Morning Call Worldwide Exchange 1/29/26
Jan 29, 2026
Catherine Kirkpatrick-Boss, General Counsel at Starkware, unpacks zero-knowledge proof tech and legal angles for blockchain. Storm Uru, co-head of LionTrust Global Innovation Team, discusses AI infrastructure, capex dynamics, and technology winners. Joyce Chang, Chair of Global Research at J.P. Morgan, covers Fed policy, currency moves, and global growth trends. Short, sharp conversations on crypto law, AI buildout, and macro forces.
AI Snips
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Episode notes
Semiconductors Are The Picks And Shovels
- Semiconductor suppliers and equipment makers benefit as hyperscalers expand data centers and chip capacity to meet AI demand.
- Supply constraints, especially in memory, are driving ongoing capacity expansion and investment in the chip supply chain.
AI Buildout Still In Early Innings
- Storm Uru and LionTrust view AI infrastructure as early innings requiring far more compute and capex over 18–36 months.
- This buildout will enable enterprise AI deployment and sustain long-term demand for semiconductors and data-center capacity.
Winners Versus Losers In AI Transition
- Storm Uru sees divergence between AI winners and losers: Meta pivoted early to a consumption model and is reaccelerating revenues.
- Microsoft faces structural limits from seat-based pricing and GPU allocation tradeoffs affecting Azure growth.