Summary: Today, we note the extension of the recent boom in the broader market and small caps relative to tech, as the relative rotation away from AI continues and Broadcom is the latest AI/tech megacap to be punished despite reporting strong results for last quarter after the close yesterday. We also profile an intriguing and wildly successful name for the last thirty years that reports next week, assessing Micron and its massive advance. Lots more on today's pod as well, especially on macro and FX and ongoing concern about the US treasury market and its potential to drive market volatility. Today's pod features Saxo Equity Strategist Ruben Dalfovo and is hosted by Saxo Global Head of Macro Strategy John J. Hardy.
Listen to the full episode now or follow the Saxo Market Call on your favorite podcast app.
Ruben’s latest post on Oracles earnings, as the AI bill is coming due.
Long X post of how China has inserted itself into the financing of miners almost everywhere - one Michael Every responded to as well - this will be an area that the US and others will have to address to secure supply chains as well.
A very long post from gCaptain after a week spent at the Pentagon gaining an impression of how the US Department of War is shaping up in this new age - a much more nuanced view of Pete Hegseth here than you will find most other places in the media or blogosphere - I have not read all of this yet but certainly plan to.
FTAlphaville has joined the Substack community and I restacked their latest worthy post with a roundup of links and thoughts on whether OpenAI is worth more dead than alive - a company that has shown the way and will still have provided us with a great deal if it fails.
A couple of Hidden Forces podcasts episodes, one attempting to map the current “metacrisis” to the hemispheres of the brains, with the hope that the right brain will prove ascendant, while another discusses whether China is set to double down on its production heavy economic growth model or will finally make a much delayed pivot to rebalancing by prioritizing household consumption.
We profiled this company on today’s podcast - just a remarkable success story in the long-term consistent growth category, even one that is quite richly valued, to say the least, at over ten times sales and 69 times TTM Earnings. One of those amazing 100+ baggers of the last quarter century we had never heard of. By the way, here’s a profile of the investing legend Ruben discussed on the podcast, Nick Sleep.
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