The "everything rally" just went nuclear. Gold topped $3,900, Bitcoin hit a new all-time high, stocks are printing fresh records, and Japan's Nikkei surged 4.26% to 47,717 on massive stimulus expectations from the new Prime Minister. OpenAI just took a 10% stake in AMD, sending shares up 25% premarket as the company plans to deploy 6 gigawatts of AMD Instinct GPUs.

But there's a problem underneath all this: US manufacturing contracted for the seventh straight month (ISM at 49.1), the government shutdown continues with no jobs data in sight, and Japan's bond yields are hitting record highs, raising fears of a Yen carry trade unwind that could destroy global risk assets. Goldman Sachs CEO David Solomon warned a drawdown "wouldn't surprise me" in the next 12-24 months.

Markets are flying completely blind into record territory. The question is whether this is healthy liquidity or a warning sign that everything's too good to be true.

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Stocks closed at record highs Friday with the Dow hitting 47,000 for the first time as Wall Street shrugged off the ongoing government shutdown.

OpenAI took a 10% stake in AMD, sending shares up 25% in premarket trading. The AI giant plans to deploy up to 6 gigawatts of AMD Instinct GPUs, marking a major diversification away from Nvidia and validating AMD's position in the AI infrastructure race. The deal adds another massive customer to AMD's growing enterprise pipeline.

Japan's Nikkei 225 hit a record high of 47,717, surging 4.26% on the new Prime Minister's stimulus plans. Investors are piling into Japanese equities on expectations of massive fiscal spending, tech subsidies, and defense investments under PM Takaichi. The rally cements Japan as Asia's top-performing market this quarter, but there's a catch: long-term Japanese bond yields also hit record highs, raising the risk of a Yen carry trade unwind that could force capital repatriation and pressure global risk assets.

Gold, Bitcoin, and stocks are all hitting new highs simultaneously in what traders are calling the "everything rally." Gold topped $3,900, Bitcoin printed a fresh all-time high, and US equity indexes continue pushing records despite a prolonged government shutdown. The broad-based strength signals massive liquidity, but some analysts see it as a systemic risk signal, especially with the US stock market cap now resting at 305% of M2 money supply, the highest since the 2000 dot-com peak.

US manufacturing contracted for the seventh straight month, with ISM coming in at 49.1. The persistent weakness signals softening industrial demand, yet markets continue rallying in a data vacuum created by the government shutdown. With no official jobs reports available, traders are positioning based on limited information and Fed rate cut expectations.

The "AI Utility Trade" is gaining serious traction as Bitcoin miners like Cipher Mining, Iris Energy, and TeraWulf sign long-term contracts to convert their power-rich facilities into GPU hosting sites. The thesis: these companies control massive power infrastructure that AI companies desperately need, making them the picks-and-shovels play beyond chips.

Eos Energy surged 12% in overnight trading on speculation it's the storage supplier for a $100 billion mega data-center project tied to Google and Amazon, according to analyst Shay Boloor. No official confirmation yet, but the rumor highlights how infrastructure plays around AI are attracting serious attention.

Tesla is teasing a "big reveal" for Tuesday, sparking speculation around drones, robotics, or other AI platforms beyond cars. Options activity is expected to spike ahead of the announcement.

Google's AI market share is surging. Gemini now holds 13.7% of the GenAI market, nearly double the 6.5% from a year ago. The narrative is shifting to how incumbents like Google can leverage their massive distribution advantages to win the AI war, even if they weren't first movers.

Martin Shkreli shared research from Acadian on "quantum insanity," pointing to academic work questioning some of the hype around quantum computing applications. The paper adds to growing skepticism about which emerging technologies will actually deliver returns versus which are just capital black holes.

Critical Metals shares jumped 58% on reports the US government is considering taking a strategic stake in the company, part of the broader push for domestic critical mineral supply chains.

Over a six-month time frame, AltIndex’s top picks beat the S&P 500 by 28.5%.

And AltIndex’s AI model rated the 10 stocks below as the strongest “buys” over the next 6 months. Past performance doesn’t guarantee future gains, but we’re still interested in what our model has to say.

Some of these tickers have been at the top for a long time (ALAB, SERV, FCX, TIME, OKE), but others are much newer faces (VLUTO and JKHY especially).

If you’d like to see the analysis and data points behind these ratings, click below and explore each stock’s page.

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Brandon & Blake of Invested Inc