Insights

The prospect of additional Fed tightening may sound like a threat to risk assets, but the broader investing backdrop continues to remain supportive.

The more important question is not whether the current risk-on Market Regime can survive 1-2 rate hikes—it is whether your portfolio can withstand the volatility that may accompany them.

The next few months may prove more volatile as monetary policy and liquidity potentially transition into headwinds alongside accelerating positioning cycle headwinds. However, for investors with a time horizon extending beyond the next few months, will this volatility create more opportunity than risk?

Near-term volatility creates a difficult choice. Investors can either react out of fear of what…

As hyperscalers evolve from capital-light, high-free-cash-flow businesses into increasingly capital-intensive enterprises, investors must reassess whether current valuations adequately reflect the financing demands required to sustain AI leadership.

At the same time, our research continues to identify a growing circular financing problem within the AI ecosystem. While circular financing does not automatically imply a negative outcome, it materially increases the risk of a significant unwind should AI infrastructure deployment slow.