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Global markets in a nutshell: Japanese Company: Active monopoly over random chokepoints in the hyperscaler AI buildout. Valuation: $150m-$350M Silicon Valley: Here's a $200m for a "Seed Round".

BREAKING: Global stock market cap is up to a record $166 trillion. This marks a +$32 trillion YoY increase, or +23.6%, far above the long-term average. Global markets have surged +$94 trillion, or +131%, since the 2020 pandemic low. By comparison, the global equity market value has grown at a +7.0% compound annual growth rate (CAGR) over the last 20 years. Meanwhile, as a % of global GDP, the global equity market cap is up to a record ~134%. Global equities are in the midst of one of the most powerful rallies in history.

THE GLOBAL FINANCIAL SYSTEM JUST BROKE IN TOKYO Japan’s 30-year bond yield hit 3.41% today. That number means nothing to you. Here’s why it should terrify you. Japan owes 230% of everything it produces. It’s the most indebted nation in human history. For 35 years, they kept the lights on by borrowing at near-zero rates. That era ended this morning. Here’s What Just Happened Core inflation is running at 3.0%. Government bond yields are spiking to levels not seen since 1999. China just conducted its 25th military incursion near Japanese waters this year. Japan is now forced to spend 2% of GDP on defense … nearly 9 trillion yen annually. The Bank of Japan is trapped between two impossible choices: raise rates and trigger a debt collapse, or keep rates low and watch inflation destroy savings. They chose door number two. Why You Should Care Every major bank, hedge fund, and institution on Earth has borrowed yen at cheap rates and invested it elsewhere for 30 years. This “carry trade” could be worth anywhere from $350 billion to $4 trillion. Nobody knows the real number because it’s hidden in derivatives. When Japan’s system breaks, this money unwinds. Fast. The last time we saw a preview … July 2024 … the Nikkei dropped 12.4% in a single day. The Nasdaq fell 13%. That was a small tremor. The earthquake is coming. The Math Is Simple! Japan’s government pays interest on $9 trillion in debt. Every 0.5% increase in rates costs them $45 billion annually. At current yields, debt service will consume 10% of all tax revenue. That’s the death spiral threshold. The yen is trading at 157 to the dollar. If it strengthens to 152, the entire carry trade becomes unprofitable. Unwinding begins. Emerging market currencies could drop 10-15%. The Nasdaq could fall 12-20% as funds are forced to sell. What Happens Next December 18-19, the Bank of Japan meets. Markets are pricing 51% odds they raise rates another 0.25%. If they do, volatility explodes. If they don’t, inflation accelerates and the problem gets worse. There is no way out. Japan’s fiscal dominance is now permanent. They must keep the yen weak to service their debt. This means the free money that powered global markets since 1990 is ending. The Bottom Line Interest rates worldwide are going up 0.5-1.0% permanently. Not because of inflation. Because the world’s largest creditor nation can no longer subsidize global growth. Your mortgage, your car loan, your credit card … all repricing higher. Stock valuations built on cheap money … all compressing. The everything bubble … all deflating. This is not a recession. This is a regime change. The largest liquidity engine in financial history just seized up, and most people won’t understand what happened until their portfolios are down 30%. Tokyo broke the world today. You’ll feel it tomorrow.​​​​​​​​​​​​​​​​ Read the full data driven deep dive article -

At this year’s Global Markets Conference, we heard from J.P. Morgan leaders and their clients on the key takeaways shaping on-the-ground conversations, from AI to commodities to geopolitics. Hear their perspectives on the themes influencing markets today and where they’re seeing optimism.

HALVORSEN'S VIKING GLOBAL JUST OPENED A NEW $912M APPLE POSITION AND EXITED AMD Here are their updated largest holdings and every move they made in Q1 2026, as per @ralliesai: Top 10 holdings: 🥇 Visa $V: $1.91B (+59% shares) 🥈 Taiwan Semiconductor $TSM: $1.51B 🥉 Schwab $SCHW: $1.38B 4. Disney $DIS: $1.28B 5. Fortive $FTV: $1.24B 6. Air Products $APD: $1.19B 7. McDonald's $MCD: $1.13B 8. Sherwin Williams $SHW: $998M 9. Tesla $TSLA: $927M (+47% shares) 10. Apple $AAPL: $912M (NEW) New positions: - Apple $AAPL: $912M - FedEx $FDX: $688M - Meta $META: $608M - ATI $ATI: $485M - Waters $WAT: $374M - Hasbro $HAS: $350M - Reddit $RDDT: $344M - AIG $AIG: $318M - Cboe Global Markets $CBOE: $193M - Home Depot $HD: $166M - Lululemon $LULU: $150M - CoreWeave $CRWV: $108M - Interactive Brokers $IBKR: $94M - Edwards Lifesciences $EW: $88M Biggest adds: - Carvana $CVNA: +162% shares - Lennox International $LII: +153% - Thermo Fisher $TMO: +110% - Medline $MDLN: +64% - Visa $V: +59% - American Sports $AS: +51% - Tesla $TSLA: +47% - JPMorgan $JPM: +42% - General Motors $GM: +35% - CSX $CSX: +35% Biggest trims: - Amazon $AMZN: -62% shares - Stellantis $STLA: -59% - PNC Financial $PNC: -58% - Dick's Sporting Goods $DKS: -51% - API Group $APG: -49% - Capital One $COF: -45% - Microsoft $MSFT: -28% Full exits: - AMD $AMD: $801M - DraftKings $DKNG: $659M - Ross Stores $ROST: $571M - Chewy $CHWY: $447M - UBS Group $UBSG: $426M - UnitedHealth: $395M - Saia: $355M - Tradeweb: $298M - Bank of America: $247M - Boston Scientific: $239M - Digital Realty: $233M - Lowe's: $220M - Figma: $215M The rotation: out of AMD, big-box retail, regional banks, and healthcare insurance. Into Apple, Meta, Tesla, Reddit, CoreWeave, and consumer staples like Home Depot, Hasbro, and Lululemon.

A brutal selloff in chipmakers rippled through global markets, triggering a rout across Asia and setting up steep losses in Europe and the US as investors abruptly reassessed the durability of the artificial intelligence-driven rally. READ: