Ankit Gupta, CFA, CAIA

Senior Portfolio Manager @ SNB Capital.Views are my own. RTs# Endorsements.

[The Kobeissi Letter @KobeissiLetter]

Taiwan's stock market just made history:

The total market cap of Taiwan's stock market is up to $4.14 trillion, surpassing the UK's $4.09 trillion for the first time.

Taiwan's market cap has TRIPLED since 2020, driven almost entirely by the AI-fueled surge in semiconductor stocks.

Over this period, Taiwan Semiconductor, $TSM, which makes up more than 40% of Taiwan's total market value, has surged +680% and is trading near its all-time high.

By comparison, the UK's market remains roughly in-line with its 2013 peak and pre-Financial Crisis highs.

Meanwhile, foreign investors purchased +$8.9 billion of Taiwanese shares so far in April, on track for the largest monthly inflow on record.

AI is reshaping the global stock market.

[The Kobeissi Letter @KobeissiLetter]

BREAKING: Iraq has shut down oil production at Rumaila, the world's second largest oil field which produces 1.5 million barrels of oil per day, amid escalating military activity.

[Matt Smith @mattvsmith01]

Another great graphic from the @kpler team today (h/t 'Super Flo' aka Florian Grünberger) depicting the share of global seaborne commodity flows transiting the Strait of Hormuz in 2025 (imports + exports). It's not all about the oil...

[Hedgeye @Hedgeye]

🚨 Datacenters are now 7% of total U.S. power demand

[Mohamed A. El-Erian @elerianm]

Today’s 25-basis-point HIKE by Australia’s central bank is an illustration of a phenomenon we should expect to prevail this year:
In a reversal of the "moving in tandem" approach of recent years, we are entering a period of greater policy divergence among advanced economy central banks.
This is part of a larger phenomenon:
A rise in dispersion, both across and within economies — on of three themes I’m expecting to play out this year, alongside volatility and fragmentarion.
#economy #markets #centralbanks #australia

[Ankit Gupta, CFA, CAIA @Ankit811]

https://t.co/tHDkVZFeUz

Rupture, not transition!

[Trita Parsi @tparsi]

WOW!!!

Never thought we would hear this level of honesty from a Western leader, and certainly not Canada, given the direction of Canada in the past 25 years. Canada's shift towards multialignment is quite clear - and this level of honesty from Carney on Western "fiction" about the old order will be warmly welcomed in much of the Global South:

"We knew that the story about the rules-based order was partially false... We knew that international law applied with varying rigour depending on the identity of the accused and the victim. This fiction was useful [because of the goods provided by American hegemony]... So we placed the sign in the window. We participated in the rituals. And we largely avoided calling out the gaps between rhetoric and reality. This bargain no longer works. Let me be direct. We are in the midst of a rupture, not a transition... You cannot live within the lie of mutual benefit through integration when integration becomes the source of your subordination."

[Mohamed A. El-Erian @elerianm]

Apollo’s Torsten Slok observes that “something remarkable is going on in the equity market. Stock prices of companies with negative earnings have in recent months outperformed stock prices of companies with positive earnings” (chart).
This can be seen as part of a broader phenomenon in which some investors are reaching further and further for returns, pushed there by the widespread compression in risk premiums.
#economy #markets #risk #apollo

[Ankit Gupta, CFA, CAIA @Ankit811]

@tarekfad In fact, 10, perhaps, post minimum service fee ( 'tips') in the US

[Elon Musk @elonmusk]

If one immigrates to any given country, they must respect the laws and culture of that country and contribute to that country to the best of their ability, doing no harm.

That applies to ALL countries.

[Peter Mallouk @PeterMallouk]

There were 512 actively managed US equity mutual funds ranked in the top quartile of performance at the end of 2020. 2 years later, not a single one of these funds remained in the top quartile. You read that right. Finding active funds that can beat the market over time is borderline impossible.

[Ankit Gupta, CFA, CAIA @Ankit811]

'Detox Period'! ' A Little Disturbance'! #Equities #QQQ
#tariffs #SPX

[Commentary Donald J. Trump Posts From Truth Social @TrumpDailyPosts]

Live Trump inauguration coverage https://t.co/h8c2KnBVDf

[Sunil Singhania @SunilBSinghania]

First miss in 18 years. And that too by a mere 3/4%. And markets so brutally punish the company. @salesforce @Nasdaq

Salesforce shares plunge 16% on first revenue miss since 2006 https://t.co/0dwCN8RnNl

[The Kobeissi Letter @KobeissiLetter]

Shocking stat of the day:

Families in the top 5 most expensive states need over $270,000 annually to live comfortably in the US.

Massachusetts is the most expensive state where a family with 2 working parents and 2 children needs an income of $301,000.

Next are Hawaii, Connecticut, New York, and California with required income ranging from $277,000 to $295,000.

On the other hand, Mississippi is the least expensive, where a family needs $177,798 to live comfortably in a year.

Meanwhile, the median household income was just $75,000 in 2023.

Living comfortably in the US is now considered a luxury.

[Mohamed A. El-Erian @elerianm]

Asked about the level of inflation, Federal Reserve Chair Powell responds "3% cannot be in a sentence with satisfactory."
What if 3% turns out to be closer to the equilibrium inflation rate for a US economy (i) going through major structural changes, several of which are inherently inflationary, and (ii) operating in a world that has gone from dis-inflationary globalization to more inflationary fragmentation?
I strongly suspect that if not for the credibility damage caused by the Fed's big 2021 policy mistake, the central bank would be more open to a proper balance of risk analysis.
#economy #markets #federalreserve #econtwitter #inflation

[Mohamed A. El-Erian @elerianm]

. #growth #economy @IMFNews @TheEconomist @economics #divergence #EconTwitter

[Ankit Gupta, CFA, CAIA @Ankit811]

#logistics #inflation #growth tapering

[Saudi Gazette @Saudi_Gazette]

For the first time, #SaudiArabia has ranked first in the MENA region in terms of the amount of Venture Capital (VC) funding for the year 2023, according to MAGNiTT, the MENA-based venture data platform. https://t.co/6g1V3wqvvH

[الأهلي المالية | SNB Capital @Capital_SNB]

سنة زاخرة بالنماء والتطور والإنجازات ، تعرف على أبرز إنجازات #الأهلي_المالية خلال عام 2023 🏆