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The photo of Ive and Altman—like a NYT wedding shot—says it all. Apple, long the king of design, now faces pressure from tariffs, regulation, and rising AI-native rivals. As hardware commoditizes, Cupertino’s dominance suddenly feels… less inevitable.
"China just saw the kind of earnings and positioning purge that deserves historical reference. Both hedge fund and mutual fund allocations have cratered to multi-year lows, with GS Prime and EPFR data showing no signs of re-engagement. Retail enthusiasm has cooled and earnings revisions are being “massacred”.
Japanese flows have quietly inflated Treasuries, equities, and the dollar—but if rising JGB yields lure investors home, the unwind could get loud. SocGen’s Albert Edwards calls tracking the long end of the JGB curve the “number 1 most important thing for investors” right now.
Japan’s 30-year bond yields are hitting record highs, driven by weakening demand and persistent inflation. This shift—once unthinkable—now echoes across global markets. As Goldman notes, JGBs may be the first warning shot in a new regime of higher-for-longer global rates.
US mega-cap tech has broken out of a five-month downtrend.
Blowout Q1 earnings, better relative valuations, and still-light positioning are fueling momentum. With sentiment cautious and room to add, the setup suggests this rally may have legs—despite nagging skepticism.