Chart #2 Global Government Bond Yields Continuing with our “The Most Important Charts In The World For 2026” series today we have global government bond yields We watch yields all day every day but right now they are in an interesting place. US yields have been in a 140bps range since mid-2023 but the same…
Chart #1-The SOX/SPX Ratio YoY What has been the number one topic in markets over the past two years? If you said AI then we are on the same page. AI and the associated power and semiconductor buildout have been the primary driver of equity markets as the hyperscalers are around 40% of the SP500…
The Semiconductor Cycle As with most sectors, especially those that manufacture physical goods, the semiconductor industry moves in cycles. We can see this well if we look at the semiconductor revenues over time. In the chart below we have the Worldwide Semiconductor Billings Index from the World Semiconductor Trade Statistics. You can see the long-term…
