Editor's Notes: * AI is still leading, but expectations feel heavy. The market is optimistic, yet conversations are shifting from “AI = growth” to real constraints—optical bandwidth, transmission lines, and capex pressure. I’m still constructive, but I’m also more selective; not every AI-linked story deserves a
Editor's Notes: * Oracle feels like one of the clearest examples of how the AI trade is evolving from a margin story into a balance-sheet story. On the surface, the growth narrative is undeniable: OCI is scaling rapidly, RPO has exploded on the back of the OpenAI deal,
Editor’s Notes * Precious metals are sending a loud signal. Silver’s move really caught my attention—up 17% in a single holiday-shortened week and 40% month-on-month, decisively outperforming gold. This doesn’t feel like a speculative blip. Between geopolitical flashpoints, talk of physical shortages, and distrust
Editor's Notes: * Electricity for AI: Datacenter consuming 6% US power in 2026 and 18% in 2030 would require "Manhattan project of natural gas-fired power plant construction", as a gap measure before nuclear. This may be an interesting 2026 thematic play to continue (shifting from GEV
Editor's Notes * Heading into 2026, the market presents a complex outlook, driven by robust retail-driven gains and persistent macro-level anxieties. * Bullish price action vs. creeping macro anxiety. I’m struck by how split the market feels. On one side, you have very confident calls for the
Investment
Editor's Notes: * What stood out to me today is how clearly the market narrative is shifting from AI excitement to AI execution. The buzz is no longer just about models and chips, but about whether the physical layer—power, data centers, cooling, grids—can actually keep up. That’
Editor's Notes: * Duolingo is a genuinely beloved app in my household. I first let my eldest son use it to learn a new language. Then his younger brother joined. Then my wife. They all started with languages and naturally branched out into math, music, and most recently chess.
Editor’s Notes: * U.S. markets are riding strong Q3 GDP and a year-end rally, but conviction is thinning. The K-shaped recovery narrative is hardening: AI leaders like NVIDIA and select semis keep winning, while many consumer, software, EV, and travel names sell off on earnings, guidance cuts,
Editor's Notes: * Memory and lithium cost surge will have negative impact on downstream players (gaming consoles, computers, EVs, mobile phones, etc.) The margin hit may be temporary, but the impact on stock prices have been asymmetric - beneficiaries stock price surging while losers stock price decline relatively muted. One
Editor's Notes: * This is the stock that 10x over 5 years. Key supplier to TSMC (going where it goes - Arizona plant, Taiwan, etc.) * Stock got further attention earlier today (see our daily brief earlier). * Valuation fair (not cheap) given high-single-digit annual growth at the company level
Investment
Editor's Notes: * Mentioned a few days ago about BOJ rate impact mostly priced in and hence the JP market recovery. Continue to bet that AI "broadening out" trend will lift up Japan-listed supply chain companies. Now seeing a few names coming up - Kioxia, Tokyo Electron,
Investment
Editor's Notes: * We summarize recent discussions from 30+ podcasts every week, to monitor sentiments, what's priced in and which stocks professionals are looking into. * 3 themes we have been looking into are somewhat confirmed: * Hormel showed up as an recommendation by an investor. We highlighted this