Investment
Editor's Notes: * We just navigated the heaviest week of earnings season, and the defining takeaway is a divergence in Big Tech. The market has rewarded Alphabet for proving immediate cloud monetization while punishing Meta and Microsoft for their massive, unproven infrastructure bills. * The structural unlocking of Japanese value
Investment
Editor's Notes: * The AI trade is shifting to the plumbing: Capital continues rotating out of software and into the infrastructure required to actually run these models. The real bottlenecks right now are power generation and mass storage, making names like Seagate and Generac much more practical "picks
Investment
Editor's Notes * With rumors of OpenAI missing revenue targets, hyperscaler multiples look increasingly fragile. The smart money should look into hidden analog bottlenecks like Sumitomo Bakelite (4203.T), a 14x P/E monopoly holding 90% of the HBM4 epoxy market. * WuXi AppTec (2359.HK) just surged on an
Investment
Editor's Notes * Tokyo's push past the 60,000 milestone is no longer a simple momentum trade; it is underpinned by a massive fundamental upcycle in Japanese robotics and machinery. With legacy names like Fanuc and Keyence integrating LLMs directly into their manufacturing hardware, the street is
Investment
Editor's Notes * INTC's massive Q1 print has validated the fundamental AI revenue thesis, sparking a violent short squeeze across legacy incumbents like AMD and ARM (for a deeper dive on the earnings, see our post-earnings analysis). * Meanwhile, the release of China's DeepSeek-V4 is forcing
Investment
Editor's Notes * The AI narrative has been pushing capital into the "Physical AI" layer of chips and power management. With this "SaaSpocalypse" aggressively whipsawing the broader software sector, it is best to simply wait for the dust to settle before trying to bottom-fish any
Investment
Editor's Notes * While the Nikkei looks resilient on the surface, that lift is being engineered by just a handful of heavyweights. The more practical play right now is focusing on Japan's "National Policy" initiatives, where defense and domestic drone technology are seeing genuine, high-conviction
Investment
Editor's Notes * The geopolitical relief trade is pulling oil prices lower, offering a tangible tailwind to homebuilders like D.R. Horton as material and transport costs soften. However, the biggest story stateside is the leadership transition at Apple. With John Ternus taking the helm, the street is heavily
Investment
Editor's Notes * The AI trade is evolving from expensive hardware into the "Compute Paradox." Because processing costs are inherently deflationary, the next leg of this rally won't be in the chips themselves, but in the software companies pocketing the margin expansion as API costs
Investment
Editor's Notes * The sudden drop in oil prices is masking the fact that this market melt-up is heavily engineered by CTA algorithmic buying. With over $86 billion blindly chasing the tape this week, the easiest way to play the geopolitical relief isn't buying the expensive broader
Investment
Editor's Notes * The US market is telling two different stories right now. Tech infrastructure spending is booming, but $94 oil and rising "buy now, pay later" usage show everyday consumers are hurting. It raises a tough question: if consumer spending finally breaks, are enterprise IT budgets
Investment
Editor's Notes * The current market exhibits "conflicted bullishness" where major indices, notably the S&P 500, approach all-time highs driven by AI infrastructure investments, despite geopolitical tensions. This resilience indicates a market decoupled from traditional macro-geopolitical concerns, presenting frustration for bearish institutional investors. * The quiet