| Ripple Effect — October 7, 2025
Tech stocks are running hot. But they’re not the only game in town.
A breakdown of the top 20 global players shows a lot of tech, yes – but also the big players in energy, pharmaceuticals, financial, and retailers:  Following the market’s massive rally, tech takes the lead – as do U.S. stocks as a whole.
(Source: Companiesmarketcap.com) What’s most fascinating is that you won’t find a European stock in the top 20.
Even the top 25. ASML, a chip manufacturer based in the Netherlands, clocks in at the #26 spot globally.
We’re not surprised. As much as we see international investing as a way to diversify out of the U.S. dollar and its continued weakening, Europe is in a worse place.
Their GDP has flatlined over the past 15 years, against a doubling in GDP for the U.S. and even bigger GDP gains in China.
While the U.S. leads the world in AI spending, and China leads in technology like drones, what does Europe lead the world in? Regulation.
They spend more time penalizing U.S. tech firms for regulatory violations than encouraging their own tech ecosystem.
Europe isn’t even trying to play the capitalist game anymore – and it shows.
U.S. stocks are the best game in town right now, but could still take a backseat to other countries in the years ahead as richly valued AI stocks take a breather. But don’t expect too many big changes in this list in the next year – or for any European stock to crack into the top 20 anytime soon.
~ Addison | George Gilder's track record speaks for itself. He predicted the microchip boom. The internet revolution. The iPhone transformation. Qualcomm's 2,600% explosion.
Each time, early investors who recognized what he saw had the chance to capture life-changing wealth.
Now he says October 16th will trigger what he calls "Convergence X" - and 3 specific companies sit at the center of the next wealth super boom.
Act before October 16 turns this from opportunity to history. | P.S. Grey Swan Live! continues Thursday at 2 PM ET. This week’s guest is none other than George Gilder.
George once handed President Reagan the first microchip, and now he says today’s tech wave dwarfs the original $6.5 trillion tech revolution of the 1980s.
Eight exponential technologies — AI, quantum computing, robotics, self-driving cars, blockchain, chips, advanced biotech, and even space — are no longer advancing in isolation.
They’re colliding, compounding, and accelerating into what could be the single greatest wealth-building event of our lifetimes.
The pace is staggering.
That’s why in Grey Swan Live!, we’ll show you how to navigate this convergence — and how early positioning could define not just your portfolio, but your legacy.
It’s not too late. Join us, won't you?  If you have any questions for us about the market, send them our way now to: feedback@greyswanfraternity.com.
How did we get here? Find out in these riveting reads: Demise of the Dollar, Financial Reckoning Day, and Empire of Debt — all three books are now available in their third post-pandemic editions. You might enjoy one or all three. 
(Or… simply pre-order Empire of Debt: We Came, We Saw, We Borrowed, now available at Amazon and Barnes & Noble or if you prefer one of these sites: Bookshop.org, Books-A-Million or Target.)
Please send your comments, reactions, opprobrium, vitriol and praise to: feedback@greyswanfraternity.com |
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