Morning
The AI infrastructure supply chain is entering a supplier-diversification phase: Intel's credible re-entry into AI silicon, set against Dell's $51.3B server backlog, gives hyperscalers and large enterprises both the motivation and the emerging optionality to reduce Nvidia…
Preview briefSoftBank's €75B French AI facility commitment and Hong Kong's proposed offshore yuan VC fund together mark the emergence of a non-US, non-dollar capital formation layer for AI infrastructure.
Preview briefAnthropic's confidential IPO filing is a structural inflection point, not a single corporate event: it forces the entire cohort of frontier AI labs into a valuation reckoning governed by public-market revenue multiples, safety-liability disclosure requirements, and…
Preview briefSnowflake's blowout results, and its CEO's explicit framing of consumption pricing as the natural unit of AI-era value, signal that seat-based SaaS licensing is being structurally displaced, not gradually eroded.
Preview briefThe convergence of markets pricing a Fed rate hike under Chair Warsh and the Bank of England governor explicitly decoupling monetary easing from geopolitical ceasefires signals that the global rate-cut cycle embedded in most 2026 strategic and capital allocation plans is no…
Preview brief