Investment
Editor's Notes: * Recent 13F filings reveal that institutional consensus on mega-cap tech has diverged. While Stanley Druckenmiller de-risked by exiting Alphabet and Amazon, Bill Ackman and Chris Hohn executed directly opposing strategies—Ackman swapped Alphabet for Microsoft, while Hohn cut his Microsoft position to buy Google.
Investment
Editor's Notes * The Nikkei hitting 60,000 is a historic milestone, but the 30-year US Treasury yield punching past 5.1% is the real number to watch. Between a potential hawkish shift at the Fed and ongoing geopolitical pressures pushing oil higher, macro reality is catching up
Investment
Editor's Notes * The reported clearing of H200 chip sales for Chinese tech leaders is the biggest narrative shift we've seen in months. It effectively kills the "AI isolation" thesis and gives Alibaba the room it needs to finish its pivot into a dominant infrastructure
Investment
Editor's Notes * The upcoming Samsung union strike is a tactical window for Micron, even as the sector nears its cycle peak. With a shutdown planned from May 21 through early June, the already strained supply of high bandwidth memory is likely to face a further squeeze. Since SK
Investment
Editor's Notes: * Birkenstock (BIRK) is reporting earnings today (May 13), and it is a great test case for the "premium consumer" trade. While many retailers are struggling, Birkenstock is benefiting from the easing of 2025 tariff pressures and potential tax refunds. With Michael Burry involved and
Investment
Editor's Notes: * Two ideas jumped out to me today. Uber is successfully turning autonomous vehicles into a supply source rather than a competitor. By partnering with Waymo, Zoox, and Rivian, they are ensuring that regardless of who builds the best car, the manufacturer still needs Uber’s network
Investment
Editor's Notes * Yesterday we flagged Rocket Lab (RKLB) as the only viable Western competitor to SpaceX, and the recent 34% surge confirms the "launch duopoly" thesis is sticking. With Blue Origin and ULA essentially stalled, RKLB’s Neutron vehicle is the only real threat to Musk’
Investment
Editor's Notes * We’re witnessing a fundamental re-classification of the memory sector. The street is no longer trading Micron and its peers as boom-bust commodity stocks, but as essential utilities for the AI data center. With mandatory refresh cycles replacing discretionary consumer demand, analysts are pricing
Investment
Editor's Notes * The biggest threat to the chip sector isn't a competitor; it's the customer. Amazon’s internal AI silicon, Trainium and Inferentia, is reportedly already scaling faster than AMD’s entire AI business. If the biggest hyperscale buyers successfully bypass the open market
Investment
Editor's Notes: * Data center server density is now so high that advanced liquid cooling is mandatory, making water the next critical bottleneck. The next uncrowded "picks and shovels" trade might be in desalination and water tech. Powering LLMs doesn't matter if you can'
Investment
Editor's Notes: * The bloodbath in legacy logistics is likely a structural repricing, not a cyclical dip. The double-digit sell-offs in legacy carriers (FedEx, UPS, GXO) reflect a terminal-value panic as Amazon aggressively opens its delivery network to third parties. The real threat is the shift
Investment
Editor's Notes: * This market update highlights a pivot in equity markets from "SaaSpocalypse" fears to a premium on "Agentic AI," with software leaders successfully integrating autonomous agents. Japan benefits from renewed structural tailwinds and increased investment following Berkshire Hathaway's long-term commitments,