🎯 Stock rally goes global

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Welcome back to Trendline!

Let’s dive into today’s top 5 charts.

1) Stock rally goes global: “After soaring more than 50% over 2023 and 2024, the S&P 500 has largely flatlined since Trump’s inauguration. The hot trade is now moving overseas, with investors piling into European and Asian stocks” (e.g. Alibaba’s stock is up 54% YTD)

2) China’s pharma leap: Like with most industries, China is also growing rapidly in pharmaceutical drug development - license revenue was close to ~$50bn in 2024. How long before it catches up to US?

Stocks to watch: BeiGene (ONC)

3) High Stakes: Total revenue from land-based casino games, sports betting and iGaming in US reached ~$71.9 Bn in 2024, growing 7.5% from 2023. Two interesting trends:

• Shift to Online: Online gaming, including online sports betting and iGaming (online poker etc.) grew 30% YoY to reach ~$21.5 Bn in revenue, and now comprises 30% of total US gaming revenue. Expect this trend to continue.

• Sports betting continues to see significant growth, reaching $13.7 Bn in 2024, growing +25.4% YoY

Stocks to watch: Draft Kings (DKNG), Flutter Entertainment (FLTR)

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4) DoorDash's unstoppable apetite: Doordash has captured 60.7% of US restaurant delivery market, leaving its closest competitor Uber Eats far behind (26.1% share). Doordash had less than 40% market share in the beginning of 2020.

However, the company is not not standing still.

In Aug 2024, DoorDash announced a partnership with Chase Sapphire, offering complimentary DashPass memberships to cardholders. Meanwhile, the company continues expansion into new verticals, such as home improvement, through partnerships with retailers like Home Depot.

Stocks to watch: DoorDash (DASH)

5) Tech layoffs pick up pace in 2025: Almost ~26k tech employees have been impacted by layoffs in the first 2 months of 2025, with Meta announcing the biggest layoffs of 2025 so far.