Latest: Iran War: What's Next For Markets
The board of directors have started to closely examine the company’s data-center deals in recent months and questioned Altman’s efforts to secure even more computing power despite the business slowdown...
The “dollar is dying” narrative does what every bear narrative does at cyclical inflection points: it trades a kernel of truth for a wholesale conclusion.
Both transits are significant. Taken together, they may indicate ...
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What these three trends have in common is their adverse impact on Russian national security...
UBS' warning comes as more than 10,000 stores have closed since late 2023.
“Don’t you know there’s war on?”
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Latest Iran offer centers on lifting of US blockade on its ports...
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NS
Iran is using rusty, decommissioned tankers as Kharg Island nears capacity. A storage crisis is expected in another two weeks...
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"She is in a state of total shock..."
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Large blaze at strategic hub crucial for long-range operations...
The possibility of a U.S. exit from NATO leaves European leaders assessing military capabilities without American might.
A routine safety test spiraled into the worst nuclear plant disaster in history...
NS
Orbán’s rule may have ended, but Hungary’s election shows a deeper shift: nationalist politics remain dominant, even as leadership and strategy evolve...
The income tax system’s rejection of natural rights is exemplified by withholding that gives government first claim on an individual’s earnings...
Markets tend to complicate things. In the end, it always comes back to the same thing. As Sam “Ace” Rothstein put it, after a detour in Vegas he wound up: “right back where I started… picking winners and making money” Strip away the noise; rates, geopolitics, recession scares; and you arrive at the same place… earnings.
The hardest trades aren’t the ones that don’t work — they’re the ones that work too well, and semis have gone from strong to self-reinforcing as expectations and price feed off each other. Parabolic works… until it doesn’t, and at 60x P/E with upside panic building, this is where convexity starts to matter.
MAG has broken above range highs… but leadership has flipped, with CPUs and analog doing the heavy lifting while the usual GPU generals lag. Looks like a breakout… trades like a squeeze, as positioning, flows, and forced buying keep chasing the right tail.
Structural
Relentless doesn’t even begin to describe it. The biggest buyer in equities, the US corporate, is back. Record buyback authorizations, blackout windows ending, and over $1 trillion in demand this year. They’re buying at highs, shrinking supply, and mechanically boosting earnings. This bid isn’t price sensitive, it’s structural.
Emerging Markets are undergoing a structural shift. Taiwan has overtaken China in index weight as semiconductor-driven earnings dominate. With North Asia (that is Taiwan and Korea) delivering over 90% of growth and AI fueling momentum, EM is becoming less diversified, and far more concentrated.
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