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1. The wealth effect is very real. US consumer confidence is cratering.

2. What about mining companies?

Soaring metals prices and China’s pro-growth pivot are prompting investors to rethink the negativity around mining stocks.

A ratio of Europe’s basic resources index against the broader market has fallen over 40% since a peak in 2022 and is now at the bottom of an eight-year range. That historic weakness presents an opportunity for investors looking to get exposure to a better outlook in China and the prospect of greater metals demand.

“Improving sentiment on Chinese equities could help reverse some of the underperformance of the mining sector,” say JPMorgan strategists led by Mislav Matejka, who double-upgraded miners to overweight from underweight this week.

A weakening dollar, relatively low levels of metal inventories in China and concerns around US tariffs on imports are all pushing up commodity prices, they say.

Copper is particularly in focus. Tariffs threats have spurred Comex prices toward the $11,500 per ton mark. Some are predicting another leg up, and LME prices are already being pulled higher.

Meanwhile there is potential for more industry demand. European manufacturing PMIs have picked up, Germany is planning stimulus on infrastructure and defense, and China aims to hit 5% GDP growth this year.

3. Which funds have incinerated the most value over the past decade?

"ARK, home of the flagship ARK Innovation ETF ARKK, saw the biggest aggregate losses in dollar terms.

After garnering huge asset flows in 2020 and 2021 (totaling an estimated $29.2 billion), its funds were decimated in the 2022 bear market, with losses ranging from 34.1% to 67.5% for the year. Many of its funds enjoyed strong rebounds in 2023 and 2024, but that wasn’t enough to offset their previous losses.

As a result, ARK funds incurred approximately $13.4 billion in realized and unrealized capital losses over the 10-year period — about twice as much as the next fund family on the list. ARK Innovation alone accounts for about $7 billion of this total.

4. Meanwhile, Cathie Wood sticks with Tesla and predicts the stock will hit $2,600!

5. Texas Instruments just released a microcontroller smaller than a grain of rice.

Power use is minimal, and makes it ideal for tiny devices that need to last a long time on small batteries.

It is also built to handle extreme conditions, working in temperatures from –40°C to 125°C.

At 20 cents in bulk, this Texas Instruments microcontroller is designed for medical wearables, smart sensors, and other small electronics, like health monitors, industrial sensors, or smart tags that run for years on a coin cell battery.

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