Lower-yield AI rebound
Weak payrolls pulled yields lower and revived demand for long-duration growth. This remains constructive only while inflation allows the rate repricing to hold.
Conviction
5/5
Risk: hotter CPI reverses yields
Market themes
The durable narratives under the weekly moves—and the conditions that would invalidate them.
Proof-of-monetization AI
Investors are separating companies with visible revenue, backlog and guidance from those relying mainly on future AI potential.
Conviction
5/5
Risk: capex outruns free cash flow
Space goes mainstream
Direct public exposure raises visibility across launch, satellite connectivity, defense technology and infrastructure peers.
Conviction
4/5
Risk: capital intensity + execution