According to @EricBalchunas, QQQ rose about 20% in 2025, contradicting narratives that the US market weakened into year-end. Source: @EricBalchunas on X, Jan 2, 2026. He adds that QQQ gained 134% over the past three years, far outpacing international equities even in their strong year. Source: @EricBalchunas on X, Jan 2, 2026. Over a 10-year horizon, he notes international returns are under one-quarter of US returns. Source: @EricBalchunas on X, Jan 2, 2026. For traders, this evidences continued US tech momentum and leadership in the NASDAQ-100, reinforcing a growth-risk backdrop to benchmark against. Source: @EricBalchunas on X, Jan 2, 2026. No crypto-specific data were provided; use this equity strength as macro context when assessing risk appetite. Source: @EricBalchunas on X, Jan 2, 2026.

According to @KobeissiLetter, the top 20% of S&P 500 tech companies by 12-month CapEx as a percentage of cash from operations delivered a +45.2% median stock price return in 2025. Source: @KobeissiLetter. The next 20% highest CapEx cohort posted a +21.5% return over the same period, while the bottom 20% recorded just +2.2%. Source: @KobeissiLetter. Combined CapEx for Amazon, Meta, Alphabet, and Microsoft reached a record $112 billion in Q3 2025, doubling since Q1 2024. Source: @KobeissiLetter. These figures indicate investors are rewarding larger capital investment in 2025, with CapEx intensity emerging as a key performance driver. Source: @KobeissiLetter.