1. Stocks rise after Trump drops tariff threat over Greenland.

He wouldn’t use force, he wouldn’t instate new punishing tariffs, and he told CNBC that he and NATO have laid out the concept of a framework plan. It sounded like a line we have heard before, but it was what the market needed to hear. For now.

However, the immediate technical picture remains tricky.

European stocks had reached extreme overbought levels, making them prone to profit taking.

2. Gold’s resilience underscores geopolitical angst.

It’s up 11% year-to-date and 74% since last year.

And Goldman Sachs just raised their Gold forecast to $5,400 an ounce.

3. Chip stocks soared yesterday as Huang (Nvidia CEO) fueled the AI euphoria at Davos.

Hyperscaler capex estimated at $500bn+ in 2026, and almost $700bn in 2027.

4. Thematic investing can be a powerful driver of alpha.

Below: Thematic stock categories outperformed MSCI World in 2025.

5. A stock slump could slam the US economy.

The share of U.S. household financial wealth derived from stocks has never been so high, easily exceeding the peak of the tech bubble.

Americans are also more prone to “home-country bias” than most, investing mainly in the domestic market. Today one-third of the U.S. market’s value is made up by just eight tech companies, all with some AI exposure—an unusual degree of concentration.

The tail will be wagging the dog.

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