1. Tech and crypto sell off accelerates.

Amazon said it was instead spending even more than Google on AI this year, a truly insane $200B in CapEx to reclaim its wobbling cloud provider crown from pretender to the throne Microsoft. Amazon was immediently punished after its post-market report, falling 9%, around the same as the decline from Google shares as trading began today.
Gold fell, silver fell, and Bitcoin was last seen at $60k, as a death spiral of selling to unwind leverage.
Some casino players are finally leaving the building.

Nasdaq has now closed below its 100-day moving average for 2 consecutive days.

2. The capex black hole.

If business model risk increases, valuation multiples must come down.

It’s not rocket science.

3. The European Central Bank kept rates unchanged at 2%.

The ECB is probably best-positioned of the three central banks. Euro zone inflation dropped below 2% last month and is expected to remain under that mark for the next two years.
While Frankfurt believes it is in a "good place," the euro has appreciated against the dollar this year as part of the so-called Sell America trade.
"The risk in 2026 is skewed to further easing (lower rates) given the expected undershoot of the inflation target," Deutsche Bank's Chief European Economist Mark Wall said.

4. German industrial orders post biggest increase in two years.

German manufacturing orders unexpectedly jumped in December, a sign that the recent struggles of the country's industrial sector might be fading as Berlin's fiscal stimulus ramps up.
Orders climbed 7.8% on month, the strongest pickup in two years, accelerating from the 5.7% rise in November, statistics agency Destatis said Thursday.
Factory orders have now climbed for four straight months. Orders were 9.5% higher in the final quarter of last year than in the third, Destatis said.
"Overall, these are strong data, which will add fuel to the narrative that the German economy is finally kicking into gear after a year-long hiatus, helped in part by fiscal stimulus."

5. Asia's datacenter power demand could quadruple by 2030.

A push for more edge computing capacity and data privacy legislation requiring localized data storage and processing, could drive a bull case scenario for datacenter power demand.

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