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Editor's Notes * The first annual profit drop at BYD since 2021 is a loud signal that the domestic Chinese price war has reached a brutal knockout stage. While record sales volume continues to impress, the real story is the strategic shift to overseas markets where margins are actually
Investment
Editor's Notes: This is the second part of the earnings summary for last week — I shared part 1 yesterday. * The biggest shift that stands out is how Chinese EV players are finally crossing into profitability, but in a very different way than before. It’s less about selling
Investment
Editor's Notes: * This is part 1 of our earnings recap from the past week. We’ll share part 2 tomorrow given just how packed the calendar has been. One thing that stands out right away: AI is no longer a side narrative, it’s embedded everywhere, but the
Investment
Editor’s Note * AI is quietly moving from concept to real operating leverage. What stood out this week wasn’t just companies talking about AI, but showing how it actually changes the economics of their business. Software names like ServiceTitan are already seeing meaningful ROI from AI-driven automation, while infrastructure
Investment
Editor’s Note * AI is quietly becoming real infrastructure, not just a tech story. Reading through the earnings, what stands out is how AI demand is spilling far beyond chips and software. It’s now driving orders for networking gear, fiber, construction equipment, and even utilities. Companies like Ciena, Hewlett
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 * 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
Investment
Editor's Notes: * Latest earnings reports reveal a bifurcated economic landscape driven by an unprecedented AI and data center infrastructure boom counteracting broader market softness due to geopolitical instability, persistent inflation, and value-conscious consumers. Key trends include a slowdown in BEV demand balanced by strong hybrid and aftermarket performance,
Investment
Editor’s Notes * Capacity, not demand, is quietly becoming the real constraint across sectors. From missile systems to semiconductors to logistics, earnings keep pointing to the same thing: the limiting factor is no longer “do customers want it?” but “can we physically make and deliver it?” Government-funded defense capacity, clean-room
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Editor’s Notes: * The consumer is holding up better than feared. What stood out this week was the consistency of demand signals across regions. MUJI’s Asia-led growth speaks to real spending power, not just promotions, and J.B. Hunt’s customers talking about a potential $100–160bn spring tax
Investment
Editor's Notes: * Early January is quieter in terms of earnings. This past week, we saw a few Japanese and US consumers companies confirming interesting consumer trends - value ranked above convenience (decline of convenience stores) in Japan, legacy super stores revitalized after reforms, China weakness, and US K-shape
Investment
Editor's Notes: * Companies I'd look into: Enerpac (hydraulic machinery space, 13x fwd EV/EBIT, ~6% FCF yield), Jabil (construction & engineering space, now focusing more on AI racks, 13.5x fwd EV / EBIT, ~6% FCF yield), Kobe Bussan (food products / grocery stores, 20x EV/EBIT, 2-3%