1. Gilt sell-off: UK 30-year bond yield surges to highest level since 1998.

   

Hedgeye

2. Valuations: 1999 internet bubble vs. 2026 AI revolution.

Daniel Newman

3. Data center: Cost breakdown per one-gigawatt AI data center.

Epoch AI

4. CRM: CRM usage has risen since AI tools began to be adopted at scale.

A16Z

5. Cash holdings: BofA private client cash allocation hits a record low.

Mike Zaccardi, CFA, CMT

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1. Jet fuel: Europe is running out of jet fuel.

GS

2. AI app revenue: AI is going mobile incredibly quickly.

A16Z

3. Cattle: Live Cattle prices have surged +525% since 2022.

Hedgeye

4. AI CapEx exceeding defense: Morgan Stanley now sees capital spending by the five largest AI ‘hyperscalers’ topping $800 billion this year and $1.1 trillion next year. At 3.3% of gross domestic product, next year’s figure would exceed projected spending on national defense.

Grep IP

5. Credit: Delinquent credit card balances about to surpass financial crisis record.

zerohedge

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1. S&P concentration in performance: Alphabet, Nvidia, Amazon, Broadcom and Apple, have collectively accounted for ~50% of the S&P 500’s total gains since April 1st. This means these 5 stocks have added ~6 percentage points to the +12% rally of the index over this period.

The Kobeissi Letter

2. S&P: The S&P 500 is on track for a fourth consecutive year of double-digit gains.

Hedgeye

3. Anthropic & OpenAI: Earn more revenue per employee than the top public tech companies, both now and at their IPOs.

Epoch AI

4. Semiconductors: Semiconductor names have made new highs amid continued strong demand for chips ... The macro data underpin the recent performance, with global semiconductor sales and Taiwan export orders recording unprecedented growth rates.

TS Lombard

5. Income: US real income growth really is under pressure.

Daniel von Ahlen

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1. Augmenting vs Replacing: Companies talk about AI augmenting workers 8x more than replacing them.

A16Z

2. Profit margins: Profits for memory chip makers seem unsustainably high.

djtgallagher

3. Chinese central bank: The Chinese central bank remains the most unwavering “buy-the-dip” force in gold.

Shanghai Macro Strategist

4. Battery storage: Battery storage will change the global energy system forever.

   Battery pack price: down 45% in 2025, first time below $100/kWh

   Battery storage deployment: ~250 GWh, up 46% year-on-year.

Ember

5. Data center gas consumption: By 2035, US data centers alone will consume 6.5 billion cubic feet of gas per day. That’s roughly 10% of total US dry gas demand today added on top, just for AI.

Jack Prandelli/Bloomberg

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1. Is AI job apocalypse a compete fantasy:

Narrative violations abound:

Software jobs:

Wage growth:

PM jobs:

a16z

2. Earnings: This is one of the best earnings seasons in 20 years...All 11 top-level sectors are expected to show YoY earnings growth for the first time in 4 years.

Deutsche Bank

3. Risk on: The market cap weight of defensive sectors in the S&P 500 has fallen to a fresh low.

Augur Infinity

4. Worried American consumers: A record 55% of Americans see their financial situation getting worse…fifth consecutive year more Americans say their finances are worsening as opposed to improving.

Gallup

5. Tech CapEx: Tech capex now accounts for half of all S&P 500 capex.

Hedgeye

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1. US investments in nuclear: Investment needed to meet the US nuclear fuel production requirements domestically, in $ billions.

Katusa Research

2. America’s blue-collar workforce is shrinking: US blue-collar employment is falling at a rate of ~200,000 jobs per year in 2026. Collectively, utilities, transportation & warehousing, natural resources & mining, construction, and manufacturing have been losing jobs for 12 months straight.

JPM/Global Markets Investor

3. European energy security: Azerbaijan supplies 16% of Italy's gas. SOCAR just bought 4,500 Italian fuel stations. This is what energy security looks like when Hormuz closes.

   

   Jack Prandelli

4. CapEx: While tech-related capex is surging, other private capex has slumped.

KKR/Soberlook

5. CapEx cycle concentration: Unlike previous capex cycles, today’s investment boom is concentrated entirely among large-cap firms

Apollo Slok

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1. EPS growth: Q1 2026 EPS growth is on pace for the largest y/y growth rate in five years, mostly due to record AI capex, which in turn is now largely funded through massive new issuance of IG debt.

zerohedge

2. Diamonds: Diamonds may be a girl’s best friend but they’re your portfolio’s worst nightmare. Prices have fallen to their lowest level this century!

Barchart

3. S&P performance: Despite it’s +12% gain, the S&P 500 has gotten 6% cheaper this year.

Duality Research

4. Markets in Taiwan and South Korea are making history: The total market cap of Taiwan’s stock market is up to a record $4.5 trillion, surpassing Canada’s $4.4 trillion for the first time. Taiwan’s stock market value has also exceeded that of the UK for the first time 2 weeks ago.

The Kobeissi Letter

5. Polymarket: 0.1% of the accounts on Polymarket have earned 67% of the profits, large amount of them are bots.

Charlie Bilello

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1. U.S. National Debt: The U.S. national debt now exceeds 100% of gross domestic product, crossing a once-unthinkable threshold, on the way toward breaking the record set in the wake of World War II.

Richard Rubin DC

2. China moving up the value chain in exports: While China’s exports of final consumption goods have fallen, China’s exports of capital and especially intermediate goods have surged. Another indicator that China is moving up the value chain.

Kyle Chan

3. Military spend: Military burden and who bears the highest cost globally.

Simon Kuestenmacher

4. Data center tailwinds: Up to $8trn of data center investment coming by 2030.

Callum Williams

5. Nuclear energy in Europe: 56% of all EU citizens support nuclear energy. Czech Republic: 77%, Poland: 69%, Sweden: 71%, Finland: 66%.

Jack Prandelli

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1. U.S. Oil exports: U.S. oil exports hit a record 6.4 million barrels per day.

Hedgeye

2. U.S. AI construction: US spending on data centers & computers has grown so much that it’s larger than basically all other physical investment categories more than all single-family housing construction, factories, power plants, industrial equipment, apartments.

Joey Politano

3. Crypto card spending might be the next big trend: Crypto card spending volume has surged +500% since September 2024, now running at $600 million per month.

   As a result, stablecoin-linked payment cards are now one of the fastest growing businesses on the blockchain, with 90% of transactions captured by Visa.

The Kobeissi Letter

4. U.S. imports: U.S. imports are dominated by AI-related.

bcaresearch

5. Google the ultimate investor: Google just reported $62.6 BILLION in quarterly profit but HALF came from a $37.7B ‘paper gain’ on private investments in companies like SpaceX and Anthropic.

shirish

Google’s investments:

shirish

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1. OPEC relevance falling: Back in 1973 OPEC accounted for just over half of ALL global oil production. Its share was already down to a third in 2025 (thanks largely to the US shale revolution). Now, the UAE’s departure will take it below 30% for the first time in history.

Ed Conway

2. Germany: Government plans to spend €1.6bn to shield consumers from rising energy prices. That makes Germany the No. 2 spender in Europe far behind Spain.

Holger Zschaepitz

3. Oil prices by U.S. state: BREAKING: The average price of a gallon of gas in the US rises to $4.18, the highest level since August 22.

The Kobeissi Letter

4. U.S. & China trade: US imports from Taiwan surpassed those from China for the first time in recent history.

Oliver Gros

5. Magnet rare earths: Supplies of rare earths used to produce high-performance magnets are among the most highly concentrated of all critical minerals.

International Energy Agency

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1. Incoming M&A boom: Goldman Sachs Global Banking & Markets projects global M&A volume to surge in 2026, driven by an AI “innovation supercycle” and a backlog of private equity exits.

Goldman Sachs

2. Valuations: Semiconductor Stocks are now trading at a 60x PE, the richest valuation since the Dot Com Bubble.

Barchart

3. Tech dominance is now a global trend: The information technology sector now reflects 85% of Taiwan’s stock market cap, the most among major world markets.

The Kobeissi Letter

4. R&D budget: China just took the lead for the first time in modern history. The AI race isn’t being won in headlines. It’s being won in research budgets.

Rang Group

5. Tech earnings dominance: Since 2023, Tech has been responsible for ~60%+ of earnings growth.

a16z

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1. Nuclear power: The difference between reality and “national ambition”

zerohedge

2. Sentiment: Less than a third of U.S. workers say now is a good time to find a quality job, down from 70% in 2022.

Hedgeye

3. Private equity is consolidating at the top: Top 10 funds took half of all fundraising in 2025. Megadeals (>$10B) drove ~70% of deal growth. PE is increasingly a scale game.

Illiquid Insights

4. Claude: 80% of US adults who report using Claude in the previous week live in households earning $100,000 or more a year, compared to 37% of Meta AI users.

Epoch AI

5. In the industrial era, no sector has ever been quite as big a deal as railroads:

a16z

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1. Institutional investors are rebuilding their equity exposure: The NAAIM Exposure Index has jumped +19 points over the last 4 weeks, to 79, the highest since mid-February. This index measures average US equity exposure reported by members of the National Association of Active Investment Managers, making it a key indicator of professional investor positioning. At the same time, hedge fund net leverage has risen +8 percentage points to 77%, the highest since early March.

The Kobeissi Letter

2. AI adoption: AI adoption among large US companies is currently at 56% according to RAMP AI data. This suggests there is plenty of room for further increases, which should translate into stronger demand for compute.

Daily Chartbook

3. Energy storage: Morgan Stanley sees the next big opportunity in Energy Storage when it comes to AI power plays.

Ayesha Tariq, CFA

4. The US is now spending more on debt interest than on its entire military:

   Gross interest expense on US debt has risen to a record $1.3 trillion over the last 12 months, surpassing defense spending of ~$900 billion.

   Interest is now the second-largest US government spending category, only behind Social Security at ~$1.6 trillion.

Global Markets Investor

5. Chinese solar exports: Chinese solar exports hit a record 68 GW in March 2026, double the previous month.

Ember

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1. China: Supply chain self-sufficiency comparison across selected technology and industrial categories: China vs. U.S.

Glenn

2. Manufacturing: High-tech buildouts and tariffs are slowly leading to a recovery of domestic manufacturing capacity which has expanded for 48 consecutive months, a new post-2000 record

Daily Chartbook

3. Strategic petroleum: The size of the Chinese strategic petroleum reserve is mind blowing: larger than US + Japan + the whole of Western Europe combined.

Javier Blas

4. AI coding: In ~2yrs, Google has gone from 0% code written by AI to 75% code written by AI.

Deedy

5. S&P in the midterm cycle: The S&P 500 is up 3% in 2026. That’s double the average midterm cycle at this point in the year, dating back to 1950.

Phil Rosen

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1. Hedge funds are aggressively buying tech stocks: Hedge funds purchased global technology stocks more than any other sector last week.

The Kobeissi Letter

2. Traffic in Strait of Hormuz: Strait of Hormuz traffic is near halt amid dual blockade.

Walter Bloomberg

3. U.S. Banks: U.S. Banks are currently facing unrealized losses of $306 Billion

Barchart

4. CTA: We estimate that CTAs bought $44bn of US equities last week and $84bn globally. Over the next week, we estimate CTAs will continue to buy US and global equities in every scenario. - GS

Daily Chartbook

5. S&P: The S&P 500 is at an all-time high while Consumer Sentiment is at an all-time low. We’ve never seen a gap this wide between Wall Street and Main Street.

Charlie Bilello

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1. Worries that the stock market is overvalued just hit the lowest level in over 7 years:

Hedgeye

2. Taiwan: While Taiwan’s $977 billion economy is less than a quarter of the UK’s $4.3 trillion, last week Taiwan overtook the UK in stock market capitalization at $4.14 trillion.

Neil Sethi

3. Silver: The silver market has run a deficit for 6 straight years,762 million ounces consumed above what mines produced.

Katusa Research

4. EM: outflows have been almost as bad as during COVID, i.e. they’ve been massive.

Daily Chartbook

5. Fertilizers: Billions of people depend on synthetic fertilizers.

   

   Our World In Data

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1. Retail traders are diving back into the action: As shares favored by mom-and-pop investors are on track for their best month relative to those preferred by mutual funds since November 2020.

Schaeffer's Investment Research

2. Quantum-linked stocks are skyrocketing: South Korean firms ICTK and Axgate soared +30% and reached their daily trading limit during Wednesday’s session. At the same time, China's GuoChuang Software and QuantumCTek, along with Japan's Fixstars, each surged at least +8%. Over the last week, ICTK and Axgate are up +60% and +141%, respectively.

   

   The Kobeissi Letter

3. SPY: The S&P 500’s recovery rally is now the fastest since 1982.

Hedgeye

4. Tech insider buying just hit a 15-year high:

A16Z

5. Private equity needs M&A to rebound: The backdrop isn’t there, rates are still high, economic uncertainty, geopolitical chaos.

   

Illiquid Insights

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1. The S&P 500 is now up +10.3% since the March 30 low: A 10%+ gain across an 11-session period has only happened 15 times this century, roughly once every couple of years.

Hedgeye

2. AI traffic winners: OpenAI continues to lose market share in GenAI website traffic, while Google’s Gemini, and Claude are gaining. ChatGPT 56.72% vs 77.43% 12 months ago, Gemini 25.46% vs 6% 12 months ago, Claude 6.02% vs 1.4% 12 months ago.

Rihard Jarc

3. Chinese oil production hit a record high last month >4.6 m b/d: For sure, just a fraction of what the global oil market has lost from the Persian Gulf, but every droplet helps. (Note Chinese domestic oil production is highly seasonal, and typically peaks in March/April.

Javier Blas

4. Households invested in equities: Percentage of all financial assets held by households is invested in stocks. We just hit a new all-time high of 47.1%. Higher than the dot-com bubble peak (~43% in 2000). Higher than before the 2008 financial crisis (~38% in 2007).

Recource Alpha

5. UK DGP: UK February GDP numbers for the UK confirm that the economy was establishing a stronger footing prior to the disruptive impact of the war. This aligns with the frustration expressed this week by high-level British officials, who complained that a recovery has been undermined by the external shock.

Mohamed A. El-Erian

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1. SPX Election cycle seasonal composite:

Nautilus Research

2. Materials positioning is at the 0 %ile to 2009:

Daily Chartbook

3. Consumer weakness: 54% of consumers now say their financial situation compared to a year ago is worse due to higher prices, the most in history.

Barchart

4. Happy Tax Day: Since 2001, average income tax rates have fallen across all income groups. Yet the share paid by top earners has risen, with the top five percent now covering 61% of total income taxes, up from 52.2%.

   

Hedgeye

5. There are no high-income low-energy countries: Energy consumption is the ultimate proxy for economic prosperity:

China now produces nearly 40% more electricity than the US + EU combined.

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1. Sentiment: Investor sentiment drops to lowest since June 2025

Neil Sethi

Growth expectations lowest since August 2025

Neil Sethi

2. HFs: Hedge Funds covered their ETF short positions last week at the fastest pace in more than a decade.

Barchart

3. US housing market: Home sales declined 3.6% in March, getting the crucial spring selling season off to a poor start as the high cost of housing and economic uncertainty held buyers back.

Mohamed A. El-Erian

4. Equity positioning: Equity positioning is bracing for a sharp earnings slowdown, but recent data are undermining that story. If the gloom fades, risk appetite may rebound fast and lift stocks.

Daily Chartbook

5. President Trump's Strait of Hormuz blockade is already being tested: Rich Starry, a Chinese-owned tanker sanctioned by Washington for dealing with Iran, is the first vessel to exit the Gulf since the blockade began, according to Reuters, LSEG, MarineTraffic, and Kpler.

   

   Global Markets Investor

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