Record Highs, 5% Yields... Something Has To Give w/ “The Big Short” Crew & Robinhood’s Steph Guild

Passive flows and NVIDIA's own ~$500B in customer financing, not fundamentals, are masking historically poor market breadth.

• Market breadth broken: Vincent Daniel says breadth is 'horrific,' with target-date/passive flows funneling 8-10% of every dollar into Apple and NVIDIA regardless of fundamentals.
• Private credit as canary: Dan Nathan notes Apollo, KKR, Blackstone shares trade poorly despite record AI financing demand; a KKR strategist flagged AI-related investment-grade debt concentration at 6.3%, double the 30-year sector average.

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