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Core Insights - AMD has significantly outperformed Nvidia in 2025, with AMD's stock rising nearly 80% compared to Nvidia's 35% increase [1][2] - The question remains whether AMD will maintain its status as a must-own stock in 2026 [2] Performance Comparison - AMD's stock had previously underperformed Nvidia, with AMD increasing about 230% and Nvidia around 1,160% since 2023 [1] - AMD's comeback in 2025 marks a notable shift in the competitive landscape of AI hardware [1] Competitive Positioning - Nvidia remains the preferred GPU vendor for AI hyperscalers, but AMD is closing the gap, particularly in software capabilities [4] - AMD's ROCm software has seen a tenfold increase in downloads year over year as of November 2025, indicating improved competitiveness [5] Market Opportunities - Nvidia's CEO noted that the company is "sold out" of cloud GPUs, prompting clients to seek alternative providers, with AMD being a top contender [6] - If AMD's hardware can deliver similar performance to Nvidia's at a lower price, it could attract more clients, enhancing AMD's market position [6] Growth Projections - AMD's management projects a 60% compounded annual growth rate (CAGR) for its data center division through 2030, despite a current growth rate of 22% [7][8] - Achieving this growth target could solidify AMD's status as a leading AI stock in the coming years [7]

The global diamond business sank deeper in 2025 as weak demand, cheap lab-grown alternatives and geopolitical tensions combined to shake traditional mining to its core. The world’s largest diamond miner, De Beers, posted a dramatic revenue drop, stocked up about $2 billion in unsold natural stones and announced plans to cut more than 1,000 jobs across major operations as markets slowed. The announcement came as parent Anglo American (LON: AAL) moved to sell De Beers and later said it would merge with Canada ...

Michael Vi/iStock Editorial via Getty Images Listen below or on the go via Apple Podcasts and Spotify Coupang (CPNG) promises over $1 billion compensation for data leak victims. (00:24) China's private rocket company LandSpace prepares to stand against Elon Musk's SpaceX - report. (01:16) New York to require mental health warning labels on social media platforms. (02:21) This is an abridged transcript. South Korea's largest e-commerce platform, Coupang (CPNG) announced compensation exceeding $1 billion ...

Core Insights - Bitcoin and Ethereum exchange-traded funds (ETFs) are experiencing significant outflows, while Solana and XRP ETFs are seeing substantial inflows, indicating a shift in investor sentiment [1][4]. Group 1: Outflows and Inflows - Crypto investment products recorded outflows of $446 million last week, totaling $3.2 billion in outflows since the price decline on October 10 [2][3]. - Bitcoin investment products accounted for the majority of outflows, shedding $443 million, while Ethereum products saw $59.5 million in outflows [3]. - In contrast, Solana ETFs attracted over $7.5 million, and XRP ETFs recorded $79 million in net inflows, marking their strongest weekly inflows since launch [3][4]. Group 2: Investor Sentiment - The divergence in flows suggests that investor confidence is becoming selective, with capital moving towards XRP and Solana despite ongoing outflows from Bitcoin and Ethereum products [4]. - Investors remain cautious about the value of BTC and ETH as they approach the end of the year, with BTC's price reclaiming $90,000 and ETH climbing above $3,000, but failing to maintain bullish momentum [5][6]. Group 3: Market Dynamics - The United States continues to be the primary hub for crypto investment flows, driven by the launch of major ETF products, while Germany shows opportunistic buying during market dips [8].

Core Viewpoint - The changing profile of U.S. debt holders is leading to higher and more volatile interest rates, impacting various borrowing costs and raising concerns about the financial system's stability [2]. Changing Profile Of Debt Holders - Foreign governments now hold less than 15% of the Treasury market, a significant decline from over 40% in the early 2010s [3]. - The Federal Reserve has reduced its Treasury holdings by approximately $1.5 trillion in recent years [3]. - Private investors have filled the gap left by foreign governments, but their profit-driven approach has resulted in increased interest rates [4]. - Hedge funds have doubled their presence in the U.S. debt market, contributing to market volatility [4]. Changing Fiscal Priorities - Interest payments on the national debt have surpassed defense spending, with the U.S. now paying more in interest on its national debt, which exceeds $38 trillion, than on national defense [5]. - The rapid increase in national debt, surpassing $38 trillion amid a federal government shutdown, has raised alarms about financial stability [6]. Economic Implications - Economists warn that the $38 trillion debt poses a significant threat to national security and global standing, potentially leading to a "national security crisis" [7]. - Despite concerns, bond vigilantes have not targeted U.S. debt, focusing instead on Japan, with long-term yields remaining under control despite persistent inflation and heavy issuance [8].

Core Insights - UK retailers are projected to face a £1.05 billion returns challenge post-Christmas, with an estimated 52 million gifts expected to be returned [1] - The overall return rate has decreased from 43% to 33% year-on-year, but the total value of returns remains significant, with an average returned gift valued at £57 [1] Retailer Challenges - The scale of returns places immense logistical and financial pressure on retailers, highlighting the importance of effective returns management to build long-term customer trust and loyalty [2] - Retailers are experiencing a clash between consumer expectations for seamless and free returns and the operational realities of processing returns and managing inventory [7] Shopping Trends - There is a notable shift towards hybrid shopping, with 31% of consumers planning to shop half in-store and half online, and 26% intending to shop mostly in-store but partly online [2] - Only 5% of consumers plan to do all their shopping online, indicating a rebound from the post-COVID e-commerce surge [2] Generational Differences - A significant generational divide exists in shopping and returns behavior, with 23% of those aged 65+ planning to shop entirely in-person compared to only 10% of those aged 18-24 [3] - Older consumers (65+) are less likely to return gifts, with 87% not returning any gifts last Christmas, while 53% of shoppers aged 18-24 admitted to returning at least one gift [6] Returns by Product Category - Clothing and footwear are the most returned items, with 39% of consumers returning clothing and 37% returning shoes/footwear [3] - The return rate for footwear has surged from 21% to 37%, while jewellery/watches and cosmetics also feature prominently with a 12% return rate each [3] Customer Experience Preferences - A strong preference for human store associates over digital assistants exists, with 81% of consumers favoring human support for returns, primarily due to trust [5] - The findings emphasize the need for a blended approach in customer experience, where technology complements rather than replaces human interaction [5]

Core Viewpoint - Evercore's Emanuel predicts increased volatility for stocks in the upcoming year, suggesting that investors should prepare for a turbulent market environment [1] Group 1 - Emanuel highlights that the current economic conditions, including inflation and interest rates, will contribute to stock market fluctuations [1] - The expectation of volatility is based on historical patterns observed during similar economic climates [1] - Investors are advised to adopt a cautious approach and consider defensive strategies to mitigate potential risks associated with market volatility [1]

(Bloomberg) — At the big banks and the boutique investment shops, an optimistic consensus has taken hold: the US stock market will rally in 2026 for a fourth straight year, marking the longest winning streak in nearly two decades. There’s plenty of angst about the risks to the bull run that’s pushed the S&P 500 Index up some 90% since its October 2022 low. The artificial-intelligence boom could turn to bust. The economy — and the Federal Reserve’s interest-rate decisions — could defy expectations. And Pre ...

Market Overview - The market is experiencing a strong finish for the year, driven by AI, fear of missing out (FOMO), optimism around future rate cuts, and resilient consumer spending despite affordability stress [1] - Global equity markets are at highs, with stock and bond volatility at lows, indicating that global fundamentals appear stable [2] Economic Differentiation - The theme for 2026 is expected to highlight a "have and have not" scenario, with different economies performing variably and a separation from the "everything rally" [3] - There is a non-uniform fiscal and monetary policy globally, with interest rates decreasing in some regions while increasing in others [4] Investment Sentiment - Investors are becoming increasingly sensitive to the cost of capital, which is expected to play a significant role in the coming year [5] - There is a trend towards diversifying investments away from U.S. markets, particularly towards European defense spending and policy, which is creating constructive narratives [7] AI and Market Dynamics - The outperformance of non-U.S. markets this year looks promising on a one-year basis, although it appears less impressive over a five-year period [5] - The current investment climate resembles the late 1990s tech boom, where a diverse range of investments could yield significant returns if a few succeed [8] Precious Metals Insights - Gold is perceived as being overvalued, with the current gold-to-silver ratio at approximately 70 to 1, compared to a historical average of 10 to 1 [9] - The rally in gold is positively impacting the entire metal complex, with silver being closely aligned in value [10] - Gold serves multiple roles, including inflation defense and global diversification, with current investments in gold reflecting concerns about inflation and a lack of alternative investment options [11][12] Future Outlook - A shift in the narrative around gold and silver is anticipated once there is more certainty in the global economic framework [13] - The investment community is compelled to remain invested despite high valuations in U.S. equities, leading to a strong interest in gold as a viable investment option this year [14]