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- The rich are getting richer , so why no wealth tax ?
Although the wealth of the rich has surged worldwide, the number of countries levying an annual net wealth tax has shrunk, from 12 European countries in 1990 to only Norway, Spain and Switzerland. France scrapped its wealth tax in 2018 over fears of capital flight, replacing it with a tax on worldwide real estate assets above €1.3 million. An ESRI report finds Irish household wealth reached €927 billion in 2023, about two-and-a-half times higher than a decade earlier and mostly held in family homes, with the top 10% controlling close to 50% of wealth. Asset-related taxes in Ireland still raise less than €6 billion in 2025, out of more than €105 billion in total tax revenue. The report finds a wealth tax would raise significant sums only with a wide base including businesses, farms and homes: at a €500,000 threshold and 1% rate, a narrow base of financial assets would raise under €450 million a year, versus close to €3 billion for all assets.
- Why bank stocks shocked everyone by getting thrashed
Bank stocks have sold off sharply ahead of earnings from JPMorgan, Bank of America, Goldman Sachs and Wells Fargo, even though banks have traditionally benefited from higher rates. Many major names are in correction territory, down 10% or more from their highs; over the past month Bank of America is off 13%, Goldman Sachs 12%, Morgan Stanley 11% and Wells Fargo 7%. The KBW Nasdaq Bank Index, which tracks 24 US bank stocks, is down more than 14% from its August peak while the S&P 500 hits new highs, which the Macro Paper called a possible warning sign for the US market. Analysts cite a weaker deal environment, including the delayed Oura IPO and the expected postponement of OpenAI's IPO to 2027, along with deposit competition from AI products and fears that new technology could disrupt financial services. Evercore ISI's Julian Emanuel said the sector's underperformance has been striking, given it has historically benefited from higher rates.
- Bitcoin Treasury Giant Strategy Faces Index Removal Under Finalized MSCI Rules
MSCI finalized a rule making “non-operating companies” ineligible for its Global Investable Market Indexes, effective at the close of November 30 as part of its November review. The rule targets firms like Strategy and Metaplanet, whose balance sheets are dominated by Bitcoin: companies failing an initial core screen are tested on five financial ratios and flagged if they fail four or more. MSCI added buffers so current constituents are removed only if they fail in both of their two most recent annual filings, and it scrapped a temporary reprieve for firms with 50% or more digital-asset holdings. Removal would force index-tracking funds to sell shares, potentially pressuring prices and shrinking the premium these firms trade at over their crypto. Saylor called the rule “discriminatory,” while Metaplanet sold 10,000 Bitcoin and bought back 11,000 to show active treasury management, and Strategy has kept accumulating.
- Strategy and Riot Fall 4%, Cipher Digital Declines 3% as MSCI Index Rules and Convertible Sale Weigh
Strategy (MSTR) fell 4% to $145.50, Riot (RIOT) dropped 4% to $14.94 and Cipher Digital (CIFR) slipped 3% to $9.75. Strategy's pressure stems from MSCI's new index eligibility rules, with financial tests taking effect at the November review, and the company was previously flagged as potentially ineligible, even as Bitcoin rose over 24 hours. Cipher Digital priced zero-coupon convertible notes to fund its Barber Lake data center, settling Friday. Year to date, MSTR is down 5%, CIFR down 34% and RIOT up 20%. The CoinShares mining ETF (WGMI) fell 2% while the SPDR S&P 500 ETF (SPY) rose 0.2%.
- MSCI approves rules that could eject Strategy, Metaplanet from equity indexes
MSCI has finalized rules that will exclude companies that mainly hold investments rather than running a real business from its global investable market indexes, effective after the close on Nov. 30, with affected firms named on Nov. 11. JPMorgan analysts estimate Strategy's exclusion could trigger about $2.8 billion in outflows from its MSTR stock, though forced selling would hit the shares rather than necessarily its bitcoin holdings. Strategy holds 848,250 BTC worth about $69.67 billion, yet its shares closed at $151.29 on Thursday, down roughly 72% from their $543 record in November 2024. Metaplanet closed at 277 yen ($1.75) on Friday, after peaking at 1,930 yen in June 2025. The article warns that weaker demand for the shares could make it harder for these companies to raise funds to buy more bitcoin.
- MSCI adopts index exclusion rules that could oust Strategy
MSCI has adopted rules that make 'non-operating companies' ineligible for its Global Investable Market Indexes, which could lead to the removal of Strategy (MSTR), Metaplanet and Upexi. Under the methodology, companies are assessed on their operating assets and five financial ratios, and those failing at least four tests could be deemed ineligible, with existing constituents generally needing to fail over two annual reporting periods before removal. Sharplink, Ton Strategy Company, Solana Company and DeFi Development Corp. have been placed on a watchlist for potential removal. MSCI will publish its final list on Nov. 11, with removals taking effect on Nov. 30, 2026; funds tracking the indexes hold about 13 million Strategy shares, or 3.1% of its basic shares outstanding. JPMorgan had earlier estimated that Strategy's exclusion could trigger roughly $2.8 billion in selling, but that estimate concerned an earlier proposal rather than the rules now adopted.
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JPMorgan has already committed half of its $10 billion investment pool to hypersonic-missile maker Castelion and defense manufacturer Hadrian. The bet reflects America's push to rebuild its defense industrial base.
- X-Energy, Amazon, AEP Partner To Evaluate Feasibility Of 960 MW Nuclear Project In Indiana – A Look At The Key Highlights
X-energy and American Electric Power (AEP) announced a joint development agreement to evaluate the feasibility of a proposed 960-megawatt small modular reactor project in Indiana, with Amazon supporting development through a milestone-based funding agreement. The plant would feature 12 Xe-100 units near the former Breed Generating Station in Sullivan County, redeveloping an AEP-owned brownfield site. It is the second commercial project under the X-energy and Amazon collaboration, which aims to bring more than 5 gigawatts of new nuclear capacity to the U.S. grid by 2039. At the time of writing, XE was up 2%, AMZN gained 3.75%, and AEP fell 1.13%.
- Waymo Will Be “a Trillion Dollar Business. Easy” per VC Investor
Bessemer Venture Partners' Sameer Dholakia says Waymo could become a trillion-dollar business by expanding from ride-hailing into personal car ownership, trucking and logistics. The article notes Bessemer invested in Waymo's $16 billion February round, which valued the company at $126 billion. Waymo reached 500,000 paid rides a week in March, but Sacra estimates its annualized revenue at only $355 million in February, under 0.1% of Alphabet's $403 billion in 2025 revenue. Alphabet trades at 25.0x forward earnings, within its usual range, while Uber trades at 18.2x, a level analyst Walter Piecyk links to the threat from Waymo and Tesla's Robotaxi.
- Jensen Huang Declares NVIDIA Can Win “in the Absence of Any AI Labs”
NVIDIA CEO Jensen Huang said on the BG2 podcast that about a third of the business, classical computing unrelated to AI labs, is growing 30% to 40% a year, while frontier labs account for roughly 25% to 30% of compute. In the three months to July 26, 2026, revenue rose 106% to $96.2 billion, with AI clouds, industrial and enterprise revenue up 138%. Steve Eisman cited a 10-Q line showing 70% of NVIDIA's accounts receivable comes from five customers, though the article notes receivables are not the same as revenue share. NVIDIA trades at 17.7x forward earnings, near its three-year low of 17.5x and well below its 30.3x average.
- AWS Margin Expansion and Retail Execution Power Amazon (AMZN) in Q3
Wedgewood Partners reported that its Wedgewood Composite returned 2.5% net in the third quarter of 2026, compared with 2.3% for the S&P 500 and 0.9% for the Russell 1000 Growth. In its investor letter, the firm named Amazon a leading contributor, citing AWS revenue growth accelerating to 37% from 17% a year earlier and a 63% rise in the segment's operating income. AWS backlog of around $500 billion is more than double last year's level and up 37% from 90 days earlier, and Wedgewood said this demand supports a plan to double AWS capacity from circa 2025 levels by 2027. Advertising grew 26% and generated over $75 billion in revenue over the past 12 months. As of October 16, 2026, Amazon closed at $250.00, with a market capitalization of $2.7 trillion and a 21.22% gain over the past year.
- Bitcoin is rejected at $83K as US bond yields reverse higher with equities
Bitcoin failed to follow rising equities as a wall of sell orders above $83,000 across exchanges capped gains, and BTC slipped below $82,000 after Monday's Wall Street open. The Nasdaq Composite gained 1.5% and South Korea's KOSPI rose 1.76% to 5,768 points, while the US 10-year yield climbed to 5.13% and the 30-year to 5.46%, moving in step with stocks ahead of major tech earnings from Meta, SpaceX and Tesla. QCP Capital warned that a repeat of last week's tech sell-off could threaten the $80,000 support level. Crypto liquidations totaled $335 million over 24 hours, and the Binance whale ratio fell to 0.45 from 0.54 at the start of October.
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