Bad news is good news. You know how it goes. The US labor market’s plainly
Category: Markets
How The AI Trade ‘Breaks’
Investors are “buying the dream.” That’s the message from BofA’s Savita Subramanian headed into 2026,
Sam Altman’s ‘Code Red’
It’s tough being Sam Altman since November 18. That’s the day Google launched Gemini 3.
Google AI Coup Presages Clash Of The Titans
I spent an enormous (but not inordinate) amount of time last month editorializing around what
New OpenAI, Nvidia Deals Fan Bubble Banter
One of the most talked about phenomena across markets over the past three months is
BoJ Wobbles Risk Sentiment With Rate Hike Nod
Market documentarians were back to peddling the BoJ “structural shift” narrative on Monday in the
Goodbye November, Hello December
November was supposed to be a decent month for US equities. It wasn’t. However Friday’s
Despite 2025 Rally, Bonds Haunted By Shifting Buyer Base
When it comes to sovereign bond yields, popular discourse tends to turn on supply for
Google’s Awake
Nothing to see here, folks. Nvidia’s still light years ahead of the competition and Jensen
$4 Trillion Doomed To Underperform
It’s hard to beat a benchmark when you’re condemned to be underweight the names driving
Weltschmerz (It’s Lonely Being A Real Bear)
Everyone’s always looking for bear market canaries, crash harbingers and bad omens more generally. I
Google Comes For Everybody
The “Google’s winning” narrative has some real traction all of a sudden. Maybe you noticed.
Bitcoin ‘Bleed-Over’
Bitcoin was in the news again Monday. Unfortunately. A couple of days ago, as a
Google > OpenAI: A Grand Reset Of The AI Chessboard?
If you want to unlock the mysteries of this week’s at times confusing US equities
McElligott On Nvidia And The Santa Rally Check List
Nvidia did “the Atlas thing,” Nomura’s Charlie McElligott said Thursday, as a still-nervous US equity
‘Everywhere, Everything, All At Once’: Nvidia Blows Away Estimates
Vive la révolution! Nvidia sold some chips last quarter. Quite a few of them, actually.
Fed Sounds Biased Against December Rate Cut
Pretty much the only thing everyone agreed on at last month’s FOMC meeting was that
Save The Buybacks!
How important are buybacks? That’s a rhetorical question. The answer, qualitatively, is “very.” If you
Wall Street’s Most Famous Bear Suggests This Time’s Different
This time’s different. Don’t get testy with me. I didn’t say it. Rather, it was
Mike Wilson, Uber-Bull?
For the better part of three years, Morgan Stanley’s Mike Wilson insisted the US economy
Capex And Clickbait
You’ve all seen the chart right? The one about fund managers and capex? If not,
McElligott On Stock Churn: ‘Relax’
“Relax, it’s just PNL protection.” That’s what Nomura’s Charlie McElligott had to say Tuesday about
Lowest Cash Levels On Record Shout ‘Sell!’
Late last week, while previewing the November edition of his global fund manager survey, BofA’s
Back-From-The-Dead Bonds Are Finally Beating Cash
Don’t look now, but US Treasurys are on track for their best year since 2020.
Are C-Suite AI Bulls All Hat And No Cattle?
Nearly two-thirds of S&P 500 companies mentioned AI during their Q3 quarterly analyst calls. Around
AI Bubble Fears Morph Into CDS Hysteria
Late last week, I wrote about the hullabaloo over Oracle’s credit default swaps. The overarching
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