According to @KobeissiLetter, the top 10 US stocks now have a combined market cap of 24.5 trillion dollars, which is roughly five times the total value of Europe’s Euro Stoxx 50 constituents, source: The Kobeissi Letter, Nov 10, 2025. @KobeissiLetter also states the top 10 are about five and six times larger than the sizes of Germany’s and Japan’s economies, respectively, source: The Kobeissi Letter, Nov 10, 2025. The top five US stocks alone are valued above the combined economies of Germany, Japan, India, and the UK, underscoring large-cap US dominance, source: The Kobeissi Letter, Nov 10, 2025. Traders may monitor this concentration backdrop when sizing index exposure and cross-asset risk appetite relative to alternative risk assets such as BTC and ETH, source: The Kobeissi Letter, Nov 10, 2025.

According to @KobeissiLetter, the United States relies significantly less on trade compared to its allies, with trade impacting less than 30% of its GDP. In contrast, trade accounts for approximately 85% of Germany's GDP and 65% of the UK's GDP. This lower reliance on trade provides the US with a strategic advantage in trade negotiations and economic resilience.