美银：资金流向分析-地缘政治冲击-The Flow Show-Rock the Geopolitics

The Flow Show Rock the Geopolitics Scores on the Doors: oil 16.2%, gold 14.6%, commodities 11.8%, international stocks 8.8%, govt bonds 1.4%, IG 1.4%, HY 1.1%, cash 0.5%, US 0.2%, US$ -0.4%, bitcoin - 23.6% YTD. Tale of the Tape: stocks traded AI leaders only in '24/'25, in '26 trading AI leaders and laggards… long "builders" (semis/materials) & short "spenders" (Mag7), long "adopters" (banks) & short "disrupted" (software); once market cap of laggards exceeds market cap of leaders no good for SPX; contrari ...