Executive Summary
IBM suffered its worst trading day in 25 years yesterday after Anthropic released research demonstrating AI's capability to replace legacy COBOL programming infrastructure. This single-day collapse reveals the fragility underlying the AI investment complex, where circular financing arrangements between chip makers, cloud providers, and alternative lenders have created a self-reinforcing bubble vulnerable to narrative breaks. Blue Owl's inability to place $4 billion in CoreWeave data center debt ...
Key Investment Opportunity
NVDA Margin Compression Trade
Competition from custom silicon (Google TPUs, Meta chips) and AMD's aggressive pricing will compress NVDA's gross margins from 74% toward historical semiconductor norms of 50-60%
...and 2 more investment opportunities
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