Bifurcation in Tech? No Problem. Tech continues to show minor consolidation, bit by bit, Software, then Mag-7, now Memory/Semis. Yet has done so in a way where market indices have largely avoided weakness Great recovery in $AAPL $META and some much needed stabilization in MSFT to help Roundhill's Mag-7 ETF $MAGS start to trend back higher this week As i discuss in tonight's note, this is beneficial towards Tech despite Semi weakness as other sectors continue to play catch-up.. Fins, and most importantly, Healthcare - Much more in tonight's note and a 10-min video. @IBDinvestors @marketsurge

solana:BifUDWQFpbTrSxYXBnqCpAVYgcyQGzHzJk2MDmeM2Gyv has printed a new all-time high. Market cap has cleared $2M. The chart remains constructive, volume is present, and the next psychological level sits at $5M MC. Hold $TCAT . Earn bittensor:native reflections. Feline form, future mind. @artificialcat_ CA: BifUDWQFpbTrSxYXBnqCpAVYgcyQGzHzJk2MDmeM2Gyv DYOR||NFA

The indexes are bifurcated and fail to tell the story beneath the surface. A large number of tech names are down 25% and many are down as much 50% or more. There are more than one-third of S&P 500 stocks down 20% or more, with only 34% of NASDAQ stock trading above their 200-day moving average lines. A stealth correction is already well underway.

Institutional crypto market structure is bifurcating. Arc, Canton, and Tempo raised over $1B at a combined ~$10B valuation this week. Regulated balance sheets need controlled transaction environments, not fully public infrastructure. Read more on our latest weekly digest:

All correlations breaking down "What has been striking more recently is the bifurcation between the AI and non-AI trade, illustrated by the lowest and most negative correlation on record between our GS Broad AI basket (GSTMTAIP) and SPXXAI Index. The basket and the index have only traded in the same direction 1/3rd of the time in the last 3 months (vs ~2/3rd historical average)." - Goldman

Elon Musk explains the fundamental reason SpaceX is building toward Mars: humanity cannot depend on a single planet forever “The future of humanity will fundamentally bifurcate along the lines of either single-planet species or multi-planet species” If humanity remains on Earth alone, every civilization-ending risk is concentrated on a single planet Becoming multi-planetary creates planetary redundancy, essentially a backup for civilization and the biosphere “We’ve got all of our eggs in one basket here” The goal isn't to abandon Earth. It's to protect Earth while building a future where humanity's survival no longer depends on a single planet And that is the deeper reason behind SpaceX's mission to establish a self-sustaining civilization on Mars Making life multi-planetary is about protecting the long-term future of humanity

We are in a strange market where one sector is leading (tech) while the rest are tanking. Turns out it's not that strange or rare. And most of the time when the market is this bifurcated the rest of the sectors rally significantly to catch up.

Last wk despite WTI +10% & ylds +2-7 bps across the curve, S&P/Nas/R2K +0.1%/+0.4%/+0.1%. $NVDA acquisition of Hugging Face & $Meta release of Muse Spark 1.3 last wk make both names more attractive into year-end. My view is that LLMs increasingly bifurcate into 90%+ usage of open-source/ open-weight models in the future as companies optimize the right models for the right task. Since the focus on controlling AI expenditures, the Silicon Data token cost has fallen over 50% since late May but the weekly usage of tokens in models across OpenRouter has increased by 3.6x over this same time. In addition, enterprises are increasingly focused on making sure their own proprietary data does not leak out when they use third party closed frontier LLMs. Hugging Face is the premier central collaborative platform, repository, and toolkit for open-source and open-weight AI with over 18 million developers. Nvidia has three customers that accounted for 44% of their revenues over the past six months and their largest customers are increasingly designing their own ASICs and in some cases selling them externally. A more diversified customer base that owns their own AI compute stack instead of renting from the big cloud service providers would help Nvidia with both of these issues. With this acquisition, Nvidia is in an even better position to sell enterprises a complete alternative AI stack (from the model to chips) where the customer will own their own data. Valuation is also compelling. Nvidia trades at a 15x CY27 PE versus their own guidance for 70% revenue growth and the Big 3 public cloud service providers at 21-23x for 15-26% total revenue growth. The S&P trades at 19x for 9% revenue growth for comparison. Nvidia is also up “just”24% versus the Semiconductor Index up 66% following underperformance last year at up 39% versus 42%. As for Meta, the stock is down 7% year-to-date after being up just 13% last year driven largely by concerns that 1) they can only monetize their near doubling in AI capex spend through efficiencies in their own business and 2) they were falling behind in the AI model race. The launch of the Muse Spark 1.3 API last week, catapulted Meta back to near frontier status (Top four in the Artificial Analysis Intelligence Index out of 10 models) but with aggressive token pricing (Bottom four in Cost per Task.) Open-weight versions of the Muse Spark lineup are coming soon. This will give the company another way to monetize their aggressive capex plans. This follows Meta's settlement in late August with state AGs on their youth addiction trial which was another overhang on the stock. Trading at 16x CY27 PE for 20% revenue growth is compelling with the settlement and Spark 1.3 launch as catalysts. From a broader market perspective, I recommend caution between now and the US mid-terms for reasons I have fleshed out in prior posts including: 1) Don’t Fight the Fed given I believe a 9/16 hike is likely 2) September -0.5% on avg & up only 48% of the time 3) S&P drawdowns of 10% in lead-up to mid-terms 4) Bipartisan pushback against datacenter expansion 5) Iran dragging out hostilities through US mid-terms