According to The Kobeissi Letter, 717 US large companies have gone bankrupt year-to-date, the most in 15 years (source: The Kobeissi Letter on X). According to The Kobeissi Letter, this tally is higher than every full-year total since 2010 and marks the third consecutive annual increase with a 93% jump since 2022 (source: The Kobeissi Letter on X). According to The Kobeissi Letter, November saw 62 large-firm filings after 68 in October and 66 in September, underscoring persistent stress (source: The Kobeissi Letter on X). According to The Kobeissi Letter, bankruptcies in 2025 are running 30% above the 2011–2024 annual average (source: The Kobeissi Letter on X). According to The Kobeissi Letter, corporate bankruptcies are surging outside of the AI trade, a context traders can reference when assessing cross-asset risk, including BTC and ETH sentiment (source: The Kobeissi Letter on X).

According to @KobeissiLetter, US heavy truck sales fell 47% over the last three months versus the prior three months to a 363,000 annualized pace, the lowest since 2020, with declines in four of the last five months (source: @KobeissiLetter, X, Dec 7, 2025). The author adds that such a rapid drop has only occurred during recessions historically and reflects weakening freight, construction, and industrial demand, pointing to a substantial headwind to US GDP growth in H2 2025 (source: @KobeissiLetter, X, Dec 7, 2025). The author also notes the AI trade is decoupled from these macro signals, a divergence traders can reference when assessing risk across cyclicals, high beta, and digital assets such as BTC and ETH (source: @KobeissiLetter, X, Dec 7, 2025).