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Welcome to 2025, where we find ourselves staring down the barrel of the most concentrated, emotionally volatile, and algorithmically hijacked market I’ve ever seen in my 30-plus-year career. Let’s not sugarcoat it — this market is not a market anymore. It’s a masquerade, a one-stock show. And the leading actor? Nvidia (NVDA).

Yes, folks, the S&P 500 has devolved from a diversified index into a rigged performance, dragged higher by a single stock and a single narrative: AI. You can toss aside Tesla (TSLA), Amazon (AMZN), even Apple (AAPL) — Wall Street has effectively crowned Nvidia the lone savior, the last man standing.

Everything else? Noise. Distraction. Detritus. Here’s the problem…

This is what I call the “and then there was one” market — a phrase borrowed not from technical analysis, but from Agatha Christie. In her famous novel And Then There Were None, each character disappears until one remains. We’re seeing the same disintegration play out in real time on Wall Street — not with people, but with leadership stocks. And what’s left? Nvidia. That’s it.

The scary part is not that Nvidia is carrying the load — it’s that the rest of the market has been completely abandoned. We are witnessing systematic liquidation across everything that’s not named Nvidia or, perhaps, Goldman Sachs. Institutions are getting out. RSIs are collapsing. Breadth is a farce. And while the retail crowd stares at the AI fireworks, the real money is panicking out the back door.

This is not healthy. This is not sustainable.

You want to talk about sentiment? Look at retail. It’s getting destroyed. Look at financials — if it’s not Goldman, it’s dead weight. And don’t even bring up the bond market, which is flashing every inflation warning sign imaginable. We’re pushing toward a 5% handle on the 30-year, and yet the average investor is still clinging to tech like it’s a security blanket. Wake up. The bond market is 10 times the size of the equity market. It is not noise. It is the dog, and the stock market is merely the tail.

And then there’s China. Louis Vincent Gave isn’t some fly-by-night commentator — he’s calling the next rotation out loud. Out of U.S. assets. Into Chinese equities. Not because people hate America, but because they’re finally waking up to valuation. U.S. exceptionalism may be peaking. Our market is priced for perfection in an imperfect world.

I’m not here to scare you. I’m here to protect you. If you’ve got exposure to these hot darlings like Nvidia or ASML, for God’s sake, hedge it. Protect it. Don’t be that deer in the headlights when the machines finally pull the rug out.

This is not a market of opportunity — it’s a minefield of complacency. The exits are unmarked, and when the fire starts, they’ll be jammed. If you’re not hearing the alarms, then maybe — just maybe — you’ve been lulled to sleep by the siren song of artificial intelligence.

This is your wake-up call. Ignore it at your own peril.

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