The Kobeissi Letter

The story of the day:

Alphabet, $GOOGL, is now up another +4% and Nvidia, $NVDA, is down -4% on concerns over increased competition.

This comes after reports that Meta is considering using Google’s AI chips over Nvidia’s.

So, is this really that bad for Nvidia?

The reality is… https://t.co/Mz2xh25Kat

MicroStrategy's Bitcoin position is almost red:

Bitcoin just extended its decline to a low of $80,500, just $6,067 away from MicroStrategy's entry of $74,433.

This puts Bitcoin -8% away from MicroStrategy's position turning negative.

Just 46 days ago, MicroStrategy's Bitcoin https://t.co/EPchiuQ6BK

BREAKING: Nvidia, $NVDA, stock rises +5% after announcing record quarterly revenue of $57 billion.

That's +$205 BILLION of market cap on this move. https://t.co/m0t1J3cKCT

Small businesses are being left behind:

The net share of small business owners reporting higher nominal sales over the last 3 months fell -6 percentage points in October, to -13%, the lowest since January.

This means the majority of small firms in the NFIB Small Business Survey… https://t.co/9uhmNsNjox https://t.co/0FizpG3tes

President Trump over the last 36 hours:

Friday, 3:40 PM ET: "I don't want to do a ceasefire with Iran."

Friday, 5:15 PM ET: The US is "considering winding down" the war with Iran.

Today, 2:00 PM ET: Axios reports Trump is planning "peace talks."

Now: "If Iran doesn’t open the

The story of the day:

Alphabet, $GOOGL, is now up another +4% and Nvidia, $NVDA, is down -4% on concerns over increased competition.

This comes after reports that Meta is considering using Google’s AI chips over Nvidia’s.

So, is this really that bad for Nvidia?

The reality is… https://t.co/Mz2xh25Kat

MicroStrategy's Bitcoin position is almost red:

Bitcoin just extended its decline to a low of $80,500, just $6,067 away from MicroStrategy's entry of $74,433.

This puts Bitcoin -8% away from MicroStrategy's position turning negative.

Just 46 days ago, MicroStrategy's Bitcoin https://t.co/EPchiuQ6BK

BREAKING: Nvidia, $NVDA, stock rises +5% after announcing record quarterly revenue of $57 billion.

That's +$205 BILLION of market cap on this move. https://t.co/m0t1J3cKCT

Small businesses are being left behind:

The net share of small business owners reporting higher nominal sales over the last 3 months fell -6 percentage points in October, to -13%, the lowest since January.

This means the majority of small firms in the NFIB Small Business Survey… https://t.co/9uhmNsNjox https://t.co/0FizpG3tes

What just happened?

At 10:57 AM ET, President Trump canceled his meeting with China and said "massive" tariff increases are coming.

40 minutes later, the S&P 500 erased -$1.2 TRILLION of market cap.

Is this dip a BUYING opportunity? Let us explain.

(a thread) https://t.co/00Y8SKungk