Market Trends & Investment Opportunities - Crypto market shows signs of recovery after last week's sell-off, with Bitcoin surpassing $87,000 and Ether rising to $2,863 [2] - Stable coins now constitute 9% of crypto's total market cap, marking a two-year high, driven by factors like clearer regulations and rising institutional interest [2][3] - Investors are increasingly turning to stable coins as a hedge against market volatility, signaling a risk-off approach in the crypto space [3][4] - NASDAQ filed with the SEC to allow for the trading of tokenized stocks and ETPs, aiming to bridge the digital asset world with traditional finance [8][9][11] Regulatory Landscape & Tax Implications - The Genius Act stable coin bill was signed into law, representing the first major crypto regulation in the US [4] - New IRS recordkeeping rules require brokerages to send a 1099-DA form, reporting gross proceeds from crypto sales, with stricter reporting requirements coming in 2026 [5] NASDAQ's Digital Asset Initiatives - NASDAQ aims to integrate tokenized assets into current market structures, arguing that existing securities laws will apply [15] - NASDAQ emphasizes that trading tokenized assets will initially maintain the same order book and investor protections as traditional assets [17][19] - NASDAQ highlights the potential for improved efficiency, enhanced audit trails, and eventually 24/7 trading with tokenized assets [21] - NASDAQ offers spot Bitcoin ETFs, spot Ether ETFs, and altcoin ETFs like Litecoin and Hideera, adhering to its listing rules [27][28] Tokenization Benefits - Tokenization offers near-term process efficiencies on the post-trade side, potentially leading to faster settlement [22] - Tokenization enhances collateral mobility, allowing for more efficient capital use and reducing the need for overcollateralization [23][24] - Tokenization can bring enhanced utility to assets beyond trading, including better access for proxy and improvements in corporate actions [25][26]

We've also got some news out of Amazon as well. These are the kind of headlines that can and often do move stocks. So, let's hit them both.Mackenzie Sagalos is out in San Francisco starting with some breaking news on Anthropic. >> Hey, Brian. So, Anthropic is launching its most powerful model yet.It's called Opus 4.5% and it is the new flagship of the Claude family built for advanced coding, agentic workflows, and enterprise tasks like financial modeling. The update includes new Excel and Chrome tools and a ...

Let's bring in Dan Close, the head of municipals over at New. Dan, thank you very much for being here. Now, we always talk about general obligation revenue.This is a true revenue kind of bond situation developing. What exactly are sales tax bonds and why are MUN investors keying more on them these days. And >> thanks for having me on the exchange, Tom.I always love coming back here and talking munis. So, when you're going to the mall on Black Friday, you're going in and buying on Cyber Monday and you're swi ...

So joining me now is Victoria Green, the chief investment officer at G Squared Private Wealth. She's also a CNBC contributor. Uh thank you very much, Victoria, for being here right now.Let's start first up with Oracle shares. That, by the way, was our mystery chart. Those shares are down 23% so far this month alone, but they're still up 21% on a year-to-ate basis on that longer term chart as you're seeing.Concerns are starting to build about its credit, but Victoria, you're a buyer of Oracle. I'm absolutely ...

AI发展趋势 - 真正的突破性产品来自拥有完整系统的公司，包括模型、分发、基础设施和数据 [1] - 阿里巴巴的 Quen 聊天机器人证明了该公司拥有竞争对手不具备的完整系统 [1] - 投资者关注的重点是，推动谷歌发展的牛市理论是否同样适用于阿里巴巴 [2] - 全球AI系统可能建立在美国或中国的技术栈之上 [3] 公司对比 - 阿里巴巴和谷歌在AI早期都被忽视，但今年股价都几乎翻了一番 [1] - 两家公司都拥有自己的模型、云业务、大量数据的成熟产品和定制芯片，但谷歌的TPU更为先进 [2] - 阿里巴巴的远期收益估值约为23倍，仍然落后 [2] 中美科技公司对比 - 中国排名前十的科技公司价值约为2.5万亿美元，而美国排名前十的科技公司价值为25万亿美元 [5] - 中国在AI领域的资本支出效率更高 [4]

Consumer Resilience & Economic Trends - US consumer spending has remained surprisingly resilient, defying expectations of weakening [1][2] - A "K-shaped" economy exists, with high-end consumers benefiting from the stock market (09% R-squared correlation between stock market and luxury sales at Sachs), while lower-end consumers are stretched and focused on value [3] - Overall consumer spending has weathered tariffs and is projected to grow by approximately 4% for the holiday season, similar to October's growth [4] Retail Performance & Strategies - Value and innovation are key for successful companies, with Walmart, TJX, and Ross Stores (off-price retailers) executing well due to tight price points [5][6] - Off-price retailers are gaining market share from department stores, as the high-low department store model faces more stress [7] - Costco and Walmart are winning on multiple dimensions, including value and membership models, attracting both high-end ($100,000+ income) and lower-end consumers [8][9][12] - Walmart is experiencing growth in fashion apparel, taking share from Target, while Costco offers finds that appeal to high-end consumers [10][11]

Competitive Landscape & Company Performance - Eli Lilly is outperforming Novo Nordisk due to superior execution and internal issues at Novo [2][3][5] - The market anticipates Alzheimer's data, but Lilly consistently beats expectations while Novo misses and cuts guidance [2] - Novo Nordisk's failed acquisition bid for Met Sarah indicates potential loss of momentum [3] - The analyst questions whether Novo Nordisk can recover to become an equal player in the GLP-1 duopoly [3] Valuation & Investment Strategies - The valuation gap between Eli Lilly and Novo Nordisk may be justified, but Novo Nordisk could become a value trap [4][5] - For value investing in healthcare, the analyst suggests considering Pfizer or Merck instead of Eli Lilly [4][5] - The analyst is not comfortable with Novo's trajectory and believes Lilly will continue to outperform in the coming years [5] Alternative Investment Opportunities - The analyst's top picks outside of GLP-1s include Disc Medicine (rare hematology play) and Gilead Sciences [6] - Gilead Sciences is a leader in HIV treatment and has a promising long-acting PrEP business and cell therapy [7]

Market Sentiment and Rate Cut Expectations - The market's mindset has shifted, with the mood changing after indications of potential rate cuts [2] - The stock market is highly dependent on rate cut expectations, with improved expectations leading to a better market mood [8] - A previous drop in rate cut expectations from approximately 80% to 30-35% correlated with a difficult November for the market [7] - The market appears to need a Federal Reserve rate cut to continue moving higher [5] Macroeconomic Factors and Correlations - The market is moving higher on fundamentals, specifically improving rate cut expectations [4] - Bitcoin's correlation with the NASDAQ and S&P 500 is seen as a proxy for risk among investors [9][11] - The AI trade is a powerful force in the markets and may interplay with the rate cut story [9] Technical Analysis and Market Positioning - The market experienced a paradigm shift, breaking through the 50-day moving average [10] - The market broke through the 100-day moving average but is now back above it [11] Crypto Market Dynamics - Many new investors ("crypto tourists") entered the crypto market this year due to ETFs, broadening exposure [12] - Crypto, excluding ETFs, often involves high leverage (e g, 20:1), making it susceptible to downswings [13]

Market Cycle Analysis - Atoria Portfolio Advisors 认为市场已进入新周期，与普遍观点不同 [1] - 过去 25 年，美联储降息通常预示着新的市场周期 [2] - 美联储去年已降息四次，今年也有几次降息 [2] Asset Class Performance - 新兴市场今年上涨 27% [2] - 发达国际市场上涨 27% [3] - 黄金价格上涨 54% [3] - Atoria Portfolio Advisors 的 PPI ETF 上涨 24% [3] - 银行板块上涨 19%，受益于更陡峭的收益率曲线和更高的利率 [3] - XLI (工业精选板块) 上涨 17% [3] - 多个板块和资产类别的表现明显优于标准普尔 500 指数 [3] Investment Strategy - 投资者需要调整投资组合以适应新的市场环境 [4] - 过去五年主要集中于大型科技股和成长股 [4] - 长期来看，结构性通胀将高于以往，目前仍比美联储 2% 的通胀目标高出 50% [5] - 如果要回到 2% 的通胀目标，美联储需要加息，但他们正在做相反的事情 [5]

Healthcare just did something we said it hadn't done since 98. >> Yeah. >> 100% of the XLV sector stocks advanced on Friday.>> Yeah. >> It's happened only 34 other days going back to the inception of it >> since 98. >> You ever hear that term probably from May bread thrust like that's what that is basically but on a sector basis.It just tells you the level of instit institutional accumulation coming in. 21% of all the components in the XLV made a 52- week high on Friday. They are buying these names and ther ...