The past month has been a brutal stretch for $SPX relative to the equal-weight $SPX on a risk-adjusted basis.
One of the many perils of an increasingly top-heavy index. Great on the way up, unforgiving on the way down.
12 REASONS WHY IT'S THE COLDEST CRYPTO WINTER EVER
Back in February I wrote a list of 10 reasons why this the worst crypto winter ever.
Well everything I cited then still holds, but now I have 2 more ways it's gotten worse:
From the newsletter https://t.co/25c7dc8ulW
Everyone is freaking out about rising government bond yields...except for the stock market
Rising yields on 30 year govt bonds and rising stock prices in both Japan and the US
What if bond yields are just normalizing for a higher growth/inflation world?
🚨 LEOPOLD ASCHENBRENNER IS OFFICIALLY BETTING BILLIONS THAT THE AI HARDWARE BOOM HAS PEAKED.
The exOpenAI researcher who was fired for warning that China could steal their AI models then turned $225 million into $5.5 billion in 12 months just filed his Q1 2026 13F with the SEC.
One quarter ago he had $5.5 billion in disclosed equity exposure. As of March 31, 2026 that number is $13.67 billion. The portfolio nearly tripled in a single quarter across 42 positions.
He initiated $7.46 billion in put options against every major semiconductor company between January 1 and March 31, 2026.
None of these positions existed in his Q4 2025 filing.
- SMH VanEck Semiconductor ETF PUT: $2.04 billion
- Nvidia PUT: $1.57 billion
- Oracle PUT: $1.07 billion
- Broadcom PUT: $1.01 billion
- AMD PUT: $969 million
- Micron PUT: $583 million
- Taiwan Semiconductor PUT: $535 million
- ASML PUT: $494 million
- Intel PUT: $159 million
For the past 18 months Aschenbrenner was betting only on electricity, memory, compute, and physical data center infrastructure. That made him one of the best performing fund managers in the world. And his long stock book still reflects that exact same thesis.
- Bloom Energy: $878 million
- SanDisk: $724 million
- CoreWeave: $556 million
- IREN: $401 million
- Core Scientific: $389 million
- Applied Digital: $320 million
- Riot Platforms: $142 million
- CleanSpark: $104 million
- Solaris Energy: $62 million
- T1 Energy: $43 million
- Bitfarms: $38 million
- Bitdeer: $29 million
- Power Solutions: $26 million
- WhiteFiber: $20 million
- Babcock and Wilcox: $19 million
- SharonAI: $18 million
- ProPetro: $13 million
- Hive Digital: $6 million
He is also running call options on specific names at the same time as his puts, which means he is not simply betting against semiconductors everywhere.
- Micron CALL: $422 million
- SanDisk CALL: $388 million
- Taiwan Semiconductor CALL: $354 million
- CoreWeave CALL: $140 million
- Bloom Energy CALL: $55 million
This means he believes the companies supplying power, storage, and compute to the AI industry still have years of growth ahead of them.
But the chip companies that Wall Street has been buying for the past two years at record valuations have already priced in everything good that is going to happen to them.
The man who has been right about every major AI trade for the past 18 months is now betting that the biggest names in semiconductors are about to fall.
If his track record means anything, the chip stocks Wall Street has been buying for the past two years may be in serious trouble.
🥐 fresh crumbs
Summer of George ☀️ more than ever this year
If they can keep the market up until June, 👸🦥 flows kick in and we are going to squeeze through the summer
Could last until September when summer vol compression stops ... or as long as November into midterm elections
Look for a rotation out of tech ✍️
Until it breaks ... "Laissez les bons temps rouler"
@jam_croissant with @Buncahn
AFTER HOURS 🍶 @Stocktwits
Full interview
https://t.co/aguM6WpnaB
This game has transformed my life, my family’s life, my friends’ lives, and even the lives of my future grandchildren. For that, I am eternally grateful to God for the success He has given me.
At the same time, make no mistake, this game is one of the most cancerous and dangerous in the world. It can ruin and cripple you financially, socially, psychologically, and emotionally in ways you cannot imagine.
If you are playing this game at the highest level, not casually investing, you have to be willing and aching to answer its call at every second of the day. And honestly, monetary advancement alone is not enough to keep you in it. Something has to be socially wrong with you to be obsessed in a way that is difficult to even characterize. You have to be obsessed with solving this puzzle every single day.
If that is not you, it is probably a better choice to avoid it entirely. Very similar to mishandling an AK-47, small mistakes in this game can be life altering.
For my fellow lunatics, another day, and into the fray we go. Blessings and love your way 🫡
The discussion around breadth has been relevant for the last few years, but I think many people completely miss the broader point. I constantly hear breadth deterioration being used as evidence that the market is unstable or fundamentally broken, when in reality this market has been driven by a concentrated group of names for quite some time now.
That is not some hidden flaw in the system. It is the structure of the current regime. Reflexively, part of this is also being amplified by the growing amount of dispersion exposure concentrated among several major players in the derivatives ecosystem. The structure itself naturally reinforces leadership concentration.
At some point, people have to stop analyzing today’s market through the lens of decades-old frameworks. Arguing that weak breadth automatically signals impending instability is no different than the old-school portfolio manager complaining that stock and bond correlations are not behaving like they did in the 1980s.
Markets evolve. Flows evolve. Correlations evolve. Structural dynamics evolve. If you don't evolve your process, data and infrastructure accordingly, you'll quickly get left behind.
"Professor, don't you find it curious that a new US-Iran peace deal leaks almost every time the 10y UST yield breaks 4.4% on the upside?"
"Actually, if I think about it, I don't find it curious at all."
@SpoxCHN_MaoNing Educate the mass public to use antiperspirants and deodorants for the next national image project. Not perfume; antiperspirants and deodorant. Serious note.
Leveraged ETF market cap is now roughly $130B, with around $100B tied up in levered longs.
That means the daily rebalance asymmetry is skewed toward buying on up days and selling on down days, which can drive a meaningful source of end-of-day flow when volatility is high.
After 60 years of watching markets I’ve found that the financial sector is traditionally the first sector to lead a new market move. Energy is traditionally the last.