Markets Edge

ReadingAWS has now publicly committed to Snowflake as its data layer for Graviton. That means competitors lose oxygen in that stack.

ReadingHyperscalers have now accepted that US power grids cannot absorb additional AI chip density. European infrastructure is now strategic rather than secondary.

ReadingBlackwell supply is real and committed to long-term operators. Spot market GPU pricing will not collapse as expected.

ReadingAI infrastructure financing is moving from announced to conditional. Sponsors are hedging ticket size.

ReadingHealthcare cash generators are retreating from M&A velocity and returning to buyback cycles. Capital deployment is contracting.

ReadingBoards are in agreement: growth capital is not returning better than returns to equity holders. This is not bullish for capex.

ReadingIf the ultra-wealthy are moving tax domiciles, their advisors have reassessed US regulatory trajectory. This precedes capital flight.