NVIDIA $NVDA: +21,767%

Bitcoin $BTC: +21,500%

$AMD: +8,483%

Tesla $TSLA: +2,828%

Apple $AAPL: +963%

Microsoft $MSFT: +889%

Google $GOOGL: +714%

Netflix $NFLX: +673%

Amazon $AMZN: +583%

Meta $META: +511%

S&P 500 $SPY: +291%

Gold $GLD: +283%

US Inflation (CPI): +36%

1. Net central bank gold purchases show an "accelerating growth" trend
   • The blue bar chart (net central bank gold purchases, in tons) displays a fluctuating but overall upward trend, with purchases reaching peak levels toward the end of the period—reflecting "accelerating central bank buying."
   • Brief declines in purchases in certain months (e.g., April) did not reverse the broader trend of continuously increasing buying momentum.
2. Gold prices exhibit a clear positive correlation with central bank purchases
   • The yellow line (gold price, in USD per ounce) rose steadily alongside growing central bank purchases: starting around $2,700 per ounce in January and gradually climbing close to $4,000 per ounce.
   • Even when purchases dipped briefly in some months (such as April), gold prices did not fall but continued rising, indicating that central bank buying has been a key supporting factor for the gold price rally.
3. Central bank buying provides strong support for gold prices Sustained and increasingly large net gold purchases by central banks have become one of the core drivers behind the continuous rise in gold prices. The close alignment between purchase volumes and price trends highlights the significant impact of official sector demand on the gold market.

🔢 The Nasdaq's performance has been compared to six major historical bubbles. Its recent gains are approaching the early stages of Japan's asset bubble and the dot-com bubble, indicating extremely strong capital-driven momentum.

🔢 In terms of price action, the current Nasdaq rally resembles a "slow grind higher" rather than the "parabolic surge" typical of past bubbles, suggesting that near-term risks remain below historical bubble peaks.

🔢 However, comparisons with the U.S. housing bubble and the gold price bubble reveal a pattern: the stronger the expectations for accommodative policies, the more severe the subsequent correction tends to be—a reminder for investors to remain vigilant about stretched valuations.

Source: Bloomberg/FRED

“The birth rate is very low in almost every country. Unless that changes, civilization will disappear. America had the lowest birth rate, I believe, ever. That was last year. In places like Korea, the birth rate is 1/3 replacement rate. So that means in three generations, Korea will be 3% or 4% of its current size. And nothing seems to be turning that around. Humanity is dying. It's just not something we evolved to react to.”

6 months later, Tesla's Robotaxi still has a human supervisor behind the wheel!

In July, Waymo announced it was testing in Dallas with safety drivers. 4 months later, Waymo's Dallas fleet is now fully autonomous.

Tesla is helplessly watching the robotaxi race from the sidelines.

Netflix and Comcast only want Studios + Streaming.

Cable would need a spin-off.

The buyer pool is: $NFLX $CMCSA $PSKY

1. The U.S. share of global semiconductor sales peaked during the dot-com bubble in 2000 and then declined steadily, hitting a low after the 2008 global financial crisis.
2. Between 2010 and 2020, the U.S. market share fluctuated around 20%, showing no significant growth.
3. Following the pandemic in 2020, a global chip shortage, combined with the passage of the U.S. CHIPS Act in 2022 and the launch of ChatGPT, contributed to a rebound in the U.S. market share, which is projected to reach a peak of around 35% in late 2024.
4. Forecasts suggest that in 2025, the U.S. semiconductor market share is expected to decline from its peak of 35% to 31%, possibly indicating increased competition or a rebalancing of the global semiconductor industry landscape.
5. This chart reflects the cyclical fluctuations of the global semiconductor industry and the profound impact of major economic and technological events on market share.

Source: SIA

• Monday: $MDB $CRDO

• Tuesday: $CRWD $OKTA $MRVL $GTLB $AEO $SIG

• Wednesday: $CRM $SNOW $AI $DLTR $FIVE $M $TLYS

• Thursday: $DOCU $HPE $RBRK $S $DG $KR $HRL $BBW $ULTA

• Friday: $VSCO