Creative Destruction, Momentum, SpaceX

2. Job growth has strengthened in recent months after stalling for much of 2025:

3. Two leading indicators, temporary employment and manufacturing overtime hours, are moving in the right direction:

4. Inflation breakevens have continued to move higher despite the ceasefire with Iran:

5. Long treasury yields are making new highs across developed economies:

6. Skyrocketing chip prices may support the AI trade, but they also reverse a multi-decade trend of deflation that has benefited an increasingly digitized economy:

7. Historically, high levels of CAPEX have not consistently rewarded shareholders:

8. AI-related issuances have accounted for the majority of capital raised this year:

9. Over the past two months, momentum stocks have outperformed global markets by the largest spread on record:

10. If daily returns were normally distributed (they aren’t, but assume so for illustration), you’d expect a 5σ move roughly once every 6,800 years of trading days:

11. Agricultural imports to China are currently running well below historical norms:


12. The U.S. may be among the countries best insulated from the economic fallout of the war with Iran:

13. SpaceX is targeting one of the largest IPOs of all time, across multiple metrics:

Authored by Denis Rezendes

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