Markets Edge

ReadingThe AI arms race no longer runs on venture capital. It runs on structured debt and asset-level returns. Founders optimizing for control just reanchored their math.

ReadingNvidia and Broadcom have converted AI infrastructure into a financing problem, not an inventory problem. Customers now have vendor financing baked into their capex models.

ReadingPower infrastructure is now an M&A category, not a capex category. Hyperscalers are buying, not building, the thermal and electrical moats around their compute.

ReadingUltra-high-net-worth platforms are consolidating into custodians, not advisors. The 200-family threshold signals the shift from bespoke to systematic.

ReadingAllocation models have flipped. Private markets are no longer a hedge on public returns; public markets are now the hedge on private illiquidity.

ReadingDividend growth is backwards-looking earnings confirmation, not forward guidance. The three cutters signal where cash flow stress is hiding.

ReadingRegulated utilities cutting dividends means regulatory reset is coming. The math no longer works at the old yield.