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The AI Trillion Dollar Question

The AI Trillion Dollar Question

By Michael Lebowitz and Lance Roberts | Oct 10, 2025 | Daily Market Commentary
According to The Wall Street Journal, on an inflation-adjusted basis, technology companies have spent more in the last three years on data centers, chips, and energy than has been sp...
Excess Liquidity: Where Art Thou?

Excess Liquidity: Where Art Thou?

By Michael Lebowitz and Lance Roberts | Oct 9, 2025 | Daily Market Commentary
The graph below, courtesy of the St. Louis Fed, charts the amount of money in the Fed’s overnight reverse repurchase agreement (ON RRP) facility. To understand why the current lack...
OpenAI: Fueling Massive AI Stock Gains

OpenAI: Fueling Massive AI Stock Gains

By Michael Lebowitz and Lance Roberts | Oct 8, 2025 | Daily Market Commentary
As we led in yesterday’s Commentary, AMD rose 25% on the news that OpenAI would purchase 10% of AMD. In exchange, OpenAI will become a significant customer of AMD. This symbiotic r...
AMD Surges: Nvidia Competition Heats Up

AMD Surges: Nvidia Competition Heats Up

By Michael Lebowitz and Lance Roberts | Oct 7, 2025 | Daily Market Commentary
Advanced Micro Devices (AMD) stock opened up by nearly 35% on Monday morning, following reports that OpenAI is acquiring a 10% stake in AMD. As part of the agreement, AMD will supply...
Corporate Prices Lead Consumer Prices

Corporate Prices Lead Consumer Prices

By Michael Lebowitz and Lance Roberts | Oct 6, 2025 | Daily Market Commentary
The following discussion is courtesy of Paul Mortimer Lee, as provided by Edward Albert. Paul makes an interesting case that PCE prices, the Fed’s primary gauge of inflation, are l...
Eli Lilly And Its Competitors Pop On The Pfizer News

Eli Lilly And Its Competitors Pop On The Pfizer News

By Michael Lebowitz and Lance Roberts | Oct 3, 2025 | Daily Market Commentary
Eli Lilly and other US-based drug makers have led the market over the last few days. The reason appears to be Pfizer’s agreement with President Trump to sell its drugs through Medi...
A Dollar Reversal Could Halt The Gold Bull

A Dollar Reversal Could Halt The Gold Bull

By Michael Lebowitz and Lance Roberts | Oct 2, 2025 | Daily Market Commentary
In Monday’s Commentary, we a...
Kimonos For Bitcoin: 150 Year Old Company Goes Crypto

Kimonos For Bitcoin: 150 Year Old Company Goes Crypto

By Michael Lebowitz and Lance Roberts | Oct 1, 2025 | Daily Market Commentary
In a bold and unusual pivot, a traditional Japanese manufacturer of Kimonos is transitioning to a cryptocurrency treasury company. Marusho Hotta, which has been manufacturing kimonos...
The Government Is Shutting Down Again: Who Cares?

The Government Is Shutting Down Again: Who Cares?

By Michael Lebowitz and Lance Roberts | Sep 30, 2025 | Daily Market Commentary
If Congress can’t come to a budget resolution in the next 24 hours, the government will shut down. Sound familiar? We have become numb to the prospect of a government shutdown beca...
Myth Busting: Foreigners Are Selling Treasuries

Myth Busting: Foreigners Are Selling Treasuries

By Michael Lebowitz and Lance Roberts | Sep 29, 2025 | Daily Market Commentary
There appears to be a frequently repeated myth on social media that foreigners are selling US Treasury bonds in large quantities. Often, the myth is supported by the belief that cert...