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App Economy Insights
$NVDA Jensen Huang says AI is just getting started.
What we learned from NVIDIA's Q4 FY25:
💰 Blackwell: $11B, fastest ramp ever.
🧠 AI reasoning: Requires 100x more compute.
🦾 Enterprise AI: Poised to outgrow hyperscalers.
📊 Full breakdown 👇
https://t.co/hKsR1yLdbj
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$NVDA Jensen Huang says AI is just getting started.
What we learned from NVIDIA's Q4 FY25:
💰 Blackwell: $11B, fastest ramp ever.
🧠 AI reasoning: Requires 100x more compute.
🦾 Enterprise AI: Poised to outgrow hyperscalers.
📊 Full breakdown 👇
https://t.co/hKsR1yLdbj
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The Kobeissi Letter
BREAKING: The Fear & Greed index has fallen to 18 points, its lowest reading since the August 2024 market low.
This is well below the 30 point threshold for "extreme fear" among investors.
This is also the 2nd-lowest since the 2022 bear market bottom.
Meanwhile, the Volatility Index, $VIX, is now up +38% over the last week.
Is there too much fear in the market?
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BREAKING: The Fear & Greed index has fallen to 18 points, its lowest reading since the August 2024 market low.
This is well below the 30 point threshold for "extreme fear" among investors.
This is also the 2nd-lowest since the 2022 bear market bottom.
Meanwhile, the Volatility Index, $VIX, is now up +38% over the last week.
Is there too much fear in the market?
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Mads
https://t.co/m4EU4R8SeX
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https://t.co/m4EU4R8SeX
Alphabet is currently in an 18% drawdown.
$GOOGL $GOOG https://t.co/AAwcMqddNV tweet
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Mads
https://t.co/ncDvst1cJ5
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https://t.co/ncDvst1cJ5
I didn’t choose this life in the trenches… this life in the trenches chose me. tweet
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Mads
LEBRON OUTLASTED SKYPE https://t.co/psNW4Og5po
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LEBRON OUTLASTED SKYPE https://t.co/psNW4Og5po
End of an era. RIP Skype 2003-2025 https://t.co/hsSD6oNX6g tweet
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The Kobeissi Letter
Americans are becoming less bullish on equities:
46.8% of consumers expected stock prices to rise over the next 12 months in February, the lowest share since April 2024.
This was down from 54.2% in January, marking the largest monthly drop since the March 2020 crash.
Despite that, this percentage is still near its highest levels since 1987.
To put this into perspective, the long-term average is 35.1%.
Meanwhile, 32.8% of Americans anticipated stock prices to decrease over the year in February, up from 24.8% in the prior month.
Sentiment is shifting.
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Americans are becoming less bullish on equities:
46.8% of consumers expected stock prices to rise over the next 12 months in February, the lowest share since April 2024.
This was down from 54.2% in January, marking the largest monthly drop since the March 2020 crash.
Despite that, this percentage is still near its highest levels since 1987.
To put this into perspective, the long-term average is 35.1%.
Meanwhile, 32.8% of Americans anticipated stock prices to decrease over the year in February, up from 24.8% in the prior month.
Sentiment is shifting.
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Stock Analysis Compilation
CI Australian Equities Fund on HMC Capital $HMC AU
Thesis: HMC Capital is positioned for significant growth, aiming to increase its AUM from ~$17.5bn to ~$50bn over the next 3-5 years, leveraging its strong management team and diverse investment platforms.
(Extract from their Q4 letter)
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CI Australian Equities Fund on HMC Capital $HMC AU
Thesis: HMC Capital is positioned for significant growth, aiming to increase its AUM from ~$17.5bn to ~$50bn over the next 3-5 years, leveraging its strong management team and diverse investment platforms.
(Extract from their Q4 letter)
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Hidden Value Gems
“Marginal companies, cheap as hell in 1929, did not outperform the Coca-Cola's who were brutally expensive. The Coca-Cola's went down 75%, but the very cheap stocks, the number 7, 8, 9 automobile companies and so on, they all went out of business, and the ones that survived went down 96%. And when you're starting from 4 out of 100, to go back and catch up the Coca-Cola's who are still at 30, you have to go up 6 or 7 times just to get back in the game.
The 30s was a pretty good ultimate reminder that things are cheap, usually for a pretty good reason, so you have to tread carefully. If you're going to play the cheap game, you've got to make sure it is armor-plated with as much quality as you can get into it.”
- Jeremy Grantham
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“Marginal companies, cheap as hell in 1929, did not outperform the Coca-Cola's who were brutally expensive. The Coca-Cola's went down 75%, but the very cheap stocks, the number 7, 8, 9 automobile companies and so on, they all went out of business, and the ones that survived went down 96%. And when you're starting from 4 out of 100, to go back and catch up the Coca-Cola's who are still at 30, you have to go up 6 or 7 times just to get back in the game.
The 30s was a pretty good ultimate reminder that things are cheap, usually for a pretty good reason, so you have to tread carefully. If you're going to play the cheap game, you've got to make sure it is armor-plated with as much quality as you can get into it.”
- Jeremy Grantham
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