Market Update

Markets continue to be strong with yields creeping higher. News broke out this morning that Iran might have bombed a US Warship. Google’s earnings blew everyone out of the water. In our 2026 outlook we said xAI Tesla and Google will lead the AI boom. DON’T CHASE. Be patient.

Interest Rates are heading higher after cuts are being priced out. We have long been against consensus and believe the 10yr could go back up to the upper threshold of 4.8%

JPYUSD: Sanae Takaichi is a "Japan First" PM — she'll want a stronger yen. Japan holds $4T+ in net international investment assets, ~60% in the US and mostly unhedged creating a massive dollar liability. She might come up with something creative…

Memory Stocks: On February 9th we wrote about how memory will be the real constraint going forward. HERE is the article. Now memory ETFs are popping up.

• SK Hynix & Samsung were no-brainers.

GameStop: Also on Feb 9th we stated “GameStop (keep your eyes peeled)”. They are about to corner the collectibles market. Follow GMG Collectibles.

Q1 2026 EPS is on pace for the largest y/y growth rate in five years.

Something is stirring in the JPY FX markets.

Gold continuing the topping process. We received a lot of push back on this great call.

Intel: This is what happens when the US buys stock in a company. Remember they were close to bankruptcy at some point.

GameStop’s acquisition of EBAY would be huge.

We found this stock but need to do more research on it….