Publications
Notes.
Independent reflections on markets, allocation, governance and the structural shifts that shape long-term wealth.
Regulation, financing and geopolitics are redrawing the AI map
The real AI risk is no longer purely technological. It runs through interest rates, bond issuance, European regulation, US national security and China tensions.
Software and AI: the end of the uniformity illusion
IBM, ServiceNow, SAP and Thomson Reuters showed that AI does not affect all software equally. The market now separates indispensable platforms from layers more easily automated.
Infrastructure is becoming the true center of gravity of AI
The market no longer looks only at models. It looks at chips, electrical capacity, cloud and compute contracts.
Hyperscalers and AI: what the fortnight just revealed
Microsoft, Alphabet, Amazon and Meta have just reported back to back. The market is starting to separate those turning AI into visible revenue from those for whom AI is still mostly a cost line.