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The Kobeissi Letter
US technology stocks are struggling:
The S&P 500 Information Technology sector has dropped 11.0% since its December high and officially entered a correction.
This marks the third drawdown of at least 10% over the last 2 years.
Magnificent 7 stocks have led the decline, erasing a whopping -$2.4 trillion in market cap over the last 3 months.
On Monday, the group lost $567.5 billion in market value with Nvidia, $NVDA, accounting for ~50% of the loss.
Overall, $NVDA shares have fallen -24% since their January peak.
Is the Big-Tech sell-off overdone?
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US technology stocks are struggling:
The S&P 500 Information Technology sector has dropped 11.0% since its December high and officially entered a correction.
This marks the third drawdown of at least 10% over the last 2 years.
Magnificent 7 stocks have led the decline, erasing a whopping -$2.4 trillion in market cap over the last 3 months.
On Monday, the group lost $567.5 billion in market value with Nvidia, $NVDA, accounting for ~50% of the loss.
Overall, $NVDA shares have fallen -24% since their January peak.
Is the Big-Tech sell-off overdone?
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Hidden Value Gems
RT @HiddenValueGems: As a former equity analyst, I used to build and maintain detailed company models. With about 15 stocks under coverage at any given time, this meant 60 model updates each year 😲
How helpful these spreadsheets were for making intelligent investment decisions?
🧵👇
1/5
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RT @HiddenValueGems: As a former equity analyst, I used to build and maintain detailed company models. With about 15 stocks under coverage at any given time, this meant 60 model updates each year 😲
How helpful these spreadsheets were for making intelligent investment decisions?
🧵👇
1/5
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Offshore
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The Kobeissi Letter
BREAKING: 0DTE, or “0 days to expiration” options accounted for a record ~56% of options volume in February.
This comes as average daily volume of the S&P 500 options hit a record 3.49 million contracts.
The spike in 0DTE trading was mostly driven by Robinhood expanding access to options trading for all its customers in January.
Elevated intraday volatility in the markets was also behind the rapid increase in activity.
On Thursday, we saw the second-highest volume day on record for $VIX calls with the strike of 50+, according to CBOE.
Volatility is ramping up.
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BREAKING: 0DTE, or “0 days to expiration” options accounted for a record ~56% of options volume in February.
This comes as average daily volume of the S&P 500 options hit a record 3.49 million contracts.
The spike in 0DTE trading was mostly driven by Robinhood expanding access to options trading for all its customers in January.
Elevated intraday volatility in the markets was also behind the rapid increase in activity.
On Thursday, we saw the second-highest volume day on record for $VIX calls with the strike of 50+, according to CBOE.
Volatility is ramping up.
tweet
Offshore
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The Kobeissi Letter
BREAKING: US stocks rally sharply off their lows with the Nasdaq 100 now up nearly +1% on the day.
Reports suggest that President Trump and Justin Trudeau had a 50 minute phone call just now.
Commerce Secretary Lutnick said Trump is "leaning towards helping out" auto makers for 1 month.
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BREAKING: US stocks rally sharply off their lows with the Nasdaq 100 now up nearly +1% on the day.
Reports suggest that President Trump and Justin Trudeau had a 50 minute phone call just now.
Commerce Secretary Lutnick said Trump is "leaning towards helping out" auto makers for 1 month.
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The Kobeissi Letter
BREAKING: President Trump releases a statement on his call with Justin Trudeau regarding tariffs.
Trump says, "The call ended in a “somewhat” friendly manner!" https://t.co/6j4J9B737N
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BREAKING: President Trump releases a statement on his call with Justin Trudeau regarding tariffs.
Trump says, "The call ended in a “somewhat” friendly manner!" https://t.co/6j4J9B737N
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Investing visuals
Feels like this imposter had a stroke when creating its username🤨 https://t.co/N7eEmePYsR
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Feels like this imposter had a stroke when creating its username🤨 https://t.co/N7eEmePYsR
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Offshore
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Read
RT @virattt: I built a stock market API in 42 days.
All during @_buildspace s5.
What is the API?
Today, it lets you pull financials for 16,000 tickers going back 30+ years.
Why did I build the API?
Because the big providers have:
• poor API design
• poor documentation
• expensive sales contracts
• strict data retention policies
How did I build it?
I started building the API from scratch at the start of s5 in early June.
I got deep into the SEC Edgar API and cracked how to scrape at scale.
Sonnet 3.5 from @AnthropicAI was a godsend for this.
I hacked early mornings, late nights, and weekends, with a full-time job.
Day by day. Code by code.
I set weekly goals and hit each one.
End result: https://t.co/Li4F50LrMv
I’m excited to see where this API goes.
It may go nowhere, but I’ll always know that I can set goals and crush them.
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RT @virattt: I built a stock market API in 42 days.
All during @_buildspace s5.
What is the API?
Today, it lets you pull financials for 16,000 tickers going back 30+ years.
Why did I build the API?
Because the big providers have:
• poor API design
• poor documentation
• expensive sales contracts
• strict data retention policies
How did I build it?
I started building the API from scratch at the start of s5 in early June.
I got deep into the SEC Edgar API and cracked how to scrape at scale.
Sonnet 3.5 from @AnthropicAI was a godsend for this.
I hacked early mornings, late nights, and weekends, with a full-time job.
Day by day. Code by code.
I set weekly goals and hit each one.
End result: https://t.co/Li4F50LrMv
I’m excited to see where this API goes.
It may go nowhere, but I’ll always know that I can set goals and crush them.
tweet
Offshore
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Read
RT @quantscience_: This guy made an AI Hedge Fund...
Then open-sourced it for everyone to use.
This is the story. https://t.co/c7aJQ62tUx
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RT @quantscience_: This guy made an AI Hedge Fund...
Then open-sourced it for everyone to use.
This is the story. https://t.co/c7aJQ62tUx
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Offshore
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The Kobeissi Letter
Is stagflation here?
The ISM Manufacturing PMI fell -0.5 points to 50.3 in February, below expectations of 50.9.
New orders tumbled a whopping -6.5 points, into contraction territory of 48.6, highlighting a dismal outlook for the manufacturing sector.
The employment index fell 2.7 points, to 47.6, also contracting
Concerningly, prices paid spiked 7.2 points, to 62.4, the highest since June 2022.
Weakening economic activity with rising prices is the worst-case scenario for the Fed.
The economy is shifting.
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Is stagflation here?
The ISM Manufacturing PMI fell -0.5 points to 50.3 in February, below expectations of 50.9.
New orders tumbled a whopping -6.5 points, into contraction territory of 48.6, highlighting a dismal outlook for the manufacturing sector.
The employment index fell 2.7 points, to 47.6, also contracting
Concerningly, prices paid spiked 7.2 points, to 62.4, the highest since June 2022.
Weakening economic activity with rising prices is the worst-case scenario for the Fed.
The economy is shifting.
tweet
Offshore
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The Kobeissi Letter
BREAKING: President Trump is granting a 1-month tariff exemption to the Big 3 automakers, per WSJ. https://t.co/OW2KQ7ggBR
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BREAKING: President Trump is granting a 1-month tariff exemption to the Big 3 automakers, per WSJ. https://t.co/OW2KQ7ggBR
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