Latest Graphs — Week of 9 Oct 2026
General and impersonal investment research. Not personal financial advice. Forecasts, valuations and model outputs are estimates and may be wrong. See Investment Disclaimer.
Ten charts, updated weekly. Each answers one question about the market or the research book with an annotated chart, a headline that states the takeaway, a two-sentence caption with the numbers, and short bullets: what it means, what it implies for investors, and what would change the read. Every earlier week stays available below.
Semis' long lead over the S&P 500 looks stretched
How extended is semiconductor leadership?
Utility capex is growing faster than its post-2015 average
How fast is utility capital spending growing?
Hyperscaler capex runs further ahead of depreciation than in 2019
How far does capex now run ahead of depreciation?
Hyperscaler capex is still rising: $566bn, 8.0 times 2019
How fast is hyperscaler capital spending growing?
The largest stocks keep outrunning the average S&P 500 stock
Is the market getting more or less concentrated?
A stronger dollar is a translation headwind for multinationals
Where is the dollar in its cycle?
META's capex is 39% of revenue; GAAP margins have held so far
Are ad-driven platforms still expanding margins while they spend on AI?
The 10y–2y curve explains only 9% of XLF's moves against SPY
Do financials track the yield curve?
Growth has given back 17% against value since its peak
Which style has the market been paying for?
Credit looks strong, but yields explain all of its gain
Is credit confirming the equity tape?
Week of 2 Oct 2026
- Profitable stocks now earn less than the 10-year Treasury yields · Macro & Cross-Asset
- AI spending is eating into the hyperscalers' free cash flow · AI & Themes
- Profits, not just prices, are concentrating in the ten largest · Earnings & Fundamentals
- The 30-year Treasury yield is at its highest since 2002 · Macro & Cross-Asset
- The market explains less of stock moves than any year since 2015 · Risk & Uncertainty
- SPY volatility sits near its long-run middle · Risk & Uncertainty
- 5 of 11 sectors are expensive against their own history · Valuation
- SPY nears its high while more stocks make lows than highs · Breadth & Leadership
- Earnings misses are punished harder than beats are rewarded · Earnings & Fundamentals
- Stock pay cuts the median free-cash-flow yield to 3.8% · Valuation