Markets Edge

ReadingThis deal signals the end of regional diversification as a strategy. Virginia data center capacity is now a bottleneck. Everyone else is three years behind.

ReadingThis is not a chip acquisition. It's a software moat acquisition. Data center buyers now lock into Modular's stack, which means they're locking into Qualcomm's instruction set.

ReadingWatch equipment rental firms this quarter. Those still talking about inventory turns are already declining. The winners are already in the land grab.

ReadingOperators still shopping for growth capital should assume rates are softer than quoted. Morgan Stanley's entry means the real cost of money just fell 50 basis points across the market.

ReadingPension funds and insurers are now competing on the same deal. The insurers have better underwriting. The pensions will lose.

ReadingAny founder still holding out for a higher multiple should lock deals now. Leverage is cheap. In six months, it won't be.

ReadingTraders are assuming the deal exists. They're wrong. But they're long enough to collect if it does.