Investment
Editor’s Note * Inflation is no longer a tail risk — it’s the base case. The market doesn’t look like it’s pricing a recession; it’s pricing an inflation-first shock, led by energy and geopolitics. Strong ISM Services (56.1) and soft-but-not-breaking payrolls reinforce this uncomfortable “No Landing”
Investment
Editor’s Note * Inflation is back in the driver’s seat — and this time it’s energy-led. Brent above $84 and real fear around the Strait of Hormuz changes the tone from “soft landing” to “sticky inflation.” What struck me most is how quickly AI names went from untouchable to
Investment
Editor’s Note * Geopolitics just moved from background noise to front-page risk. The 500-point drop in Dow futures wasn’t about inflation or positioning — it was about Iran and the realization that the Strait of Hormuz is not an abstract headline. Barclays’ warning not to reflexively buy the dip feels
Investment
Editor’s Note * AI has crossed from narrative to industrial policy. When NVIDIA calls this a “new industrial revolution,” it doesn’t feel hyperbolic anymore. The numbers back it up — hyperscaler capex approaching $700B, AI server backlogs exploding at Dell Technologies, and utilities like Evergy and Sempra reshaping multi-year capital
Investment
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
Investment
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 players
Investment
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
Investment
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
Investment
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 signals
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.
Investment
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 everything
Investment
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