Absolutely incredible. Just 10 stocks have driven 70% of the S&P 500’s gain since March 30th. These stocks have added +16 percentage points to the index’s +23% gain over this period. Nvidia, $NVDA, has contributed the most, accounting for 13% of the S&P 500's gain, or +3 percentage points. This is followed by Micron, $MU, Apple, $AAPL, and Microsoft, $MSFT, each accounting for 9% of the S&P 500’s advance, adding +2 percentage points. Return contributions of AMD, $AMD, and Alphabet, $GOOGL, have been 8% and 7%, respectively. Meanwhile, the remaining 490 stocks have accounted for just 30% of the S&P 500's gain since March 30th, adding +7 percentage points. Diversification is dead.

JPM Tech specialist Joshua Meyers on today's tech selloff The most proximate reason seems to be Hock Tan's participation in a panel at a DBS conference in Singapore, where he warned financing could become a bigger bottleneck than component shortages (in addition to questioning frontier lab business models, and comparing "many investors" to casino gamblers). Additionally, a sell-side research not over the weekend re-ignited power concerns that have worried investors for weeks (suggesting shortages of powered shell of as much as 19GW next year and more in '28). These worries are hitting on a low-liquidity holiday day, and news out of the middle east isn't helping... As investors sit on their hands ahead of an expected private frontier lab investor meeting on Wednesday. While the SOX struggles at its 100MA, we're seeing the sort of rotation into Mag 7 and Internet names that we might expect if an open bond market were sending rates higher... Key questions this morning have centered around why optical is particularly weak LITE COHR CIEN, what's driving memory lower (especially SNDK), why SMCI is down so much *again*, and why TTMI is being so punished for its capex announcement. Outside of TTMI, I don't have any company-specific reasons for weakness. Always appreciate your feedback/pushback on any of these thoughts... A few folks immediately came back on memory with the CXMT 4F2 news I commented on this morning in Chips for Breakfast. I agree, but personally I also think the worries on memory are more layered than just that one bit of quite speculative news...

Saritha Komatireddy JUST STEAMROLLED Letitia James in this debate!🔥🔥🔥 Saritha Komatireddy: “New York spends $126 billion on Medicaid every year. That’s more per resident than any other state in the country, and twice as much per resident as New Jersey. That doesn’t make any sense. We’re both blue states with similar demographics and similar policies. There’s about $40 billion in unexplained spending that Letitia James has failed to investigate. We used to have one of the best Medicaid fraud units in the country under previous Democratic attorneys general. We recovered about $250 million a year. Letitia James came in, and it took a nosedive to $19 million. Under previous Democratic attorneys general, we secured about 100 criminal convictions a year. Under Letitia James, that number hit an all-time low of eight. She gets 2,000 patient abuse complaints a year and secures maybe one or two convictions. That means someone could be punching an elderly patient in a nursing home, and no one is doing anything.”

Many New Yorkers don't pay much attention to elections for our attorney general and that is a mistake. Having the right person enforcing the law as NYAG can play a major role in determining whether or not we have safe streets and subways. @sarithaforny Saritha is running for AG against Letitia James. Tonight, she is debating her opponent on Spectrum/NY1 and on youtube at 7pm. I met her recently and was extremely impressed. Her background: Harvard, Harvard Law, and more than 10 years as a Federal prosecutor in the Eastern District of NY.

.@VP: "There has been no company in the United States, unfortunately, that has abused this system more than Microsoft." Microsoft laid off 6,000 American workers in 2025 after certifying that it could not find qualified American employees — yet the company was approved for more than 6,000 H-1Bs and filed 3,682 PERM applications, including nearly 1,000 applications for the same positions as the laid off American workers.

Michael Burry has spent nearly 18 years trying to make The Big Short 2 happen.

BREAKING: Since the start of 2025, US jobs numbers have now been revised down in 16 out of 20 months by a total of -793,000 jobs. This means that, on average, -39,650 jobs have been revised out of previously reported data each month during this period. The most recent August and July jobs numbers were revised down by a total of -60,000. Revisions to nonfarm payrolls have consistently occurred since the start of 2023. If we apply this average to the +29,000 jobs add in September's report, it would imply a -10,650 contraction in nonfarm payrolls last month. This would also mark their 3rd monthly decline of 2026, following a -156,000 drop in February and -10,000 in July. What is happening here?

An unambiguous case of consensual sex. The aftermath of the Cornell group sex episode is a peerless example of the hypocrisy of the feminist movement, which proclaims the oppressiveness of any remaining traces the chivalric code. Females deliberately drink themselves blotto in order to lower their sexual inhibitions, voluntarily participate in sex, and then, after the regrets set in, deny their agency and put exclusive responsibility for their drunken encounter on their male partner, on the grounds that they are helpless to take care of themselves. I've written about the campus rape myth in @CityJournal: city-journal.org/article/the… From my interview on @realDailyWire's Wired in Live with @cabot_phillips ⬇️

Oil flows in the Strait of Hormuz have sharply rebounded: Persian Gulf crude oil exports surpassed 14 million barrels per day last week for the first time since the Iran War began on February 28th. This marks an over +210% increase from the ~4.5 million barrels per day low seen in March. As a result, the 4-week average is up to 14 million barrels per day, the highest level in 6 months. Persian Gulf crude oil exports have now recovered to ~80% of their pre-war levels. This comes as the US military has increasingly secured the Strait of Hormuz and established a two-way shipping corridor along the coast of Oman, allowing oil convoys to resume through the waterway. Meanwhile, refined fuel shipments, including gasoline, diesel and jet fuel, remain at only around 50% of pre-war levels, as these products are more expensive to transport than crude oil and some refineries in the Persian Gulf that were damaged during the early stages of the war have also yet to fully resume operations. Oil flows are coming back, but the fuel market is still under intense pressure.

33 years ago this weekend, two Delta Force snipers made a choice almost nobody would make. Master Sergeant Gary Gordon was 33, from Lincoln, Maine, with a wife and two young kids at home. Sergeant First Class Randy Shughart was 35, a farm kid from Newville, Pennsylvania. On October 3, 1993, they were in a Black Hawk circling over Mogadishu when another Black Hawk, Super 64, was shot down. Pilot Mike Durant was alive in the wreckage with a broken back and a crushed leg. His crew was hurt. There were no friendly ground forces anywhere near them, and hundreds of armed militia and locals were already converging on the crash site. From the air, Gordon and Shughart could see exactly what was coming. They asked to be dropped in. Command said no. They asked again. No again. They asked a third time and finally got the green light. Their helicopter set them down nearby and they fought their way to the wreck on foot. Two men, carrying only what they had on them. They pulled Durant out of the cockpit, set him up in a safer position, and started holding off the crowd. For a while, it worked. They kept the mob back with precise, steady fire while the numbers against them kept growing. Shughart was killed first. Gordon kept fighting alone. When he was nearly out of ammunition, he went back to Durant, handed him a rifle, and told him good luck. Then he went back out. He was killed minutes later. Durant was captured, beaten, and held for 11 days. He came home alive. He has said for decades that he's only here because of those two men. In 1994 Gordon and Shughart were posthumously awarded the Medal of Honor, the first since Vietnam. The Navy later named two ships after them, the USNS Gordon and the USNS Shughart. They didn't stumble into that fight. They watched it from above, understood the odds, and asked three times to go anyway. Gary Gordon and Randy Shughart. Remember their names.

Pneumonic Plague cannot become a global pandemic , it is far too lethal, person-to-person spread is inefficient, it is airborne in droplets but not aerosolised. Distant spread is very unlikely. We have good prophylactic antibiotics.

With these revisions, employment in July and August combined is 60,000 lower than previously Warsh would not have hiked if it had accurate data.

I have no doubt that a huge portion of our $40 trillion in national debt is because of fraud and scams like this. Tons of examples, especially in the foreign aid budget.