Saxo Market Call A critical constraint for AI infrastructure spending: it's not about the chips.
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Nov 6, 2025 The podcast dives into the market's recovery dynamics, highlighting the surprising NASDAQ leadership amidst sector divergences. It examines why NVIDIA's underperformance could signal broader index concerns and reviews Robinhood's earnings implications for speculative sentiment. The discussion shifts to the recent Bitcoin sell-off and its risk indicators, alongside consumer spending trends in the hospitality sector. Key insights on AI infrastructure reveal power capacity as a critical constraint, shifting the focus from hardware limitations to energy needs.
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Uneven Market Comeback Driven By High Beta
- The market staged a modest comeback led by high-beta and NASDAQ 100 strength after a shallow correction.
- Watch NVIDIA closely because its underperformance amid a broader rally is unusual and could signal fragility.
Crypto Selling From Long-Term Holders
- Robinhood disappointed with crypto trading falling short of expectations and the stock slipped after earnings.
- Crypto selling appears to be driven by long-term holders liquidating positions, amplifying risk sentiment.
Discretionary ETFs Diverge From The Index
- Specific consumer discretionary ETFs like BEDZ and EATZ are diverging from the S&P, signaling weakness in hotels and restaurants.
- Names like DoorDash and other speculative stocks are under pressure, showing cracks in frothy areas.