Editor’s Note * The AI bifurcation is showing up in price. The split between infrastructure and software has been building for months, but this week felt decisive. Hardware names like Dell Technologies, Marvell Technology, and Hewlett Packard Enterprise are being rewarded for tangible AI revenue, while software names such as
Editor’s Note * AI is no longer just a software story. It is a power story. We have seen the shift from “bits to atoms” for AI, and this earnings season made that tangible. The sheer magnitude of backlog tied to AI data centers, with triple-digit order growth at
Editor’s Note * AI constraints are becoming tangible, not theoretical. The “bits to atoms” narrative isn’t new, but what is new is the data confirming real bottlenecks. With hyperscalers guiding toward roughly $700B in cumulative 2026 capex, investors are no longer debating model potential. They are asking whether there
Editor’s Note * AI is no longer one trade. It is a split screen. In the U.S., capital is clearly rotating from traditional SaaS into what I think of as “Level 2 infrastructure” — power, cooling, networking, and storage. Names like Constellation Energy, Vertiv, and Arista Networks are being treated
Editor’s Notes * We are watching a quiet power shift inside AI. The “zero-cost oligopoly” dynamic, where giants like Microsoft, Amazon, and Google recycle cloud profits into equity stakes in labs such as OpenAI and Anthropic, feels like a modern Standard Oil moment. But the massive AMD–Meta deal
Investment
This report provides an overview of critical upcoming catalysts for major automotive and EV companies scheduled between February 24, 2026, and March 31, 2026. Key events include Q4 2025 earnings releases from Lucid Group, Li Auto, and THOR Industries, which will offer crucial insights into production, guidance, and market demand.
Editor’s Note * Policy risk is back at the center of the tape. The Supreme Court relief rally was short-lived before a fresh 15% global tariff reset the narrative again. What struck me was how quickly this moved from a “retail headline” to a full supply chain repricing, hitting
Editor’s Note * AI is no longer theoretical, it is showing up in revenue and backlogs. What stood out to me this week was how many management teams moved from “AI strategy” to AI contribution. Companies like Lenovo and Palo Alto Networks are directly tying AI to revenue growth and
Editor’s Note * The U.S. macro backdrop is getting more complicated, not clearer. Slowing growth alongside sticky inflation is putting the Fed in what feels like a genuine stagflation trap, and policy optionality is narrowing. At the same time, the Supreme Court’s decision to strike down Trump-era
Editor's Notes: * Some sectors saw reversals in sentiment due to macro: (a) high interest rates and a cooling luxury market continued to weigh on homebuilders and high-end furniture retailers (RH, LEN), (b) concerns over rising fuel costs, combined with severe winter weather ("Winter Storm Fern"
Investment
Editor's Notes: * With permanent SaaS rerating possible and earnings expectations super high to justify multiples in the US, money is flowing to companies with high 2026 certainty and low valuation multiples. This is a time for bottom-up independent thinking, as there is no consensus yet how AI
Investment
Editor's Notes: * Stocks tend to become overbought or oversold when liquidity shifts. The ongoing rotation away from SaaS and high-multiple US equities will inevitably push up the price of some assets (e.g. Costco / Walmart way too expensive?) while providing bargain-hunting opportunities. Not all SaaS will