Nouriel Roubini of Roubini Macro Associates joins us now for more now. Good morning. Good to see you.Great seeing you. Walked into the studio and said no longer Dr. . Gloom, Dr.. Boom. Is that right. What's behind the new doctor.Boom. Well, I've been arguing for over a year that there's a productivity growth acceleration because of technologies of the future. Everybody's obsess about junior high, but there's also semiconductors, robotic automation, quantum fusion.The fans like fintech in material science, s ...

In the semiconductor industry, Arm is everywhere and nowhere https://t.co/R0fMOQLez5 ...

Core Insights - Arista Networks (ANET) reported strong Q4 earnings, demonstrating effective management of growth despite increasing component costs, particularly in memory [1] Company Performance - The company is successfully balancing its growth objectives with the challenges posed by rising costs in components [1] Industry Context - The report highlights the resilience of companies in the AI networking sector, particularly in the face of supply chain pressures [1]

Core Insights - The BRES ETF employs a factor-based investment strategy that adapts to changing market conditions, focusing on growth, valuation, profitability, quality, and momentum [1] - The strategy incorporates digital footprint analysis using alternative data signals to identify companies with revenue potential not captured by traditional financial analysis, particularly favoring large-cap technology firms benefiting from structural growth themes like AI, cloud computing, and semiconductors [2] - The ETF aims for diversification with a portfolio of 80 to 100 stocks, which is broader than some separate accounts, and includes portfolio rebalancing to help reduce capital gains taxes for investors [3] Company Strategy - Burney's President, Lowell Pratt, stated that the firm's core competency lies in managing equity investments, and this strategy is being expanded into ETFs to reach a larger client base in a tax-efficient manner [4] - The fund was created through a tax-free conversion to facilitate the transition for existing clients [4] - BRES is entering the competitive U.S. equity ETF market, where differentiation is based on factor methodology, portfolio construction, and cost efficiency, utilizing both traditional quantitative research and alternative data sources [5]

TSMC will start making advanced 3-nanometer chips in Japan, stepping up plans to manufacture semiconductors in the country in a triumph for Prime Minister Sanae Takaichi’s technology ambitions https://t.co/g32Z7rSmgg ...

Core Insights - CDP and Ecolab have launched the Water Use Efficiency Index to help companies measure, compare, and enhance their operational water performance [7] - The index will utilize a dataset of over 10,000 annual corporate water disclosures and insights from Ecolab's customer base across 40 industries and 170 countries [7] - The initiative will initially focus on the beverage and brewing segment within the food, beverage, and agriculture industry, which is known for being water-intensive [5][7] Industry Implications - The index aims to establish "best in class" benchmarks for water use efficiency, allowing companies to identify opportunities for improvement [3][4] - Companies that effectively manage and improve their water use are expected to be better positioned to protect margins, secure supply chains, and attract capital, especially as water stress increases [5] - A report from Ceres indicates that while progress is being made in water sustainability targets across major industries, it is occurring unevenly and not rapidly enough [6]

Economic Overview - China's economy is facing challenges as it enters the new year, with strong exports unable to compensate for weak domestic demand [1] - Official purchasing managers' indexes indicate a broad slowdown in January, particularly in the non-manufacturing sector, which contracted at its worst pace since late 2022 [1] Policy Implications - Economists from Bloomberg Economics emphasize the need for urgent policy support to stabilize economic sentiment and activity, suggesting a potential policy rate cut in late February [2] - There are indications that the People's Bank of China may reduce the reserve requirement ratio in the first quarter to increase bank lending capacity, as consumption remains sluggish [5][7] Comparative Analysis - China's economic weakness contrasts with expanding manufacturing activity in other Asian economies, such as Taiwan and South Korea, which reported PMIs of 51.7 and 51.2, respectively, driven by demand for AI technology, semiconductors, and automobiles [4] Economic Momentum - Recent months have shown weakening economic momentum in China, with few signs of major stimulus from policymakers, who are also managing risks related to local government debt [3] - A majority of economists anticipate a reduction in the main policy rate by the end of the year, following a potential cut in the reserve requirement ratio [7]

Core Viewpoint - ASML Holding N.V. is a critical player in the technology sector, serving as the sole producer of advanced lithography machines essential for semiconductor manufacturing, making it a monopoly in this niche market [1][2][3]. Company Overview - ASML is based in Veldhoven, Netherlands, and is the only provider of extreme ultraviolet (EUV) lithography machines necessary for producing advanced semiconductor chips [3][4]. - Major tech companies, including Nvidia, Taiwan Semiconductor Manufacturing, and Microsoft, rely on ASML's products [3]. Financial Performance - ASML's market capitalization is approximately $552 billion, with a current stock price of $1,423.22 [5][6]. - The company has a gross margin of 52.8% and a net margin of 29.38%, indicating strong profitability [9]. - Despite a slight dip in sales for Q3 2025, ASML's revenue has grown at a compound annual growth rate of 17.6% over the past decade [8][9]. Market Position - ASML's EUV lithography machines are crucial for manufacturing sophisticated chips used in various technologies, including cellphones, computers, and electric vehicles [4]. - Competitors exist in the broader lithography market but only in the less advanced deep ultraviolet (DUV) segment, which cannot produce as sophisticated chips as ASML's EUV machines [6]. Cash Reserves and Dividends - The company holds cash reserves of over €6 billion, significantly exceeding its €3.16 billion in debt, allowing for continued dividend payments and increases [10]. - ASML has consistently grown its dividend for 10 years, with a five-year growth rate of 22.92%, although the current yield is relatively low at 0.54% [10]. Stock Performance - ASML has achieved an 81.9% return over the past 12 months, outperforming the S&P 500 [11].

A funny thing happened on Dec. 16, 2025, aside from it being the 81st anniversary of the start of the Battle of the Bulge in 1944. On that date, shares of ExxonMobil and Chevron, two heavyweights of the U.S. energy industry, both hit lows. As of the close on Jan. 28, 2026, Exxon is up 14.3% since Dec. 16. Chevron is up 11.3%. The S&P 500 Energy Sector is up 15.6%. Alphabet, the best-performing Magnificent 7 tech stock since Dec. 16, is up just 9.3%. For now, energy is having a moment Suddenly, a piece ...

Core Insights - Silver has surpassed $100 for the first time in history, indicating significant market shifts [1] - Gold has also broken the $5,000 barrier, marking a historic moment for precious metals [2] Market Performance - Silver has experienced a year-over-year gain of over 290%, rising from $29 to $117.75 [3] - The gold-silver ratio has compressed from 100:1 in April 2025 to approximately 45:1 today, indicating a dramatic realignment in precious metals [3] Supply and Demand Dynamics - China's export restrictions have disrupted global supply chains, contributing to a structural deficit in silver that has persisted for five consecutive years [4][5] - COMEX inventories have been declining, with a notable withdrawal of 33.45 million ounces in just one week, representing a 26% drop in registered inventory [8] - Physical premiums for silver in Shanghai have reached $5-8 per ounce over Western benchmarks, reflecting heightened demand [10] Investment Trends - Sprott Physical Silver Trust has doubled its at-the-market equity program to $2 billion, signaling strong institutional demand for physical silver [19][20] - The divergence in ETF flows shows that while SLV has experienced outflows, PSLV and SIVR have attracted capital, indicating a preference for funds with more direct physical backing [21][22] Technological Advancements - Stanford researchers have developed a nanoscale silver coating that enhances the performance of solid-state batteries, potentially increasing silver demand significantly [13][15] - If solid-state batteries achieve 50% market penetration, automotive silver demand could exceed current total industrial demand, representing a transformative shift in the market [17] Future Outlook - The structural deficit in silver is expected to continue, with ongoing supply constraints and increasing industrial demand from sectors such as solar, EVs, and AI [26][27] - The current market conditions present a unique investment opportunity in silver, driven by a convergence of supply issues, industrial demand growth, and monetary instability [27]