Chinese Stocks Continue To Rally

International stocks continue to outperform, with Chinese stocks getting significant attention. And the attention is widespread, with micro-cap, small-cap, mid-cap, and large-cap names popping up on investors’ radars…and our trending tabs.

We first spoke about EHang a few weeks ago when it began rallying. But today, it’s worth another mention as $EH shares are up another 35%…closing out their third straight week of gains. 😮

There wasn’t any specific news driving the stock this week. But certain areas of the market have been keeping investors’ attention, which we think is a theme worth highlighting.

How long the obsession with Chinese stocks is anyone’s guess. But for now, we’ll keep tracking all the moves. 📝

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Q1 2023 Scorecard

We’ll do a more comprehensive recap next week, but let’s quickly look at how the major asset classes did in the first quarter. Below is a Finviz chart outlining the performance of various futures contracts for the U.S.’s most closely-followed assets. 👀

At the chart’s edges, we see the best and worst performers were commodities. The asset class had a wide range of returns, but orange juice and natural gas experienced outsized moves. After a decline in February, U.S. Treasury bonds have recovered and were positive across the board. And the U.S. Dollar is marginally negative but essentially stuck in a trading range.

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Atlas-t A Breakout In Greek Stocks?

Last week we discussed Japanese stocks hitting 33-year highs. And this week, the strength in foreign stocks continues, with Greece of all places making headlines. 👀

Let’s discuss what’s happening and see if investors will want a “pita the action.” 🫓

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A Big Move In Bonds

One of the market’s biggest beneficiaries of the current market turmoil has been bonds. Just days after the U.S. 2-Year Treasury Yield broke above 5%, it’s fallen roughly 50 bps in one of its sharpest declines ever. 😮

Analysts say Treasuries are again acting as a “flight to safety” trade. But they also benefit from the market adjusting its views on the Fed’s next move. Given what’s happening in the financial sector, the bond market has priced in the potential for the Fed to be less aggressive than currently expected. Or at least intervene in some way to restore confidence in the financial system.

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The Age Of Giant AI Models Is…Over?

Despite the generative artificial intelligence (AI) race just beginning, Sam Altman says that the research strategy that birthed chatbot technology is played out. 🤔

The CEO of OpenAI, which created ChatGPT, noted that progress over the last few years has been created by taking existing machine-learning algorithms and scaling them up to massive size. For example, GPT-4 was trained using trillions of words of text and thousands of computer chips, costing over $100 million. 💰

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