Saxo Market Call The paper company suddenly worth $20 billion.
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Sep 22, 2025 The discussion reveals a narrow U.S. market reaching new heights amidst growing signs of speculative excess. A meteoric rise in stocks like Oklo and trends in quantum computing spark intrigue, even as some companies boast only promises of future earnings. The impact of recent FOMC and Bank of Japan meetings is explored, alongside geopolitical tensions and the looming risk of a U.S. government shutdown. The conversation highlights the importance of monitoring the U.S. 10-year yield for its influence on market sentiment and currency movements.
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Narrow Market Breadth Raises Risk
- US equity gains are very narrow with new highs driven by a few large names while broad indices lag.
- John Hardy warns this lack of breadth signals speculative concentration and potential vulnerability to a correction.
Paper Company Skyrockets To $20B
- Oklo is described as a non-revenue paper company promising future molten-salt reactors and AI data-center deals.
- John Hardy finds the rally absurd given no prototype, delayed revenue, insider option sales, and a $20 billion market cap.
Quantum Stocks Signal Speculative Froth
- Quantum computing stocks are surging despite light revenues, driven by small government deals and speculative enthusiasm.
- John Hardy sees these moves as another sign of froth where market cap outpaces actual business progress.