2026 IPOs are poised for an historic run: SpaceX expected at $1.5 trillion valuation, OpenAI at $1+ trillion, and Anthropic at $500 billion. Elon Musk is reportedly weighing a merger of SpaceX with Tesla/xAI1.
Analyst focus on Apple’s earnings call fixated on memory impact, pricing, and supply 3. This comes as Samsung and SK Hynix have nearly doubled LPDDR pricing for Apple, with mobile NAND also seeing significant hikes 4. Consequently, Apple’s stock closed only modestly higher post-record earnings, lacking a clear memory resolution plan 5.
Real-world observations show a surge in Tesla unsupervised Robotaxis in Austin; previously scarce, two were hailed without safety drivers or chase cars 6.
Alibaba’s “Cloud + AI + Chips” strategy is yielding results, with T-Head’s Zhenwu (真武) PPU chip shipments surpassing several hundred thousand units 8.
Elon Musk’s clear message from the recent earnings call signals Tesla’s strategic pivot from selling cars to operating AI systems10.
Microsoft ($MSFT) saw a rare -12% dip, the largest since 2020. A key factor is 45% of its RPO (Remaining Performance Obligation) coming from OpenAI, essentially “Vendor Financing” via computing power 14.
Should Warsh embrace the administration’s ‘disinflationary productivity’ narrative, his Fed Chair tenure will likely be dovish, similar to Hassett7.
Americans are increasingly concerned about job security: the perceived probability of finding new employment within 3 months of job loss hit a record low of 43.1%, a -15 point drop since May 2022, worse than the 2020 pandemic low of 46.2%9.
China is now a critical global liquidity provider, with its non-official sector’s overseas asset holdings spiking +$260 billion in Q3 2025 to a record $1.95 trillion, a +$1 trillion increase within the first three quarters of 202515.
Consumer Staples ($XLP) are outperforming YTD, with products like toothpaste and paper towels driving performance 2.
Gold futures crashed -$300/oz in 2 hours, dipping below $5,200/oz, bringing market volatility to 2008 levels 11. Furthermore, Gold just recorded its largest daily market cap swing ever, at $5.5 TRILLION17.
Silver market activity is exploding: $SLV (largest silver-backed ETF) AUM doubled to $50 billion in just 100 trading sessions, ranking as the 2nd-fastest US ETF to grow from $25 billion to $50 billion18.
I anticipate a market rotation, flowing from Gold, then Silver, to other metals, and finally into Energy16.
I expect SOFI’s earnings to beat Wall Street expectations, despite a recent -10% monthly drop and breaking below $25 support. Anticipate new user growth exceeding 1 million, revenue growth over 40%, and EPS hitting $0.1312.
Microsoft ($MSFT) at $400 is a strong buy, representing its initial dip buy level 13.