Asset performance since (midterms) Election Day showing clear winners and losers, with indices now slightly positive despite all the hysteria. ➤ Winners: hyperscalers, select datacenters, precious metals. ➤ Losers: memory, Nvidia, crypto. ➤ Flat: indices, semis, bonds. WULF +20.2% AMZN +10.9% Silver +7.8% CRWV +7.8% SPCX +7.2% META +6.9% GOOG +3.7% TAN +3.5% Gold +3.5% SOXX +1.1% Nasdaq +0.8% S&P +0.6% TLT -1.1% TSLA -3.4% BTC -3.8% IREN -5.3% ETH -8.6% NVDA -13.0% ZEC -13.3% SNDK -13.5% HYPE -13.6% This is all truly remarkable given that we had a 1-day 6.25% drop in the Nasdaq, hot CPI and an FOMC member (Waller) threatening a 50bp hike in December. And if we see de-escalation in Iran, which would help the Fed turn less hawkish (every single FOMC member is now hawkish), we will have all the conditions for a massive hated rally into year end (namely, shorts galore).