Summary

The market shows resilience as bond yields and energy costs stabilize, shifting investor focus toward high-growth AI infrastructure and enterprise software. A major utility merger and strong backlog numbers from tech giants underscore the massive capital expenditure fueling the digital transition.

Key Topics

• AI Infrastructure Stack: This includes data centers, power utilities, and enterprise software. It matters because current growth is driven by the physical and digital foundations of AI, not just the applications.
• SaaS to AI Pivot: Companies like ServiceNow are under pressure to demonstrate that AI features justify premium pricing and sustain their subscription models in a changing technical environment.

Key Takeaways

• Review your portfolio exposure to 'AI stack' infrastructure providers.