Look video of this post here.
Something I’m excited about is a new offering from YCharts called Communities.
This gives advisors a way to follow research and insights from voices they trust, directly within a platform that many use every day for investment research and client communications.
This means that instead of trying to recreate a chart or analysis after reading my newsletter, YCharts customers can quickly pull it up and use it within the platform.
It’s designed to make the following market commentary feel more actionable and integrated into daily workflows.
I’m excited to be one of the first Communities available, helping advisors bring the charts and market commentary they follow into their daily workflow.
Click HERE to start a free trial to check it out. Plus, get 20% off your initial YCharts Professional subscription (new customers only).
The most important charts and themes in markets and investing…
1) Ultimate Pricing Power
Nvidia’s net profit margin surged to a record high of 71% in Q1, up from 12% a decade ago.
No company in history has had as much pricing power as Nvidia today, driven by its continued dominance in the AI chip market.
Nvidia has excelled in terms of revenue growth and shareholder returns over the last decade.
We’ve never seen a company grow this fast.
2) All-Time High in a Day
Another day, another all-time closing high for the S&P 500.
So far the index has reached 22 in 2026 and we still have 7 months left.
What drives vertical progress in the stock market?
Income.
S&P 500 EPS has far exceeded expectations in Q1 (+29% YoY vs +13% forecast) and is now expected to increase by 24% this year.
We’ve never seen earnings growth this high outside of the post-recession rebound. This is an unprecedented boom driven by a massive increase in EPS in the huge technology field of AI.
3) Memory Mania
Roundhill Memory ETF (Ticker: $DRAM) launched on April 2 this year.
It already has $12 billion in assets under management, becoming the fastest ETF in history to surpass $10 billion.
What’s behind this massive influx?
Investors have more than doubled the performance of the ETF since its launch less than 2 months ago.
What are the largest holdings in this ETF?
Micron Technology (28%) and two South Korean companies: SK hynix (28%) and Samsung (18%). Together they make up 74% of the ETF.
Micron Technology’s market capitalization surpassed the $1 trillion mark this week and has increased more than 10x in the past year.
SK hynix and Samsung are the two largest stocks in the South Korean stock market (54% combined weight in the $EWY ETF).
As a result, South Korean shares have jumped more than fourfold in the last 17 months, outperforming other countries.
4) Amazon IPO vs. SpaceX initial public offering
Amazon’s IPO in June 1997 occurred less than 3 years after Jeff Bezos founded the company.
Its market cap at the time: $442 million.
Its current market capitalization: $2.865 trillion.
That’s a 6,484x increase.
SpaceX’s IPO is set for June after 24 years as a private company. Its valuation reached $1.5 trillion this month, up from $10 billion a decade ago. Its market capitalization is expected to reach at least $1.75 trillion when it goes public, making it the 7th largest public company in the US.
The entire IPO investment landscape has changed as companies stay private for much longer than before (see Podcast Discussion on IPO investments).
5) Continuous Inflation: Has Bad Impacts
The Fed’s preferred inflation measure (Core PCE) rose to 3.3% in April, which was the highest level since October 2023. Core PCE has now been above the Fed’s target level for 62 consecutive months.
The persistence of higher prices seems to have a bad impact. Two examples:
- Increased Credit Card Arrears (13.1%, highest since 2011), Student Loans (10.3%, highest since 2020) and Motor Vehicle Loans (5.6%, highest on record).
- Lowest Personal Savings Rate in the US (2.6%) since April 2008.
6) Some Interesting Statistics…
a) Driverless taxi company Waymo now takes more than 1.3 million trips per month in California, a 16x increase over the past two years.
b) The S&P 500 Dividend Yield fell to 1.07%, its lowest level in history.
c) Nvidia’s forward P/E ratio (17x) is less than half the forward P/E ratios of Walmart (36x) and Costco (44x).
d) Amazon vs. Walmart…
25 years ago: Walmart’s revenue was 68x greater than Amazon’s
20 years ago: Walmart’s revenue was 36x greater than Amazon’s
15 years ago: Walmart’s revenue was 12x greater than Amazon’s
10 years ago: Walmart’s revenue was 4x that of Amazon
Today: Amazon Revenue > Walmart Revenue
e) What is the best hedge against inflation over the last 50 years? (Podcast Discussion)
And that’s all for this week. Thanks for reading!
Every week I create a video detailing the most important charts and themes in markets and investing. Subscribe to our YouTube channel HERE for the latest content.
Disclaimer: All information provided is for educational purposes only and does not constitute investment, legal or tax advice, or an offer to buy or sell any security. Read our full disclosure here.
PakarPBN
A Private Blog Network (PBN) is a collection of websites that are controlled by a single individual or organization and used primarily to build backlinks to a “money site” in order to influence its ranking in search engines such as Google. The core idea behind a PBN is based on the importance of backlinks in Google’s ranking algorithm. Since Google views backlinks as signals of authority and trust, some website owners attempt to artificially create these signals through a controlled network of sites.
In a typical PBN setup, the owner acquires expired or aged domains that already have existing authority, backlinks, and history. These domains are rebuilt with new content and hosted separately, often using different IP addresses, hosting providers, themes, and ownership details to make them appear unrelated. Within the content published on these sites, links are strategically placed that point to the main website the owner wants to rank higher. By doing this, the owner attempts to pass link equity (also known as “link juice”) from the PBN sites to the target website.
The purpose of a PBN is to give the impression that the target website is naturally earning links from multiple independent sources. If done effectively, this can temporarily improve keyword rankings, increase organic visibility, and drive more traffic from search results.
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