Wesley Nolte @Wesl3y: "𝗠𝗮𝗿𝗸𝗲𝘁 𝗨𝗽𝗱𝗮𝘁𝗲 (𝟭𝟮 𝗗𝗲𝗰 𝟮𝟬𝟮𝟱) 𝙏𝙝𝙚..."

United Kingdom

𝗠𝗮𝗿𝗸𝗲𝘁 𝗨𝗽𝗱𝗮𝘁𝗲 (𝟭𝟮 𝗗𝗲𝗰 𝟮𝟬𝟮𝟱) 𝙏𝙝𝙚 𝙁𝙚𝙙 𝙙𝙚𝙡𝙞𝙫𝙚𝙧𝙚𝙙 𝙖𝙣𝙙 𝙩𝙝𝙚 𝙧𝙤𝙩𝙖𝙩𝙞𝙤𝙣 𝙘𝙤𝙣𝙩𝙞𝙣𝙪𝙚𝙙 The Fed cut rates on Wednesday, but the market's response told the real story. The Dow hit an all-time high while $NSDQ100 closed down after Oracle's earnings miss reignited AI spending concerns. The rotation from growth into value is clear. The Russell 2000 ( $IWM (Ishares Russell 2000 ETF) ) hit a record high and is up 8.82% over the past month versus just 3% for $SPX500 . Small caps are finally getting their moment. 𝙊𝙧𝙖𝙘𝙡𝙚'𝙨 𝙢𝙞𝙨𝙨 𝙥𝙪𝙩 𝘼𝙄 𝙨𝙥𝙚𝙣𝙙𝙞𝙣𝙜 𝙗𝙖𝙘𝙠 𝙞𝙣 𝙩𝙝𝙚 𝙨𝙥𝙤𝙩𝙡𝙞𝙜𝙝𝙩 $ORCL (Oracle Corporation) reported fiscal Q2 results that spooked the market. Revenue missed, but the real issue was CapEx: $ 12 billion in the quarter versus $ 8.25 billion expected. Full-year guidance jumped to $ 50 billion from $ 35 billion just three months ago. The stock dropped 11% and dragged AI names down with it. The sell-off reminded the market to ask: "Is this amount of AI infrastructure spending justifiable?" 𝙇𝙪𝙡𝙪𝙡𝙚𝙢𝙤𝙣 𝙗𝙚𝙖𝙩𝙨 𝙗𝙪𝙩 𝙘𝙖𝙪𝙩𝙞𝙤𝙣 𝙨𝙩𝙞𝙡𝙡 𝙣𝙚𝙚𝙙𝙚𝙙 $LULU (Lululemon Athletica Inc) reported Q3 earnings with revenue and earnings beating estimates. The stock is up 10-11% pre-market but remains down 52% from its January high. The structural issues are real: Americas comparable sales fell 5%, gross margin compressed 290 basis points, and tariffs are expected to hit $ 240 million in gross profit. CEO Calvin McDonald is also stepping down in January. But the valuation reset is dramatic. The stock trades at 12-13x forward earnings vs a historical 30 - 40x, and international growth (particularly China, up 46% in Q3) is strong. The tariff impact is likely priced in, and a leadership change could bring fresh energy. 𝘾𝙤𝙥𝙥𝙚𝙧 𝙝𝙞𝙩𝙨 𝙧𝙚𝙘𝙤𝙧𝙙 𝙝𝙞𝙜𝙝𝙨 𝙤𝙣 𝙙𝙤𝙡𝙡𝙖𝙧 𝙬𝙚𝙖𝙠𝙣𝙚𝙨𝙨 𝙖𝙣𝙙 𝙨𝙪𝙥𝙥𝙡𝙮 𝙨𝙦𝙪𝙚𝙚𝙯𝙚 Copper prices are near all-time highs. Two forces are driving the rally: a weaker dollar and critical supply disruptions at two of the world's largest mines, including $FCX (Freeport-McMoRan Inc) 's Grasberg mine in Indonesia. Copper inventories on the London Metal Exchange have dropped 42% this year, signalling a tight market. FCX stock has rebounded 15.4% over the past month as copper prices climbed. I think it has more to run. 𝙒𝙝𝙖𝙩 𝙩𝙤 𝙠𝙚𝙚𝙥 𝙖𝙣 𝙚𝙮𝙚 𝙤𝙣 The rotation from growth to value is real. Small caps are outperforming, while Oracle reminded us that AI spending returns are uncertain. I'm staying invested but watching this shift closely – when market leadership changes this sharply, it pays to have exposure beyond mega-cap tech.