1. American GDP vs. Open AI Energy Needs-Prof G Markets
Prof G Market
2. Another Look at Breadth Improving Beyond Mag 7
Capital Group
3. Semiconductor ETF Break-Out
StockCharts
4. Acceleration of Tech Adoption-Capital Group
Capital Group
5. ChatGPT vs. Internet
Peter Mallouk
6. 13M Meme Coins Launched in 2025
Bloomberg
7. Global Private Investment in AI …U.S. 10x China
Semafor
8. Alternative Investments in 401k Plans….Evergreen Funds are Private Debt and Real Estate
PitchBook
9. That was Fast…AI Equal Amount of Web Articles as Humans
chartr
10. Guided missiles targeting tumor cells open a new route to combat cancer
A major European clinical research event in oncology gives a boost to antibody–drug conjugates, treatments that work like a Trojan horse, delivering chemotherapy to the interior of malignant cells
A researcher at the Clinic Barcelona Comprehensive Cancer Center handles biological samples in the lab. Jessica Mouzo
If more than half a century ago, science looked expectantly at the potential of chemotherapy to combat cancer; or 15 years ago, oncologists did the same with immunotherapy, which energized the immune system’s own defenses to attack tumor cells; now the spotlight has turned to an innovative treatment that is reaping promising results: antibody–drug conjugates (ADCs), treatments that function like a Trojan horse, delivering chemotherapy to the interior of tumor cells to destroy them. The European Society for Medical Oncology (ESMO) Congress, Europe’s main meeting for clinical cancer research, was held last week in Berlin, and it has given a boost to a new generation of these precision missiles. At the event, there were study presentations that demonstrated ADCs’ potential in several types of breast cancer and at various stages, not just metastatic.
These Trojan horses are formed by an antibody that targets a kind of antenna on the surface of tumor cells. These molecules carry a hidden chemotherapy payload, and when they reach their target, they bind to those receptors and release the entire drug into the tumor cells to selectively kill them. “ADCs are here to stay. It’s a validated line of research and it is like a highway along which we can continue to advance,” noted Aleix Prat, director of the Clinic Barcelona Comprehensive Cancer Center. Other studies presented at the event showed that this therapeutic approach also has potential for other tumors, such as ovarian, endometrial, and pancreatic cancers.
In breast cancer, these precision missiles have shaken up the prognosis of the most aggressive tumors. They entered the therapeutic arsenal more than a decade ago, but new generations of these drugs are gaining more ground. Three years ago, for example, research demonstrated that one of the new ADCs, trastuzumab-deruxtecan, increased the survival rate of women with HER2+ tumors (this subgroup accounts for 20% of all breast cancers) in metastatic stages. And a new study presented this year at ESMO and published simultaneously in the prestigious New England Journal of Medicine (NEJM) has also shown that another of these new precision missiles, sacituzumab govitecan, is more effective than conventional chemotherapy in treating triple-negative breast cancer (the most aggressive type, affecting 15% of patients) in advanced stages: median progression-free survival was almost 10 months in those treated with this Trojan horse (in those treated with chemotherapy alone it was seven months).
Javier Cortés, director of the International Breast Cancer Center in Barcelona and author of this research, asserts that, with this study, science confirms that when breast cancer metastasis appear; that is, when malignant cells have spread to other parts of the body, these drugs are positioned as the first treatment option. “This study adds another twist and improves the prognosis for these patients. Little by little, we are making slow but steady progress. At this congress, immunoconjugates have positioned themselves as the most innovative, the hottest, and the most spectacular,” notes the doctor, who is also scientific director of the IOB Institute of Oncology Madrid.
But this therapeutic strategy isn’t just suitable for the most advanced stages of cancer. Another study presented at the conference and published in the Annals of Oncology showed that in patients with high-risk, HER2-positive early breast cancer — who are more likely to have the disease recur — administering the ADC trastuzumab-deruxtecan followed by standard therapy before surgery improves the pathological complete response. This means that there are no tumor cells in the breast or lymph nodes at the time of surgery after this treatment, a key parameter for reducing the risk of relapse.
Santiago Escrivá de Romaní, an oncologist at the Breast Cancer Group at the Vall d’Hebron Institute of Oncology, participated in this research: “We found an 11% higher rate of complete pathological response [when incorporating ADCs into treatment].” The doctor asserts that the development of Trojan horses is “a turning point” in oncology: “ADCs are gaining significant traction. They don’t allow us to rule out chemotherapy, but they greatly help us target it more precisely to tumor cells,” he adds.
Regarding this research, Prat asserts that in these early contexts, the therapeutic potential they anticipate from these Trojan horses means that “they can cure more patients.”
4. Bank Loans to Non-Depository Institutions (private lenders)
Irrelevant Investor Blog
5. Small Cap Stocks are Underperforming QQQ by Record Margin
@BarChart
6. Concentration of Returns is Not Abnormal
@MikeZaccardi
7. America is Running Away with Data Center Build Out Race
5,426 Data Centers in the US
There are about 5,500 data centers in the US, and in Germany there are 529, see chart below. The bottom line is that the rest of the world is far behind the US when it comes to AI.
Apollo Academy
Note: Data as of March 2025. Sources: Statista, Cloudscene, Apollo Chief Economist
8. U.S. One of 10 Countries Working More Hours than OECD Average….Mexico and Costa Rica Off the Charts
Sherwood
Sherwood News-With summer now well and truly over for most, some of us might be starting to feel like it’s been ages since we were on vacation.
For a considerable share of Americans, though, it really has been a while.
The grind bind
A new survey from FlexJobs asked over 3,000 US workers about their paid time off, and found that, while most employees (82%) are offered vacation leave — a luxury not guaranteed in the only advanced economy without a minimum PTO mandate — almost a quarter (23%) said they hadn’t taken a single vacation day over the past year.
According to the study, a major concern for employees was falling behind on their workload — with 43% saying they simply had too much to do. But is America really on the grind much more than other countries?
Zooming out to a global scale, data from the Organisation for Economic Co-operation and Development (OECD) shows that US employees dowork relatively hard compared with other member nations of the economic group, notching 1,796 hours worked per person last year — about 59 hours longer than average calculated across 36 OECD members. However, no country racked up as many hours worked as America’s southern neighbor, Mexico.
Though the US was one of only 10 nations that worked more than the OECD average, Mexico and Costa Rica racked up over 2,000 hours worked per person in 2024, equating to roughly 42 additional days of work per year above the mean, assuming a 10-hour workday.
At the other end of the spectrum were the usual suspects in these global labor force studies: workers in Germany did ~405 hours less work than the OECD average, closely followed by Scandi nations Norway, Denmark, and Sweden.
So, why do Americans refuse to take vacation days? Maybe, as Gallup has mentioned, AI-enhanced work practices are allowing employees to get in a few holiday-mode hours while they’re still on the clock. But the larger factor is probably just good old-fashioned “vacation guilt.
Beat rate. “The proportion of US companies beating earnings expectations this quarter is the highest in more than four years … About 85% of S&P 500 firms to have reported third-quarter earnings so far have surpassed profit estimates, on course for the best performance since 2021.”
Farah Elbahrawy – Bloomberg
2.Companies Beating Earnings are Underperforming
3.Sector Performance Since Highs on 10/8
4.Capex is Flat Outside of AI Build Out
5.Single Stock Leverage ETFs Trailing Stocks
WSJ Jack Pitcher The brutal divergence in performance is caused by what traders call “volatility decay,” or the tendency of price fluctuations to erode the long-term returns of a leveraged fund, even if the underlying asset goes up. And it is why leveraged-fund managers are quick to warn that their funds shouldn’t be held for long periods.
“Everything that is problematic about these funds is more problematic the more leverage or volatility you add to them,” said Dave Nadig, an industry veteran and director of research at ETF.com.
Money managers say that most leveraged funds aim to amplify returns for a single day, and shouldn’t be held for longer periods.
One of the most popular funds provides an extreme example. Last November, two recently launched ETFs that offered to double the daily returns of bitcoin-linked stock MicroStrategy (now known as Strategy), began to soar. The outsize gains attracted attention on social media, and thrill-seeking individual investors began to pile in at a pace never seen before for a leveraged single-stock fund.
Many of those investors are now sitting on huge losses, despite the fact that the underlying Strategy shares are up over the past year. Strategy shares rose 28% in the 12 months ended Wednesday, while one of the leveraged funds, the Defiance Daily Target 2x Long MSTR ETF, plunged 65%.
6.Low Quality Small Cap Rallying But See Long-Term
7.Dominant Active and Passive Managers…Vanguard and Blackrock 66% of Passive Combined
8.Mortgage Rates Closing in on 6%
9.Debt to GDP Europe
10.As Stated in My Quarterly Letter.. The U.S. is a Now a Stock Market Nations….Half of Private Sector Employees in 401k
3. Remember Gold was Most Short-Term Overbought in History….It Has Not Even Broken Its 20-day in Green Yet
StockCharts
4. Silver Closed Below 20Day Still Well Above 50day/200day
StockCharts
5. Going into Earnings Last Night…NFLX was Below Highs, Trading Sideways 3 Months
StockCharts
6. Chinese Stocks Massive Inflows
7. New MEME Stock Beyond Meat +360% 5 Days
Google Finance
8. Peak TED Talk 8 Years Ago
chartr
9. The Quiet Expansion of the USA’s Bitcoin Balance Sheet
It’s not every day the U.S. government quietly adds $15 billion in Bitcoin to its balance sheet – without authorizing a single purchase.
Last week, the Department of Justice announced the largest crypto forfeiture in U.S. history: roughly 127,000 BTC linked to an international fraud network led by Cambodian billionaire Chen Zhi. The Bitcoin was recovered from unhosted wallets and is now in federal custody.
At first glance, it’s a simple enforcement story. But look a little closer, and it’s something more consequential – a real-world example of how Washington’s Strategic Bitcoin Reserve (SBR) may begin to take shape in practice. Under the framework established by President Trump’s executive order, seized Bitcoin doesn’t just sit idle. It’s classified as a strategic national asset, meaning each enforcement action now doubles as a form of accumulation.
From Seizure to Strategy
Senator Cynthia Lummis was quick to connect the dots. In a post on X, she wrote:
“The seizure of 127,000 bitcoin underscores two urgent priorities for Congress: first, passing clear digital-asset market-structure legislation to ensure law enforcement can act decisively against bad actors while protecting innovation. Second, codifying how seized bitcoin is stored, returned to victims, and safeguarded for future generations.”
Her statement gets to the heart of what’s unfolding: the U.S. government isn’t just seizing Bitcoin – it’s beginning to define what national ownership looks like. And under the Strategic Bitcoin Reserve, that process is no longer ad hoc. It’s structured, audited, and explicitly designed to treat Bitcoin as a long-term strategic holding rather than an expendable asset.
Today, the United States holds approximately 325,447 BTC, worth roughly $36.3 billion at current prices – more than most public companies and sovereign treasuries combined. None of it was purchased. It’s the cumulative result of years of enforcement actions, now woven into an official framework that treats those assets as part of a reserve strategy. https://thecryptoadvisor.substack.com/
It’s easy to believe we have an accurate understanding of ourselves. After all, we spend a lot of time looking in the mirror.
It might be worth wondering about why the mirror is deemed to be accurate at reflecting what we see as our flaws, real or metaphorical, but indistinct and a little fuzzy when we consider our opportunities, assets and contributions.
When we remind ourselves what we have to offer, it’s more likely we use those resources, but rehearsing our defects simply holds us back.
