During Q3 2026 four equities (stimulated by perceived AI growth opportunities) — $MSFT, $NVDA, $AAPL and $META — added about 300 points to the gain in the S&P index, representing more than 200% of the index’s total gain. The other 496 stocks subtracted approximately 150 points:
MSFT, NVDA, AAPL and META alone added about 300 points to the S&P in Q3, more than 200% of the index's total gain. The other 499-ish stocks together subtracted about 150 points: Citadel
Back to AI “concentration” credit risks — specifically that private equity (we remain short $BX, $APO, $OWL and $KKR) is piling into the same AI data center bet:
Before sub-prime was a crisis, investors betting against the bubble drove around to see the residential properties backing MBS. It was a lot of legwork.
Now with satellite imagery and this convenient list of assets about to enter bankruptcy protection, betting against the AI… https://t.co/ai68N6LJ4N
More on depreciation schedules and creative accounting:
Lenders say $NVDA isn’t being truthful about its chips being an appreciable asset are no longer willing to offer ABS for them to “Neoclouds” and smaller Hyperscalers like $ORCL without $NVDA putting up collateral as much as much as 25% to back the loans. Nvidia has been hoping to… https://t.co/zWKQUIseZT
Finally, continued AI skepticism from “Moon Alice” — Roger McNamee:
The thing with @moonalice.com is that 1) he's not selling anything, 2) he has more legacy/history here than most, 3) all of which means he can speak his mind w/o fear of recourse. "Markets have manias; this is a mania." And so much more… https://t.co/YnKbc5hs6A
Doug Kass is a world-renowned hedge fund manager with decades of experience and success navigating through some of the most turbulent periods in market history. He is known for his time-tested analytical skills and ability to look past the current noise and herd mentality.
On TheStreet Pro, Kass provides frequent market commentary and investing ideas for active investors throughout each trading day in Doug’s Daily Diary. He also serves as president of Seabreeze Partners Management Inc. Previously, he served as a senior manager at Omega Advisors, a $6 billion investment partnership. He co-authored a book with Ralph Nader and the Center for the Study of Responsive Law called “Citibank: The Ralph Nader Report” and can be found as a guest host on CNBC's "Squawk Box."
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