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Iran Ceasefire Extension Triggers Strongest US Equity Fund Inflows Since Late 2024

A Risk-On Rotation With a Clear Geopolitical Catalyst

Nitish Kishor | 20 June 2026

US Stock Market Mania: SpaceX Valuation and Options Frenzy Signal Bubble Risk

US equity markets are displaying characteristics associated with late-cycle mania, from SpaceX trading at over 90 times revenue four days after listing to call option volumes on the Nasdaq rivalling protective put demand. With S&P 500 valuations near dotcom-era peaks, the structural question for …

Nitish Kishor | 20 June 2026

Strait of Hormuz Reopens: Tanker Traffic Recovers But Remains Below Prewar Levels

Traffic Returning, But Normalisation Is Incomplete

Nitish Kishor | 20 June 2026

The US Dollar's Structural Strengthening Under Warsh Threatens Emerging Market Stability

The US dollar has strengthened as investors reassess the future path of American monetary policy. Unlike short-lived rallies driven by market volatility, the current move appears linked to expectations that interest rates may remain elevated for longer than previously anticipated.

Nitish Kishor | 18 June 2026

What the Intel-Apple Chip Partnership Really Means for US Semiconductor Industrial Policy

The semiconductor industry has become a central focus of economic and national security policy. Governments increasingly view chip production not only as a commercial activity but also as a strategic capability essential to technological leadership.

Nitish Kishor | 18 June 2026

Why Apple's Memory Price Pass-Through Is a Warning Signal for the Entire Consumer Electronics Sector

Apple has long been regarded as one of the most disciplined supply-chain operators in the technology industry. Its scale, purchasing power, and operational efficiency have often allowed it to manage component cost fluctuations better than competitors.

Nitish Kishor | 18 June 2026

Why Kroger's eCommerce Profitability Is the Most Important Line in Its Disappointing Earnings Report

Kroger's latest earnings report was dominated by concerns about softer consumer spending, margin pressure, and weaker-than-expected profitability. The market reaction reflected those concerns, with investors focusing on the immediate challenges facing one of America's largest grocery retailers.

Nitish Kishor | 18 June 2026

Why the Custom Silicon Thesis Is Structurally Sound but Tactically Overpriced at Current Valuations

The investment case for custom AI silicon is built on a compelling economic argument. Large technology companies operate computing environments at a scale where even small efficiency improvements can produce meaningful cost savings.

Nitish Kishor | 18 June 2026

Why the Iran Deal's Oil Supply Recovery Will Take Longer and Be More Disorderly Than Markets Expect

The ceasefire between the United States and Iran triggered an immediate decline in oil prices as traders anticipated a rapid restoration of crude flows through the Strait of Hormuz. The market response reflected a belief that lower military risk would quickly return global energy …

Nitish Kishor | 18 June 2026

The Private Credit Withdrawal Spiral: How Forced Liquidations Could Cascade Through Alternative Assets

Private credit has grown rapidly over the past decade as institutional investors searched for higher yields outside traditional public markets. Pension funds, insurers, endowments, and wealth managers allocated substantial capital to the sector.

Nitish Kishor | 18 June 2026
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