Forward Guidance

AI Reratings & Growth Reacceleration Add Fuel To The Real Asset Rotation | Weekly Roundup

61 snips
Feb 26, 2026
They debate whether AI is a productivity boom or a disruptive force for jobs. They unpack NVIDIA's results and the concentration risks reshaping markets. They track capital rotating from software into energy, copper, gold and other real assets. They flag signs of economic reacceleration and discuss rising tech capex, volatility, and policy distortions.
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INSIGHT

AI Is Forcing A Software Multiple Rerating

  • AI adoption is accelerating productivity rapidly and will force capital to re-evaluate where it invests.
  • Felix and Tyler note Claude and Claude Code compress weeks of work into minutes, pushing a fundamental multiple re-rating in software valuations.
INSIGHT

Policy Is Enabling The AI Arms Race

  • Government fiscal and monetary policy is accelerating AI build-out by subsidizing investment and suppressing long-term rates.
  • Quinn links high front-end rates and yield-curve distortions to easier AI capex and concentrated capital flows into hyperscalers.
INSIGHT

Hyperscalers Are Becoming Permanently CapEx Heavy

  • Hyperscalers are entering an era of permanently higher CapEx to sales as they build AI compute infrastructure.
  • Quinn shows CapEx-to-sales for hyperscalers spiking, challenging the notion they'll revert to capital-light models.
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