And nearly half is set to come from just a few companies. Wall Street analysts estimate that Alphabet, Amazon, Meta, Microsoft and Oracle will spend a combined $4.2 trillion on capital expenditures through 2029.

Against gold the picture is even worse

Meanwhile, Wall Street analysts estimate that Alphabet, Amazon, Meta, Microsoft and Oracle will spend a combined $4.2 trillion on capital expenditures through 2029.

And this comes despite semiconductors having its worst quarter versus Nasdaq 100 in 19 years

⚠️US M2 money supply rose to a record high Shocking Charts Of The Day #35 Friday's top 5 charts + 15 premium ones, find them below!👇 shockingchart.substack.com/p…

🤯SHOCKING CHART OF THE DAY, #5: Global government interest expense is up to $5.6 trillion, an all-time high.

🚨SHOCKING CHART OF THE DAY, #4: US M2 money supply hit a record $23.3 trillion in August.

⚠️SHOCKING CHART OF THE DAY, #3 The US semiconductor index is underperforming the Nasdaq 100 by the widest margin since 2007 so far in Q3 2026.

🔴SHOCKING CHART OF THE DAY, #2: Global official central bank gold holdings are now larger than foreign official Treasury holdings.

‼️SHOCKING CHART OF THE DAY, #1: Average US Treasury yield rose to 5.1%, the 2nd-highest level since the Global Financial Crisis.

At the same time, The 30-year US real yield has soared to 3.18%, its highest level since 2002, while the 10-year real yield has risen to 2.79%, its highest since 2008.

⚠️Government bond yields continue to rise Shocking Charts Of The Day #34 Thursday's top 5 charts + 15 premium ones, find them below!👇 shockingchart.substack.com/p…

🤯SHOCKING CHART OF THE DAY, #5: The S&P 500 has seen 7 straight sessions with more 52-week lows than 52-week highs, the longest streak since the April 2025 “Liberation Day” selloff.

🚨SHOCKING CHART OF THE DAY, #4: China is shifting its crude import mix away from sanctioned Russian and Iranian oil toward the open market. At the same time, total seaborne crude imports remain weak at 7.2mb/d, down -2.7mb/d YoY, or-27%, and nearly 3mb/d below seasonal norms, meaning the change in sourcing is happening alongside much weaker overall demand.

⚠️SHOCKING CHART OF THE DAY, #3 Japan’s 10-year yield jumped +10 bps to 3.075%, its highest level since 1996, following the three-day holiday break. The 5-year and 20-year yields also surged around +10 bps each, reaching 2.375% and 3.915%, respectively.

🔴SHOCKING CHART OF THE DAY, #2: The 30-year US real yield has soared to 3.18%, its highest level since 2002, while the 10-year real yield has risen to 2.79%, its highest since 2008.

‼️SHOCKING CHART OF THE DAY, #1: VLCC earnings have surged nearly 20x this year, reaching the highest levels on record as the war in Iran severely squeezes vessel supply. The supply shock is spreading across smaller tankers and other vessel types, pushing freight rates and ship values sharply higher while attracting a wave of new financial investors.

⚠️Market breadth is weakening Shocking Charts Of The Day #33 Wednesday's top 5 charts + 15 premium ones, find them below!👇 shockingchart.substack.com/p…

Meanwhile, interest costs on US federal debt have reached over $1.3 trillion over the last 12 months, making it the 2nd-largest government expenditure over this period. THIS IS INSANE

🤯SHOCKING CHART OF THE DAY, #5: Market breadth is deteriorating sharply beneath the surface. The S&P 500 has recorded more 52-week lows than highs for 6 straight days, even as the index trades within 1% of its all-time high. Over the past month, the S&P 500 has gained +1.2%, yet 9 of 11 sectors are down, showing how narrowly the market’s gains are concentrated.