To The Moon

1. ADP employment Private business added 86k jobs in October, matching September's total, with firms of all sizes seeing gains for the second month in a row. 2. Oil prices Some serious moves in oil ... Brent crude is down by 19.6% in the past three days. We haven't seen a move like that since April 2020 $WTI Crude Oil - main 2612(CLmain)$ 3. CTAs vs. US equities Our CTA model estimates aggregate US equity positioning at -3.3 standard deviations, in the sub-2nd percentile of its one-year range, in the 10th percentile of its history since 2018, and the lowest since March 31. Positioning has fallen from +1.7σ three months ago to -1.0σ one month ago, with CTAs now short for 26 consecutive sessions. 4. Sector breadth Nine sectors hav

$ASML Holding NV(ASML)$ is up 46% year to date, but still trades 21% below its June high. 🐂 Bull Case AI-driven memory demand: Memory accounted for 46% of Q3 system sales, up from 35%, as chipmakers expand capacity to meet AI demand. EUV leadership: ASML remains the only supplier of extreme ultraviolet lithography machines. It shipped 17 EUV systems in Q3, compared with 9 a year earlier. Long-term demand: Customers are already discussing orders for 2029 and 2030. Services growth: Installed Base sales rose 68% year over year to €3.3B, representing 28% of Q3 revenue. 🔬 Q3 2026 Sales EUV Systems: €4.1B, up 94% YoY Non-EUV Systems: €4.3B, up 24% YoY Installed Base: €3.3B, up 68% YoY China: 23% of system sales, down from 42% a year ago 🏦 Balance Sheet

$Grab Holdings(GRAB)$ ’s stock has had a tough few months. The market did not like the acquisition spree, with Superbank, Stash, Foodpanda Taiwan and now Atome, while fuel prices stayed high throughout the quarter. On top of that, Grab suffered a setback in October, when Taiwan’s Fair Trade Commission rejected its $600M acquisition of Foodpanda Taiwan. Not only did Grab lose a deal I called smart in Q1, it will also have to pay a $60M break fee in Q4. However, the Q3 2026 results were the strongest Grab has ever reported. Revenue growth accelerated to 27% Y/Y, or 30% FXN. Record ADJ EBITDA of $237M, +73% Y/Y. Financial services turned ADJ EBITDA profitable for the first time. Full-year guidance raised for the second time this year. For the first t

DEMOCRATS WIN THE HOUSE AND SENATE. AI stocks are crashing. Here are 10 stocks positioned to benefit from a Democratic Congress: 1. $First Solar(FSLR)$ First Solar's 2026 guidance assumes $2.07B to $2.19B of 45X manufacturing credits, which survived last year's tax bill. Once the new Congress is seated in January, a Democratic House can block any further cuts. It has a 44 GW backlog worth about $13.5B and just announced a $500M buyback. 2. $Sunrun(RUN)$ Sunrun owns the rooftop systems it leases, so its economics run on the 48E investment tax credit, which averaged 44% in its Q2 subscriber value. Under current law storage keeps that credit through 2033, while solar keeps it through 2027, or 2030 for project

📊 $NVIDIA(NVDA)$ $Apple(AAPL)$ $Microsoft(MSFT)$ dominate the largest U.S. ETFs, while international funds offer a different mix of semiconductor, healthcare and energy exposure. Here’s a look at the five largest holdings across eight widely followed ETFs: 🇺🇸 U.S. Market ETFs 1. $Vanguard S&P 500 ETF(VOO)$ — Vanguard S&P 500 ETF 🥇 $NVDA — 8.39% 🥈 $AAPL — 7.38% 🥉 $MSFT — 5.78% 4. $Alphabet(GOOGL)$ — 5.52% 5. $Amazon.com(AMZN)$ — 3.71% 2. $SPDR S&P 500 ETF Trust(SPY)$ — SPDR S&P

HERE’S HOW THE ETF WORLD DID TODAY Gold and silver miners surged, while oil and semiconductor ETFs came under pressure. Homebuilders, China, and broader equity markets also posted strong gains. 🥇 Top Gainers $VanEck Junior Gold Miners ETF(GDXJ)$ – Junior Gold Miners: +9.62% $VanEck Gold Miners ETF(GDX)$ – Gold Miners: +9.01% $iShares Silver Trust(SLV)$ – Silver: +5.17% $iShares U.S. Home Construction ETF(ITB)$ – U.S. Homebuilders: +7.25% $iShares China Large-Cap ETF(FXI)$ – China Large-Cap: +4.22% 📉 Top Losers $United States Oil Fund LP(USO)$

1. Treasury positioning The latest CFTC data shows "asset managers boosting net longs on 10-year futures to 3 million futures in the week up to Oct. 27, a record amount." 2. Central banks vs. gold. Central bank gold $Gold - main 2612(GCmain)$ demand remained strong in Q3, with net purchases of 321t. The volume of buying in the second and third quarters more than offset a subdued start to the year, lifting y-t-d demand to 675t, 6% above the same period of 2025 3. AAII Asset Allocation AAII investor allocation to stocks dipped in October but remains historically elevated (>70%), despite the persistent bearish sentiment expressed in surveys. Cash remains at ~9-year lows. 4. Nasdaq-100 corrections Over the last year,

$Advanced Micro Devices(AMD)$ is in the spotlight after its latest earnings report. Here’s a look at how much AMD exposure investors get through different ETFs. 💰 AMD Exposure per $1,000 Invested 🥇 $iShares Semiconductor ETF(SOXX)$ – iShares Semiconductor ETF: $92 🥈 $INVESCO AI AND NEXT GEN SOFTWARE ETF(IGPT)$ – Invesco AI and Next Gen Software ETF: $90 🥉 $PACER DATA AND DIGITAL REVOLUTION ETF(TRFK)$ – Pacer Data and Digital Revolution ETF: $72 $YieldMax Semiconductor Portfolio Option Income ETF(CHPY)$ – YieldMax Semiconductor Portfolio Option Income ETF: $61

📊 HERE’S HOW THE ETF WORLD DID TODAY Semiconductors and South Korea led the gains, while homebuilders, consumer staples, and materials came under pressure. 🚀 Top Gainers $iShares Semiconductor ETF(SOXX)$ – Semiconductor ETF: +2.50% $iShares MSCI South Korea ETF(EWY)$ – South Korea: +2.27% $VanEck Semiconductor ETF(SMH)$ – Semiconductor ETF: +2.01% $Spdr S&P Biotech Etf(XBI)$ – Biotech: +1.92% $iShares Bitcoin Trust(IBIT)$ – Bitcoin ETF: +1.61% 📉 Top Losers $iShares U.S. Home Construction ETF(ITB)$ – Homebuilders: -3.56%

$Adyen N.V.(ADYEY)$ Investment Summary! 🚀 $ADYEN fell 13% on Oct 28 after cutting its 2026 EBITDA margin guide to ~50% from 52% and dropping its 2028 target. 🐂 Bull Case: - Cross Sell: Merchants that start with online payments can add in-store and platform payments on the same system. - LATAM APAC: Latin America and Asia Pacific are newer markets for Adyen, with room to win more merchants. - New Products: Adyen has a strong R&D team that keeps building new products. - Unified Commerce: In-store and online payments on one platform grew 29% Y/Y in Q3. 💳 Pillars (Q3 2026): - Digital: €387M, +16% Y/Y, 52% of revenue - Unified Commerce: €251M, +29% Y/Y, 34% of revenue - Platforms: €100M, +46% Y/Y, 14% of revenue - Processed Volume: €451B, +30% Y/Y