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1. The “central bank of Nvidia” is financing a circular economy.

Experts are watching from the sidelines, and this week started to speak up: there might be a bubble.

OpenAI is a massive startup that is on track to lose money until the next president takes office, burning $6.7B in costs in the past six months, and targeting $13B in revenue this year. As a private entity, it basically has nothing to do besides spending money to grow.

Still, experts are worried as tech and AI make up a larger and larger share of the S&P 500.

Goldman Sachs CEO David Solomon said, “a lot of capital that was deployed that doesn’t deliver returns.” Amazon founder Jeff Bezos called the AI spending “kind of an industrial bubble.” Even Sam Altman, CEO of OpenAI, warned that “people will overinvest and lose money” in AI.

2. The numbers are astronomical.

3. A month ago Oracle stock soared after forecasting extraordinary growth.

However, it seems Oracle lost nearly $100 million last quarter renting out Nvidia chips, the product driving its AI growth.

Last but not least, Oracle’s debt-to-equity ratio is ~520%, way above other AI stocks.

4. Goldman Sachs sees oil sliding on 2-million-barrel a day surplus.

The global oil market faces an average surplus of 2 mb/d this quarter and through 2026, which will pave the way for rising stockpiles and lower prices, according to Goldman Sachs Group Inc.

That’s actually good news…it’s deflationary.

5. Mining equities continue to trade at a steep discount to the market.

The mining sector is firmly back in focus, supported by a growing confluence of positive dynamics.

Growing supply stress, resilient demand and a weaker US dollar have combined to create a constructive setup into year-end. Copper markets, in particular, are entering a pronounced deficit phase as supply disruptions escalate, driving the scarcity premium to new highs. Meanwhile, iron ore benefits from a seasonal restocking, and precious metals continue to see inflows amid macro uncertainty – driving a price melt-up.

This backdrop supports ~12% average 2026 mark-to-market earnings upgrades, particularly for copper and precious metals-exposed names, as commodity prices remain well underpinned.

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