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• While Oracle (ORCL) capex appears to have peaked, it still came in at 86% of revenues.
• The recent selloff in equity indices has helped push the forward P/E ratio of the S&P 500 back down to 20.2x, or just below 5% forward earnings yield.
• Petroleum stockpiles continue to rapidly unwind, especially for strategic reserves that are now only 2.4 mm bbls above the July 2023 low.

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