AMD topped a $1 trillion market cap for the first time, riding a five-day winning streak that has the stock up about 25%. Nvidia sits around $5.4 trillion. And yes, it's a family business: Jensen Huang and Lisa Su are first cousins once removed. A $10,000 bet on AMD the day Su took over as CEO would be worth more than $1.87 million today.

Everything priced in the stock market:

1. 0% long term rates cuz Fed inevitably has to cut thus justifying valuations.
   
2. 125 bps of rates hikes just cuz that somehow doesn’t contradict point 1.
   
3. AI already crashed cuz it’s traded nearly sideways for 3 months if we’re accounting for inflation.
   
4. S&P is historically cheap cuz all that matters is future earnings that haven’t happened, don’t look at trailing earnings.
   
5. A 20% pull back really is a financial crisis scenario cuz really that’s 60% in historical terms if you don’t account for leverage.
   
6. We’re actually closer to 1994 than 2000.
   
7. Everyone assumes dot comm thus everyone is bearish which means stocks can only go up.
   
8. Yield curve is an outdated metric.
   
9. Bonds don’t matter unless the returns are 15%/yr.
   
10. Disregard point 9 because 15%/yr return is nothing.