Equities
Bitcoin miners are transitioning from a pure crypto play to AI infrastructure landlords, offering investors exposure to both a crypto recovery and the surge in secular power demand driven by the AI capex buildout.
As a short-term (0-3 months) trade, go long an equal-weighted basket of Chinese Investable and A-shares / short the KOSPI. This is a bet on mean reversion. We do not recommend that medium- and long-term investors implement this strategy.
The Goldilocks environment for US profit margins should start to sour next year. Contrary to conventional wisdom, AI could end up eroding margins for both producers and consumers of artificial intelligence.
S&P 500 performance rotated in June, but fundamental growth remains strong across sectors, with earnings and revenue growth extending well beyond the largest mega-cap companies.
