According to @KobeissiLetter, Oklo (OKLO) is up about 24% this week after Jensen Huang said the future of AI will be powered by small nuclear reactors, source: @KobeissiLetter. According to @KobeissiLetter, the post frames nuclear energy as the future, underscoring a momentum-driven bid in OKLO tied to the AI-power narrative this week, source: @KobeissiLetter.

According to @KobeissiLetter, the US hard economic data surprise has risen to +22 points, signaling that recent releases such as nonfarm payrolls, retail sales, and industrial production have been beating consensus estimates, source: @KobeissiLetter. @KobeissiLetter describes this as the US having two economies, with hard data notably outperforming expectations, source: @KobeissiLetter. For trading, the positive hard-data surprise backdrop warrants close monitoring of the US dollar (DXY), US Treasury yields, and BTC and ETH price action into upcoming hard-data releases to manage event risk, source: @KobeissiLetter. Key hard-data catalysts highlighted include nonfarm payrolls and retail sales, which are core components tracked by the surprise measure and can drive near-term volatility across FX, rates, and crypto markets, source: @KobeissiLetter.

According to @KobeissiLetter, the S&P 500 has risen about 68% over the last 36 months, the best three-year performance since 2021 and the second-strongest run since the 2000 dot-com era, surpassing the post-2008 recovery, source: @KobeissiLetter. This matters for crypto trading because research shows Bitcoin and U.S. equities have moved more in sync since 2020, highlighting shared risk appetite that can tighten co-movements in BTC and ETH during equity momentum phases, source: IMF.

According to @KobeissiLetter, Apple saw four senior departures in the last 72 hours: its AI chief, the head of UI design who left for Meta, the policy chief, and the head of general counsel, source: @KobeissiLetter. For trading, such clustered exits are a headline risk for AAPL; monitor premarket gaps, intraday volume, options implied volatility, and liquidity around key levels as news develops, source: @KobeissiLetter. Given Apple’s AI positioning, watch for sentiment spillover to AI-focused tech peers and AI-linked digital asset narratives as traders react to the leadership changes reported by @KobeissiLetter, source: @KobeissiLetter.

According to The Kobeissi Letter, the Fed’s Trade Weighted Real Broad Dollar Index is sitting near a 40-year high, underscoring historically strong USD conditions. According to the Federal Reserve Board H.10 data, this real broad index tracks the inflation-adjusted value of the USD against a trade-weighted basket of 26 currencies and current readings remain at multi-decade extremes. According to research from the Bank for International Settlements and the Federal Reserve, sustained USD appreciation tightens global financial conditions and can pressure dollar-denominated risk assets by reducing global liquidity. According to Kaiko market data, BTC and ETH have generally exhibited a negative correlation with the US dollar index in recent cycles, implying potential headwinds for crypto performance if USD strength persists.

According to @KobeissiLetter, global central banks bought 53 tonnes of gold in October, the highest monthly total since November 2024, a 194 percent jump versus July, and the third straight month of acceleration. Source: The Kobeissi Letter on X, December 4, 2025. Central bank net buying has been a key pillar of gold demand in recent years, which World Gold Council research identifies as an important driver of price resilience when official sector flows remain strong, a dynamic traders monitor alongside real yields and the dollar. Source: World Gold Council Gold Demand Trends 2022 to 2024 and Gold and US rates research. For crypto positioning, BTC has shown episodes of positive short term correlation with gold during macro stress, which Kaiko Research documented in 2023 to 2024, so traders often watch official sector gold flows as a macro hedge signal when sizing BTC exposure. Source: Kaiko Research Market Updates 2023 to 2024.

According to @KobeissiLetter, President Trump is preparing to hold high-level talks with China to decide whether to allow Nvidia (NVDA) to sell H200 chips in the country, citing the Financial Times as the source. Source: @KobeissiLetter; Financial Times. For traders, the reported talks directly determine whether NVDA’s H200 units can be marketed in China, placing headline risk around AI chip export permissions and semiconductor equity sentiment. Source: @KobeissiLetter; Financial Times. Crypto market participants tracking AI-related narratives may monitor this policy headline as a cross-market risk cue alongside U.S.–China semiconductor developments. Source: @KobeissiLetter; Financial Times.

According to @KobeissiLetter, Japan's 10-year government bond yield has surged to 1.92%, the highest since July 2007. Source: @KobeissiLetter. According to @KobeissiLetter, the 10-year yield has climbed from -0.28% in 2019 to +1.92% as policymakers prepare to raise rates alongside a $135 billion stimulus package. Source: @KobeissiLetter. According to @KobeissiLetter, the move was described as a free-for-all in Japan, signaling heightened macro volatility that cross-asset traders, including crypto participants in BTC and ETH, should monitor during Asia trading hours. Source: @KobeissiLetter.

According to The Kobeissi Letter, the market value of the Bank of Japan’s ETF holdings rose 18.5% year over year over the past six months to a record JPY 83.2 trillion, underscoring strong domestic equity momentum that traders track for positioning in Japan risk assets; Source: The Kobeissi Letter. According to The Kobeissi Letter, unrealized paper gains on the Bank of Japan’s ETF book reached a record JPY 46.0 trillion, explicitly attributed to the ongoing stock market rally, a datapoint equity and macro traders monitor for sentiment and balance-sheet risk context; Source: The Kobeissi Letter. According to The Kobeissi Letter, the surge in market value and gains highlights the scale of the Bank of Japan’s equity exposure through ETFs, a backdrop traders consider when assessing sensitivity of Nikkei 225-linked products and USDJPY to Japanese equity strength; Source: The Kobeissi Letter.

According to @KobeissiLetter, President Trump is reportedly considering naming Treasury Secretary Bessent as his top economic adviser if Kevin Hassett becomes the next Fed Chair, with Bessent retaining the Treasury role, source: @KobeissiLetter. The post states this would be in addition to Bessent’s current position and frames it as a new era of financial policy, implying more centralized economic policy leadership, source: @KobeissiLetter. No official confirmation from the administration, Treasury, or the Federal Reserve was provided in the post, highlighting headline risk for markets, source: @KobeissiLetter. For traders, Fed Chair–linked leadership headlines can rapidly reprice U.S. Treasury yields, the U.S. dollar index, and crypto beta such as BTC and ETH; monitor DXY, 2Y and 10Y UST yields, and front-end rate futures for volatility following this report, source: @KobeissiLetter.

According to The Kobeissi Letter, Salesforce (CRM) surged over 5% after reporting stronger-than-expected earnings and raising guidance, source: The Kobeissi Letter. The price reaction was explicitly tied to an earnings beat and a guidance increase, with no additional financial figures disclosed by the source, source: The Kobeissi Letter. The source did not mention any crypto market impact or cross-asset spillovers, source: The Kobeissi Letter.

According to @KobeissiLetter, the S&P 500 is now 0.9% below its all-time high, signaling a potential breakout setup for risk assets if momentum persists, source: @KobeissiLetter. According to @KobeissiLetter, the stock market’s Fear & Greed Index has rebounded from Extreme Fear but remains at 27 (Fear), indicating sentiment is still cautious despite price strength, source: @KobeissiLetter. According to @KobeissiLetter, the last time the S&P 500 hit a record, the Fear & Greed Index reading was nearly double current levels, suggesting positioning may be lighter into this test of highs, source: @KobeissiLetter. According to @KobeissiLetter, a move toward 7,000 on the S&P 500 is on the horizon, reflecting a bullish outlook that could extend risk-on conditions, source: @KobeissiLetter. For crypto traders, equity risk-on and improving sentiment have historically increased spillovers into BTC and ETH performance, so a confirmed S&P 500 breakout could provide a tailwind to major crypto assets, source: International Monetary Fund (IMF) 2022 analysis on rising crypto–equity linkages.

According to @KobeissiLetter, Nvidia’s Jensen Huang said that in the next 6–7 years we will see a bunch of small nuclear reactors and that we will all be power generators, likening it to somebody’s farm, highlighting nuclear as a potential solution to AI-driven power demand growth (source: The Kobeissi Letter on X, Dec 3, 2025). Global electricity use by data centers, AI, and crypto could roughly double to around 1,000 TWh in 2026 from about 460 TWh in 2022, underscoring the urgency of scalable, low-carbon baseload for AI and mining operations (source: International Energy Agency, Electricity 2024 report). In the U.S., the Nuclear Regulatory Commission certified the NuScale SMR design in January 2023, but the first customer project with UAMPS was canceled in November 2023 due to cost escalation, indicating commercialization risk and potential timeline slippage for near-term capacity (sources: U.S. NRC design certification Jan 2023; UAMPS and NuScale joint statement Nov 8, 2023). Canada’s first grid-scale SMR, the GE Hitachi BWRX-300 at OPG’s Darlington site, targets operation around the end of the decade, providing a concrete milestone for SMR power coming online before 2030 (source: Ontario Power Generation project updates 2023–2024). Bitcoin’s network consumes electricity in the tens to low hundreds of TWh annually, and electricity cost is the dominant operating expense for miners, making access to long-term, low-cost baseload power pivotal for BTC mining margins (source: Cambridge Bitcoin Electricity Consumption Index, University of Cambridge). Integration of nuclear with high-density computing is already underway, with U.S. examples including TeraWulf sourcing power from the Susquehanna nuclear station and the Cumulus Data nuclear-adjacent data center campus in Pennsylvania, showing a template for AI and BTC workloads colocating with nuclear baseload (sources: TeraWulf corporate updates 2023; Talen Energy/Cumulus Data announcements 2023). Timelines suggest most new SMR capacity will arrive after 2026, while AI and crypto loads are projected to surge by 2026, meaning power markets may remain tight in the near term even if SMR momentum accelerates, a dynamic closely watched by traders in BTC mining equities, uranium producers, and power-exposed AI infrastructure names (sources: International Energy Agency Electricity 2024; Ontario Power Generation project updates 2023–2024).

According to @KobeissiLetter, the Fed must cut rates even with inflation at 3% to support strained consumers, and he expects additional cuts as large-cap tech rallies (source: @KobeissiLetter). For crypto trading, easier policy and lower real yields have historically coincided with stronger BTC and ETH performance due to tighter equity–crypto correlations since 2020 (source: International Monetary Fund, 2022 Global Financial Stability Note on crypto–equity correlation). Traders can track cut odds via fed funds futures, policy guidance via FOMC statements, and macro drivers via the U.S. 2-year Treasury yield and the U.S. Dollar Index to gauge risk-on momentum (sources: CME Group; Federal Reserve; U.S. Department of the Treasury; ICE). Catalyst watch: CPI releases and FOMC meetings are the key events that would validate or refute the rate-cut path and its impact on crypto liquidity and beta (sources: U.S. Bureau of Labor Statistics; Federal Reserve).

According to @KobeissiLetter, the largest 100 US companies now account for roughly 68% of total US market capitalization, the highest concentration since the 1970s (source: https://twitter.com/KobeissiLetter/status/1996274986760470859). According to @KobeissiLetter, this share has increased by 23 percentage points over the past 20 years (source: https://twitter.com/KobeissiLetter/status/1996274986760470859). According to @KobeissiLetter, the S&P 500 excluding the top 100 has fallen over the referenced period, underscoring a dominance of mega-cap leadership that is directly relevant for index-weighted exposure and breadth-sensitive strategies (source: https://twitter.com/KobeissiLetter/status/1996274986760470859).

According to @KobeissiLetter, the CapEx-to-depreciation ratio in the S&P 500 Information Technology sector has surged to approximately 1.94, the highest level in at least 20 years. source: @KobeissiLetter. The author states this metric tracks how much companies invest in new assets relative to the rate those assets depreciate and characterizes the surge as a historic wave of tech CapEx transforming the entire market. source: @KobeissiLetter. For traders, a ratio near 1.94 means investment is nearly double depreciation within the sector, highlighting a pronounced capex upcycle to monitor across tech equities and broader risk sentiment. source: @KobeissiLetter.

According to The Kobeissi Letter, crypto funds recorded $1.1 billion of net inflows last week, the largest weekly total in seven weeks. According to The Kobeissi Letter, this breaks a four-week stretch of net withdrawals totaling $4.7 billion, signaling a clear reversal in weekly flow momentum. According to The Kobeissi Letter, the United States led with $994 million in inflows and Canada followed with $98 million, implying roughly 90 percent and 9 percent shares of the weekly total, respectively, based on the figures reported. According to The Kobeissi Letter, the $1.1 billion weekly inflow recoups about 23 percent of the prior four-week $4.7 billion outflows, underscoring the magnitude of the rebound in ETF-linked crypto exposure.

According to @KobeissiLetter, physical silver-backed ETF holdings jumped by 15.7 million ounces in November. According to @KobeissiLetter, silver ETF holdings have increased in 9 of the last 11 months year-to-date. According to @KobeissiLetter, silver skew—an indicator of call-option volatility—jumped. According to @KobeissiLetter, investors are rushing into the silver market.

According to The Kobeissi Letter, the SEC sent multiple warning letters to ETF providers amid a surge in market volatility, effectively blocking the introduction of new 3x–5x leveraged ETFs. Source: The Kobeissi Letter. The SEC has repeatedly warned that leveraged and inverse ETFs are complex products that magnify daily index moves and are intended primarily for short-term trading by sophisticated investors, underscoring the risk concerns highlighted in these letters. Source: U.S. SEC Office of Investor Education and Advocacy. The letters signal heightened scrutiny of high-leverage ETF filings and indicate that launches of new 3x–5x products are on hold pending further regulatory guidance. Source: The Kobeissi Letter. For crypto markets, existing spot Bitcoin and spot Ether ETFs operate under SEC oversight, and any proposals for 3x–5x crypto ETFs would be evaluated under the same complex product and derivatives risk framework. Source: U.S. SEC.

According to @KobeissiLetter, US ADP Private Payrolls reportedly fell by 32,000 jobs in November versus a consensus gain of 10,000 expected. Source: @KobeissiLetter. The author adds that the Federal Reserve will have no choice but to cut rates again, highlighting a dovish policy view tied to the softer labor signal. Source: @KobeissiLetter. For traders, downside surprises in ADP data are often interpreted as dovish for rates and the US dollar, a setup that can be supportive for risk assets such as BTC and ETH during rate-cut repricing episodes. Source: CME FedWatch Tool; Federal Reserve communications on data-dependent policy. Next catalysts to confirm or refute labor softness and its market impact include the official ADP release details and the Bureau of Labor Statistics Nonfarm Payrolls report later this week. Source: ADP Research Institute; U.S. Bureau of Labor Statistics.