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経済やテクノロジーに関するトピックスを、備忘録としてまとめています😊 通常は、エンジニア業務に加えて、企画、業界分析をしています⏩【YouTube登録350人】

[TraditionalMoney @tradition_money]

$16,000 gold sounds crazy.

In 1968, gold represented 4.8% of global financial assets.

In 2023, just 0.63%.

A return to the 1968 allocation, using 2023 values, would imply roughly $16,000/oz. #gold

[zerohedge @zerohedge]

Global 10Y+ bond yields are the highest since 2002

[The Kobeissi Letter @KobeissiLetter]

AI-related employment is surging:

AI-linked roles have accounted for more than +750,000 new jobs created in the US since 2023, according to LinkedIn estimates.

This surge has been led by data annotators, with +282,000 new positions created, followed by data center jobs at +117,000, and AI engineers at +105,000.

As a result, these 3 categories have accounted for +504,000 new jobs.

AI-related positions also offer significantly higher pay, with a median salary of ~$180,000 on LinkedIn, compared to $80,000 across all jobs.

This comes as the rapid expansion of AI infrastructure, particularly the buildout of data centers, is driving stronger demand for labor.

The AI boom is reshaping the US job market.

[Charlie Bilello @charliebilello]

60% of S&P 500 stocks now carry a Buy rating from Wall Street analysts, the highest level on record.

Why does that matter?

When everyone is expecting good news, there's less room for positive surprises.

[Lukas Ekwueme @ekwufinance]

US rates are surging as markets price in higher inflation.

Today's ISM report showed that a large share of service businesses are reporting inflationary pressures.

The highest level since 2022... Back then, inflation was at ~8.5%.

And unlike volatile energy prices, services inflation tends to be sticky.

In other words, inflationary pressures are spreading beyond the energy shock.

Brace for inflation.

[Lance Lewis @lancejlewis]

Gold & Silver bears are in for a shock... SOON.

[Barchart @Barchart]

Gold Miners $GDX just formed a Golden Cross for the first time since February 2025 ✅ The last one sent prices soaring more than 100% over the next 8 months 📈 📈

[朝倉智也(Tomoya Asakura) @tomoyaasakura]

AI投資は「金融商品化」の領域へ。Amazonは約80億ドルのNvidia製GPUをSPVに移し、投資家に保有させる。今年の設備投資は2,200億ドル。陳腐化の速いGPUのリスクまで外部資金に移す。熱狂を金融工学で支え、リスクを市場へ広げていく。これは「いつか来た道」ではないか。 https://t.co/S6sM2vrH6w

[Robin Brooks @robin_j_brooks]

A debt crisis always starts in the most vulnerable places. That's what's happening now. Look at how France's 10-year yield has decoupled above the global rise in yields this year. This is causing contagion to Italy, where yields are also rising sharply...
https://t.co/glpR3SDk82

[Ole S Hansen @Ole_S_Hansen]

September produced a striking divergence between #gold and investment demand. Gold fell as US Treasury #yields surged, yet gold ETF holdings rose for a second consecutive month. The continued inflows suggest investors were looking beyond the immediate headwind from higher real yields and instead focusing on what those higher borrowing costs may ultimately mean for fiscal sustainability and already elevated government debt levels. It raises an interesting question: what happens to gold once yields stabilise and the inflationary impulse from higher energy prices begins to fade? If investment demand has remained resilient during such a hostile rates environment, an easing of that pressure could provide a powerful tailwind.
Chart source: Bloomberg

[Oguz Erkan @oguzerkan]

Time to overweight $AMZN?

Up until late July, $NVDA, $AAPL, and $GOOG were the only Mag7 stocks outperforming the S&P 500 over the past 5 years.

As of today, $MSFT and $META have returned to outperformance, but $AMZN is still underperforming.

It looks ripe for a recovery.

[zerohedge @zerohedge]

MSFT, NVDA, AAPL and META alone added about 300 points to the S&P in Q3, more than 200% of the index's total gain. The other 499-ish stocks together subtracted about 150 points: Citadel

[Otavio (Tavi) Costa @TaviCosta]

Wild.

US and China’s combined money supply is surging almost as fast as it did during the Covid stimulus madness.

That is a 10% increase in just 12 months!

Let that sink in.

https://t.co/yijFtMxLWq

[Lukas Ekwueme @ekwufinance]

Inflation: Today vs 1970s

People assume inflation just spikes up, but it comes in waves. With every downward correction, people think the pain is over, just to be smacked in the face by the next inflationary surge.

Those who knew what’s coming made life-changing money, while those who failed to do so lost fortunes.

[朝倉智也(Tomoya Asakura) @tomoyaasakura]

米国不動産の危機はもはや先送りできない。オフィスの延滞率は金融危機後のピークを突破。一方、個人の住宅ローン金利も7.28％へ急上昇し、延滞増加への懸念が強まる。商業用と住宅用が同時に傷めば、損失は不動産市場だけでは済まない。次に警戒すべきは、融資を抱える金融機関への信用不安の連鎖だ。

[Michael Burry Stock Tracker ♟ @burrytracker]

Breaking: Data centers are booming while every other type of private construction is shrinking

Change in yearly construction spending since 2023:
• Data centers: +$51B
• Everything else: -$120B

Michael Burry warned everyone:

1. Private construction outside of data centers fell 7.9% year over year in June

2. GDP growth is really counting on that data center buildout

3. The buildout is being funded with rising debt, off-balance sheet financing, and insurers soaking up the risky paper

4. The most profitable companies in the world, except Apple, are betting everything on this as their free cash flow turns negative

Burry doesn't think this lasts much longer

[Bourbon Capital @BourbonCap]

$GOOG owns 15% of Anthropic, 7% of $SPCX, and 10% of $PL

They gonna win for doing nothing

[Barchart @Barchart]

S&P 500 relative to M2 Money Supply just surpassed the level that marked the peak of the Dot Com Bubble 🚨 🚨 🚨

[Oguz Erkan @oguzerkan]

Gold dip today is a buying opportunity.

As Ray Dalio explains, debt problem is always followed by devaluation of the currency.

The US can’t pay its debt back, it can only inflate it away as it’s always been.

This makes gold a secular long.

[Oguz Erkan @oguzerkan]

Gold will come back.

High oil prices are keeping inflation expectations elevated which drives yields higher, and pressures gold.

Oil will soon come down as Gulf exports are now normalising. Yields will follow and gold will recover.

Just a matter of time.