Syz the moment

Apple $AAPL $3,369,000,000,000 NVIDIA $NVDA $3,320,000,000,000 Microsoft $MSFT $3,051,000,000,000 Who will be the first to hit $4 trillion market cap? Source: Trendspider

Source: Meb Faber on X

S&P 500 Price to Book (assets minus liabilities) ratio is now 5.2x, the most on record and in line with the 2000 Dot-Com bubble burst. When excluding the Magnificent 7 group, the P/B ratio is 4.2x, near a record. Source: Global Markets Investor

43% of global investors* believe Long Magnificent 7 is the most crowded trade, down from ~54% in August. Has the trade become overcrowded? *BofA survey of 195 participants with $503 billion assets. Source: Global Markets Investor

In 5 out of the last 6 quarters, the S&P 500 excluding Magnificent 7 profit growth has been negative. It is estimated the Mag 7 net income will grow by 18% in Q3 2024 while the other 493 firms by 1%. Note however 2 changes in trend: 1) The Mag 7 eps growth is slowing down (from a high base); The non-Mag 7 EPS growth is picking up (and turning slightly positive) from a low base. Sometimes the second derivative is more important than the absolute number. Time will tell... Source: The Global Markets Investor

Source: GS Prime, Barchart

Utilities $XLU +27% Amazon $AMZN +21% QQQ +16% Microsoft $MSFT +15% Apple $AAPL +13% Google $GOOGL +13% Tesla $TSLA -9% Source: Lawrence McDonald @Convertbond, Bloomberg

Magnificent 7 stocks now account for ~32% of the S&P 500, near the all-time high. This share has increased by 10 percentage points in just 1.5 years. This is even 10 percentage pts HIGHER than in the 2000 DOT-COM BUBBLE. Source: LSEG Datastream, Global Markets Investor