Caterpillar booked $128 million of tariff recoveries last quarter. On Holding booked CHF 52.6 million this one. Machines and running shoes, same refund, after the same court ruling. It is quietly flattering margins across the market.

Marvell is buying Lumentum in the largest announced merger of the year at $115 billion. That figure is measured against share prices from 28 October. At the start of November the same deal was worth about $87 billion.

SemiAnalysis measures Google’s current AI chip at up to nearly 3 times Nvidia’s output per dollar on agent workloads. Nvidia’s top system is still faster. Everyone has been buying on speed, and the bills are settled in dollars.

Nvidia is about 7% of the S&P 500. It has been run by the man who founded it in 1993, there is no named successor, and its board has just opened an independent inquiry into his conduct. Key-person risk is usually a small-company problem.

Bitcoin perpetual futures open interest was reported near $68.6B, versus about $35.5B in daily spot volume. These measure different things, but the leverage matters: forced liquidations can accelerate price moves when market liquidity is thin.

Micron makes 60% of its DRAM in Taiwan. Bloomberg reports it has paused construction of a $4.5 billion plant there over a pay dispute. The memory shortage raising the price of every laptop just picked up a supply problem too.

Strategy holds 849,327 BTC, but its mNAV depends on how debt, preferred shares and cash are counted. A premium to BTC holdings does not automatically make new share issuance accretive. The key is whether BTC backing each common share actually rises.

The semiconductor index sits about 30% below its June high and about 45% above where it started the year. Both at once. What’s being called a collapse is the giving back of a gain that was never normal in the first place.

Spot Bitcoin ETFs have lost about $514M in November, while the 10-year Treasury yields near 4.9%. Bitcoin pays no yield, so investors compare its potential upside with what Treasuries offer. The flows fit that backdrop, but don't prove rates caused the outflows.

Apple and Nvidia are the only two companies that have ever been worth $5 trillion. On Friday Apple passed Nvidia to take the title back. The company that sat out the data center build-out is now worth more than the one selling it the chips.