The Kobeissi Letter

The Kobeissi Letter

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Official X account for The Kobeissi Letter, an industry leading commentary on the global capital markets. Email us: support@thekobeissiletter.com

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The Kobeissi Letter

BREAKING: Tomorrow is Warren Buffett's last day as CEO of Berkshire Hathaway. Buffett took the stock from $19/share in 1965 to $750,000/share today, up +3,950,000%. Congratulations to the best investor of all time.

The Kobeissi Letter

BREAKING: SoftBank fully funds a $40 billion investment in OpenAI, per CNBC.

The Kobeissi Letter

US consumer spending is extremely concentrated among high-income households: Households in the top 20% of the income distribution now reflect ~39% of all spending on goods and services. Their concentration is even higher in new vehicle purchases, where they make up ~55% of

The Kobeissi Letter

No one wants defensive stocks: Global defensive stocks are now just 17% of world market cap, near the lowest since the 2000 Dot-Com Bubble burst. This percentage has fallen -7 points since the end of the 2022 bear market. To put this differently, consumer staples, health care,

The Kobeissi Letter

AI is driving US GDP growth: IT equipment and software investment now reflects a record 4.5% of GDP. This surpasses the previous peak seen in Q4 2000, now up +1.5 percentage points since Q3 2023. Since Q3 2023, IT equipment and software investment has risen +$288 billion, or

The Kobeissi Letter

AI-linked borrowing is ramping up: AI-related Investment-Grade bond issuance now reflects ~14% of total new issuance in the US corporate bond market. This percentage has doubled YoY after remaining unchanged since 2022. As a result, AI-linked debt is now the 3rd-largest

The Kobeissi Letter

Gold's historic run Gold prices have remained above their 200-day moving average for ~550 trading days, the 2nd-longest streak on record. This is only below the ~750 trading sessions seen following the 2008 Financial Crisis. During the current streak, gold prices have rallied

The Kobeissi Letter

Earnings are increasingly driving the market's rally: The contribution of earnings growth to S&P 500 returns is up to 79% YTD in 2025, on track for the 2nd-consecutive annual increase. Earnings contribution has increased +24 points YoY and has nearly tripled since 2023. As a

The Kobeissi Letter

BREAKING: Palladium prices extend their decline to -17% on the day, now on track for the 2nd largest daily drop in history.

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