John

some of the blame here has to sit with the US auto manufacturers - their inability to innovate and deliver a high quality and affordable EV is the one of, if not the main culprit here. China has multiple EV offerings coming from multiple manufacturers - across the affordability spectrum

stock dipping lower as mgmt gave guidance on FCF for the outer years

weird price action in $BA ... call hasnt even started yet?

Cramer is absolutely correct about the impact of ATM equity issuance for many of these public companies

the pre-market open move in $MELI on the back of the Brazilian elections takes you back to the mid-May lows for the year ... was a tough stock in H1 as the investment ramp up impacted margins. Stock improved in H2 as margins stabilized. Election totally wipes that out. Interesting set up here now

Oooff

Very crowded hedge fund trade in $EWZ … lot of people caught offsides

this feels like such an obvious case. For example, if Jane Street is willing to pay for intelligence at 90%+ inference gross margins ... on top of the margin that the labs pay for the compute racks ... on top of the margin the clouds pay for the data center ... there is clearly money to be made

As the gap between the internal models at the AI labs and the ones they release grow (due to safety concerns & research advantages), it will be increasingly tempting for OpenAI & Anthropic to exploit that advantage directly by entering new markets, especially in finance & biotech.

$RSP vs $SPY ... nearly the best day since November 2020 +2.0%

$CRWV EV sitting around $80bn ... not that far off for it making sense for a hyperscaler to step in, buy the equity, refinance the debt and it much cheaper cost of building out the compute themselves. If my math is correct, $CRWV EV is currently pricing ~$50bn a GW right now

$KWEB 5 year chart below .. retesting the lows from late June, which also happens to be the lows from Jan 2024

$NVDA close to unch YoY ... stock trading in the low teens on next year's earnings. Two things happening as 1) not willing to pay as much anymore for future earnings and 2) cant trust the expected earnings next year If mgmt believes them .. the buyback should obviously be at work here aggressively

they may have botched this ... large loss of market cap in the last few weeks

$META is $60 off its post-earnings high @stockcharts articles.stockcharts...

very, very strong and investor focused prepared remarks from Zuckerberg so far ... not something you always get from him, but clearly lifting the stock right now

feels like the bogey for tonight is $50bn of issuance from $META ... $30bn sounds like the ideal number the street would like.

Faber correctly pointing out that $SPCX has, some by luck and some by skill in ability to build quickly (and secure financing), is generating much higher $ per MW than the other neoclouds and, at current rates, will have ~1 year pay back periods on the Capex

this $NFLX chart is really hard to look at

$COF paints a very healthy consumer picture ...

Revenue up almost 15x YoY in H1 as compute expenses increased 4x ... company is likely generating positive adj operating income as of Q2 and will likely also that number increase quarterly moving fwd

@emollick.bsky.social congrats on the new book, just ordered! The website is also very cool (and fun). Do you plan to do any book events in the Philly area? co-existence.ai#author

we do hear from Jensen tomorrow at GTC Berlin. Focus of the keynote will likely be on AV's, robotics, and industrial AI

$META's likely plan to issue equity looks a lot worse than it did two weeks ago

Nicole Lynn released the statement ahead of the team, followed by reporting on the twittersphere from multiple accounts about what occurred prior to the Jaguars game (no sleep, hospital until 4am, etc) ... It feels very much like Lynn is not happy about how this went down

the battle between Howie Roseman and Nicole Lynn for control over the narrative will likely be a must watch head to head matchup

Staples vs Tech... best week since 2002 $XLP $XLK

for a week with little news it has become an extraordinary week

$RSP vs $XLK... best week for S&P 500 EW vs Tech since 2009

$EEM vs $EFA ... worst week since 2008

software getting hit hard today is interesting

feels like the buy program is doing its job today in $NVDA

Absolutely awful…

Another great chart by Mike

$QQQ worst week (so far) since Liberation Week April 2025 -4.7%

Hard to look at this & not conclude consumer going strong: even department stores +6%. This is BEFORE October $AMZN Prime Day boost. Structurally challenged grocers & drugstores are sole drags. Take these out & virtually everything else grew at 5% pace. 🔥🔥 $XLY $XLF $XRT

The hock tan comments have proven incredibly true. Fast money flying around. Shoot first, ask questions later. With the most prescient point from his comments being the mention of “casino” like behavior … people positioning their portfolios off sourced comments from a private company’s investor day

nice chart

bonds getting scooped up all afternoon as equities continue to slide

$BAC sitting back at the 2022 highs this morning ... tough chart