BREAKING: The 15 largest S&P 500 stocks now account for a record 46.7% of the index’s market value. By comparison, during the 2000 Dot-Com Bubble, the 15 largest stocks accounted for 27.2% of the S&P 500. The remaining 485 stocks represent just 53.3% of the S&P 500’s market cap. This comes as Nvidia, $NVDA, Apple, $AAPL, Alphabet, $GOOGL, and Microsoft, $MSFT, account for 7.5%, 7.1%, 5.9%, and 5.6%, respectively, or 26.1% combined. This means just 4 stocks account for more than the next 11 combined. Furthermore, the combined market cap of the 5 largest stocks now equals that of the bottom 434 stocks in the index, the largest gap on record. Market concentration is at historic extremes.

BREAKING: US stock market futures open higher despite calls for a "Black Monday" market crash. 1. S&P 500: +0.2% 2. Nasdaq 100: +0.2% 3. Dow Jones: +0.1% 4. WTI Crude: -0.6% 5. Brent: -0.5% 6. Natural Gas: -2.1% We continue to believe market selloff worries are overdone.

Well, this post struck a nerve. Calls for a "Black Monday" stock market crash are trending again. Last night, we took the opposite view. As with every market prediction we make, there are thousands of people urging others to "fade" us. But take a look at the chart below. It shows every time "Black Monday" has trended on social media since May 2025. History suggests that calls for a "Black Monday" crash have repeatedly presented some of the best buying opportunities. And as we outline in our analysis below, the majority of stocks in the S&P 500 have already experienced a bear market, EVEN AS the index trades near record highs; a largely unprecedented occurence. How is this possible? Read our full analysis here: xitter.cf/KobeissiLetter/status/…

There it is folks. The Nasdaq 100 is now down -3% on the day and on track for its biggest weekly decline since April 2025. US tech stocks have erased over -$3 trillion in market cap in just 10 days. This puts the Nasdaq 100 just ~2.5% away from entering a technical correction. As outlined below, we are in a "Bear-Bull Market."

BREAKING: South Korea's stock market extends losses to over -8% on the day, triggering a level 1 circuit breaker. Trading has been halted for 20 minutes amid the intense selling pressure. A level 2 circuit breaker would occur next at a -15% drop.

While CPI inflation up to 3.7%, inflation is much higher in many crucial categories: 1. Fuel Oil Inflation: +74.2% 2. Gasoline Inflation: +34.2% 3. Airline Fares Inflation: +22.4% 4. Car Repair Inflation: +5.8% 5. Hospital Services Inflation: +5.6% 6. Utility Gas Inflation: +5.0% 7. Electricity Inflation: +4.4% 8. Fruits and Vegetables Inflation: +3.7% This marks the 67th-straight month with US CPI inflation above the Fed's 2% target. After 5+ years of persistent inflation, the top 1% of US households are now worth ~14 TIMES the bottom 50%. Affordability is still getting worse.

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.