Saxo Market Call As market comeback continues, remembering those who served.
Nov 11, 2025
This episode reflects on Veterans Day while highlighting an impressive market comeback. CoreWeave faces profit challenges amidst rising default risks, while SoftBank’s conflicting valuations spark conversations about AI investments. Rocket Lab’s soaring revenue is weighed against high valuation concerns. Additionally, UK macro data pressures the sterling, and developments on the US government shutdown impact market volatility. The complexities of aging AI data center infrastructure and crypto's role in liquidity further enrich the discussion.
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Remembering Family Military Service
- John Hardy reflects on family members who served in WWII and the Navy Seabees, describing their roles and scale of operations.
- He urges listeners to remember veterans and those suffering in current conflicts like Ukraine.
Narrow Rally Masks Broader Weakness
- The market staged a strong rebound with S&P and NASDAQ gains but equal-weight indices lagged, signaling narrow leadership.
- John Hardy warns volatility may persist as markets try to regain trend versus entering choppy back-and-forth action.
Crypto Lagging The Equity Comeback
- Crypto is not confirming the equity rebound, with Bitcoin failing at ~107k and sliding toward 105k.
- Hardy sees 108–110k as the key resistance that must be cleared to reduce amber flags from crypto.
