Nuggets | Curated insights across markets, macros, AI, tech & geopolitics

Apollo: "The 10 biggest companies in the S&P 500 make up almost 40% of the index, and if Anthropic, OpenAI and SpaceX are added later this year, the concentration could approach 50%, see chart. The bottom line is that the S&P 500 basically doesn’t offer much diversification anymore."

Bloomberg: The Goldman team said their basket of capital intensive stocks whose economic value derives from physical assets has outperformed a capital light group reliant on human or digital capital by about 35% since the start of 2025.

Investors are increasingly turning to stocks with what the strategists called the “HALO effect,” for heavy assets and low obsolescence, in sectors like…

Goldman: The weight of "AI exposed companies" has risen to 45% from 25% when ChatGPT was launched- Neil Sethi

Source: Haydn Belfield

Combined 2026 CapEx for the Big 4 (Alphabet, Amazon, Microsoft, Meta) is projected to be $590 billion. ​

• "Two-Thirds of the Pentagon"

​Equivalent to ~65-70% of the US military budget ($850–$900bn)

​2. ~1.9% of US GDP ​Rivals peak spending of the Interstate Highway System (~1.8% GDP in the late 1950s)

Zerohedge: Once MSFT goes FCF < 0, the off-balance sheet tsunami will make Enron look like amateur hour | Source : Peter Berezin BCA

$AAPL just crossed 2.5B active devices.

BBG:The S&P 500’s 10 biggest stocks now account for roughly 40% of the index, a level of concentration not seen since the 1960s.

That has put some investors off, including Wall Street research veteran Ed Yardeni, who said in December that it no longer makes sense to recommend…

Alternative perspective on Mag7. May not be as expensive.