Wall Street to record peaks is running out of steam. “We have traded large exposure to seven companies for several hundred companies,” Anton Orlich, Calpers’ deputy chief investment officer, told the FT. “We are diversifying our equity risk. We are less concentrated.” His remarks came after Calpers, the US’s largest retirement fund for government workers, repositioned its portfolio in the first half of 2026, reducing the combined number of shares it directly held in the Magnificent 7 stocks — Apple, Microsoft, Alphabet, Amazon, Nvidia, Meta and Tesla — by 26 per cent, according to FT calculations based on the fund’s regulatory filings. Calpers’ shift highlights the growing angst among many investors about the sustainability of a rally in tech stocks fuelled by massive spending on data centres and chips at the heart of the AI boom. Calpers’ pivot comes amid a several-year bull market in US stocks led by technology giants. Meanwhile, private equity funds, once a major driver of institutional returns, have struggled to sell or list companies in their portfolios. Source: FT [#equities|](https://blog.syzgroup.com/syz-the-moment/tag/equities) [#magnificent-7](https://blog.syzgroup.com/syz-the-moment/tag/magnificent-7) ![The largest pension fund in the US just cut its Mag 7 exposure by 26%!](https://blog.syzgroup.com/hubfs/1793006669763.jpg) ![The largest pension fund in the US just cut its Mag 7 exposure by 26%!](https://blog.syzgroup.com/hubfs/1793006669763.jpg) 5 Oct 2026 - - - #### Mags ETF saw their largest inflow in history last month Source: Barchart [#ETF|](https://blog.syzgroup.com/syz-the-moment/tag/etf) [#magnificent-7](https://blog.syzgroup.com/syz-the-moment/tag/magnificent-7) ![Mags ETF saw their largest inflow in history last month](https://blog.syzgroup.com/hubfs/1791139093663.jpg) ![Mags ETF saw their largest inflow in history last month](https://blog.syzgroup.com/hubfs/1791139093663.jpg) 29 Sep 2026 - - - #### The haves and the have nots over the last month: MAG 7 vs. Everything Else. $RSP $MAGS Source: Andrew Thrasher, CMT [#equities|](https://blog.syzgroup.com/syz-the-moment/tag/equities) [#magnificent-7](https://blog.syzgroup.com/syz-the-moment/tag/magnificent-7) ![The haves and the have nots over the last month: MAG 7 vs. Everything Else. $RSP $MAGS](https://blog.syzgroup.com/hubfs/1790629836162.jpg) ![The haves and the have nots over the last month: MAG 7 vs. Everything Else. $RSP $MAGS](https://blog.syzgroup.com/hubfs/1790629836162.jpg) 28 Sep 2026 - - - #### Today’s "AI Big 10" (Mag 7 plus Broadcom, AMD and Micron) is 41% of US market cap, which is where all previous major bubbles peaked Source: zerohedge, BofA [#AI|](https://blog.syzgroup.com/syz-the-moment/tag/ai) [#magnificent-7](https://blog.syzgroup.com/syz-the-moment/tag/magnificent-7) ![Today’s ](https://blog.syzgroup.com/hubfs/1790492961174.jpg) ![Today’s ](https://blog.syzgroup.com/hubfs/1790492961174.jpg) 22 Sep 2026 - - - #### Yesterday's rally was mainly about tech with Semis up +7.4% and Mag 7 up nearly 3% while the S&P 500 equally-weighted barely moved (+0.6%). "The S&P500 equal weight index was only up 58 bps today – clearly a "size-led" rally with SPX \> SPW by ~110 bps today, a top 5 daily spread over the last 5+ years" - Goldman Source: www.zerohedge.com, Bloomberg [#equities|](https://blog.syzgroup.com/syz-the-moment/tag/equities) [#magnificent-7](https://blog.syzgroup.com/syz-the-moment/tag/magnificent-7) ![Yesterday's rally was mainly about tech with Semis up +7.4% and Mag 7 up nearly 3% while the S&P 500 equally-weighted barely moved (+0.6%).](https://blog.syzgroup.com/hubfs/1790053373216.jpg) ![Yesterday's rally was mainly about tech with Semis up +7.4% and Mag 7 up nearly 3% while the S&P 500 equally-weighted barely moved (+0.6%).](https://blog.syzgroup.com/hubfs/1790053373216.jpg) 18 Sep 2026 - - - #### This chart shows how markets have performed so far in September, with the Magnificent Seven currently carrying the torch. Source: Citi Securities through RBC [#markets|](https://blog.syzgroup.com/syz-the-moment/tag/markets) [#magnificent-7](https://blog.syzgroup.com/syz-the-moment/tag/magnificent-7) ![This chart shows how markets have performed so far in September, with the Magnificent Seven currently carrying the torch.](https://blog.syzgroup.com/hubfs/1789709696179.jpg) ![This chart shows how markets have performed so far in September, with the Magnificent Seven currently carrying the torch.](https://blog.syzgroup.com/hubfs/1789709696179.jpg) [1](https://blog.syzgroup.com/syz-the-moment/tag/magnificent-7/page/1) [2](https://blog.syzgroup.com/syz-the-moment/tag/magnificent-7/page/2) [3](https://blog.syzgroup.com/syz-the-moment/tag/magnificent-7/page/3) [4](https://blog.syzgroup.com/syz-the-moment/tag/magnificent-7/page/4) [5](https://blog.syzgroup.com/syz-the-moment/tag/magnificent-7/page/5) [❯](https://blog.syzgroup.com/syz-the-moment/tag/magnificent-7/page/2) [❯❯](https://blog.syzgroup.com/syz-the-moment/tag/15?hsLang=en) ## **Thinking** out loud Sign up for our weekly email highlighting the most popular posts. 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