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Animal Spirits:
On today’s show, we discuss:
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Big Tech’s Costly AI Race is Fueling Hundreds of Billion of Dollars in Debt Deals
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Some PE Firms Doomed to Fail as High-Flying Industry Loses Its Way
Charts:
Tweets/Bluesky:
It’s worth remembering that while the top-heavy concentration during the late 1990’s was quickly reversed in the early 2000’s, during the 1950’s and 1960’s the market remained top-heavy for many years before excessive valuations finally took their toll. This could take some time.
— Jurrien Timmer (@TimmerFidelity)
8:30 PM • Sep 25, 2025
The leaders of the pack, the Mag 7, continue to lead with their earnings and are not showing signs of valuation excesses.
Taking a broader lens to the Mag 7 and looking at the Nifty Fifty, my study of the 50 largest stocks shows that we are nowhere near the valuation extremes
— Jurrien Timmer (@TimmerFidelity)
4:30 PM • Sep 25, 2025
These numbers are in billions.
— Josh Schafer (@_JoshSchafer)
12:48 PM • Sep 25, 2025
Global new highs aren’t fading… they have been accelerating.
73 days of more new highs than new lows… longest run since May 2021
This isn’t isolated strength.
👉stockmarketmedia.com/2025-09-29/glo…
— Grant Hawkridge (@granthawkridge)
10:12 AM • Sep 29, 2025
The four biggest speculative “quantum” stocks – $IONQ $RGTI $QUBT $QBTS – came into today up an average of 2,750% year-over-year. Analysts estimate combined 2025 revenues for these companies will be about $124 million. They have a combined market cap of $46 billion.
— Bespoke (@bespokeinvest)
6:25 PM • Sep 25, 2025
The number of levered ETFs has doubled over the last three years, and assets under management have almost tripled since 2022
@LeutholdGroup
— Gunjan Banerji (@GunjanJS)
12:14 PM • Sep 24, 2025
Wow. Final read on Q2 GDP is 3.8%. (The initial report was 3%)
Consumption was +2.5% in Q2. Both goods and services spending was healthy.
The U.S. consumer remained a lot stronger than many thought, even in the midst of a stock market sell-off and a lot of trade uncertainty.
— Heather Long (@byHeatherLong)
12:44 PM • Sep 25, 2025
There is a woman in San Francisco who charges $30k to name your baby.
She started at $100, but she was going to dinner with VCs and a friend told her to charge more and nobody blinked.
The Bay Area might be the best place in the world for this kind of business.
— Sheel Mohnot (@pitdesi)
1:47 PM • Sep 28, 2025
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