1. Giving thanks for all-time highs.

US stocks (S&P 500 +0.6%) rose in a shortened trading session, with the equity benchmark capping the best month this year as Trump’s pick for his Treasury secretary fueled optimism that tariffs will be measured.

US semiconductor capital equipment makers gained Friday after Bloomberg reported that additional US curbs on sales of chip technology to China may stop short of some stricter measures previously considered.

Nuclear energy and uranium mining stocks also jumped after multiple announcements from countries in Europe looking to boost nuclear power use.

2. Global equities also continue to trend higher and are “climbing the wall of worry”.

Here’s a good example of the German DAX pulling back to support before returning back towards all-time highs.

3. China became the world’s largest car exporter.

But tariffs may not fully offset Chinese carmakers’ competitive lead.

Chinese companies offer cars with similar quality to their global rivals and at lower cost.

Analysts at the bank UBS calculate that cars made by BYD cost 30 percent less to assemble than similar cars made by Western companies.

Some of the biggest savings for Chinese companies are on batteries.

China controls practically the entire supply chain for making electric car batteries.

4. And China is dominant in many industrial sectors.

Here is the ship-building industry.

5. Humanoid robots have gone “from sci-fi to development”.

There could be 648 million humanoids moving around us by 2050, from about zero today.

The total addressable market (TAM) for humanoids may reach $209 billion by 2035 and $7 trillion by 2050.

The top four use cases in terms of growth potential are parcel delivery, construction, food delivery, and home services.

There are more than 50 companies that have developed working humanoid robots.

6. Investing is about finding mismatched expectations.

Nvidia’s one of the best positioned AI companies in the world, but everyone knows it.

There are a couple of risks worth mentioning:

• Revenue has been pulled forward from the coming years in this infrastructure buildout, and Nvidia could see slower revenue when that infrastructure spend stops.

• Nvidia is a data center company but disruption could come from the edge (= inference focused) and occurs when small models and NPUs get good enough to take a meaningful % of AI compute from the data center.

• Disintermediation from the hyperscalers as they see a better TCO/performance from their own hardware: their biggest customers are some of their biggest competitors and have every incentive to lessen their reliance on Nvidia.

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