In recent weeks, after both the high valuations of AI stocks and the fear of missing out on the rally subsided, the market sold off this group of stocks, bringing prices somewhat back to normal. However, during this period, one group of stocks found a buyer and rose. This group, known as clean/green energy stocks, in particular, gained strength. Why did this happen? Because the biggest problem with AI was that this theme required a huge amount of energy to function, and whether even the electric grid could meet this demand was a matter of debate. This wasn't new, but that's the market; despite seeing and knowing everything, it likes to price factors one by one. Trump's policies, which had previously led to positive pricing for traditional energy companies, suddenly lost their relevance, and alternative energy companies like solar, wind, and nuclear came to the fore. There's nothing to say, just the market!

Nothing to say, but clean energy stocks rose by an average of 50% in 2025. If you look, they even surpassed the Magnificent 7. I've been reading reports suggesting that energy demand will increase approximately fourfold in the coming years due to technological advancements. In fact, this change is transforming electricity distribution companies, once defensive companies, into significant sources of logistical support. Indeed, from this perspective, one of the promising themes for 2026 appears to be power grid companies. Indeed, if companies fail to address this, stocks of AI-focused companies with high energy demand will also experience poor performance. For example, Microsoft's energy demand has increased more than sevenfold in the last 10 years with the development of artificial intelligence. These examples aren't limited to Microsoft; other major technology companies have similarly increased energy needs. Artificial intelligence is the showcase of the business, but another characteristic running parallel to it is energy. The energy theme should be considered as energy production, energy distribution, and energy storage. Perhaps the next favorites of fund managers will be the solar, wind, and nuclear energy companies I mentioned above, rather than the Magnificent Seven.

We're living through interesting times... Fed chair statements, which used to trigger price movements in just 15 minutes, are having a significant impact in the absence of data, causing prices to fluctuate. Last week, Cook's statement about high asset prices caused a sharp sell-off in the indices in just one day. Just as the indices were moving from positive to negative, New York Fed President Williams's announcement the next day that he favored a rate cut at the December meeting also triggered a sudden buying surge. Of course, you know the saying, "Where there's no sheep, there's a goat..." This is similar. On top of that, this week's Thursday holiday for Thanksgiving comes. Usually, most market participants take the Friday between these big family holidays and spend the intervening Friday at home. This means shallow market conditions. Hopefully, in such an environment, market prices won't be swayed by excessive price movements. Unfortunately, the difficult times won't end until the end of the year, as it looks like the shallow market conditions will continue in December, with Christmas holidays and other similar events. Furthermore, Powell and his team will have to announce a decision at the Fed meeting on December 10th, without much data. I'm really curious how much they'll give and what kind of statement they'll make.

We'll try to see which stocks and commodities the funds are investing in. Because what the big guys buy is gone. It's the same in nature, too. A whale calf follows its mother's wake to avoid getting tired. It's a tactic in cycling races, where a teammate goes just ahead of the final sprinter, creating the wind so the sprinter doesn't tire and preserves their energy. So, who's the whale paving the way in crypto, the name to follow? I think the Trump family. Just two years ago, the Trump family had almost zero crypto investments, and now they have assets worth billions. If this family had invested in a property, what do you think it would do?