Podcasts about capex

In Episode 449 of Hidden Forces, Demetri Kofinas speaks with Chase Taylor, head of research at Bulwark Capital Management and founder of Pinecone Macro Research about investment opportunities around the buildout of the new "electric stack" and the AI CapEx Boom that relies on them. Chase and Demetri spend the first hour of this episode exploring his methodology, how he extracts signals from noise, and why a multidisciplinary approach to investing is especially important during periods of disruptive sociopolitical and technological change like the kind we are experiencing today. They then apply these ideas to two important technological trends underway in the global economy: (1) the transformation of the so-called "electric stack" or electro-industrial stack and (2) the AI CapEx Boom that relies on it. They begin with a deep-dive exploration of the dramatic cost declines happening across the entire electric stack, beginning with the addition of new sources of energy, advancements in battery technology for storage, the use of magnets and motors that turn electricity into mechanical motion, power electronics that shape it into the precise force needed by today's technologies, and the embedded compute that orchestrates and decides how and when to put that force into action. They discuss the sources of China's dominance in this industry, the horizontal complementarities in its manufacturing ecosystems, the advantages of vertical integration, and what America and Europe need to do in order to remain competitive in this new industrial ecosystem. The second hour is devoted to exploring the implications for investors of the current AI CapEx boom, how the USD might behave in a growth slowdown scenario post-Liberation Day, and what the Trump administration's military and covert action threats against Maduro's regime in Venezuela can tell us about his foreign policy and whether we are returning to a more colonial phase of domination by the American empire over the Western hemisphere. Subscribe to our premium content—including our premium feed, episode transcripts, and Intelligence Reports—by visiting HiddenForces.io/subscribe. If you'd like to join the conversation and become a member of the Hidden Forces Genius community—with benefits like Q&A calls with guests, exclusive research and analysis, in-person events, and dinners—you can also sign up on our subscriber page at HiddenForces.io/subscribe. If you enjoyed today's episode of Hidden Forces, please support the show by: Subscribing on Apple Podcasts, YouTube, Spotify, Stitcher, SoundCloud, CastBox, or via our RSS Feed Writing us a review on Apple Podcasts & Spotify Joining our mailing list at https://hiddenforces.io/newsletter/ Producer & Host: Demetri Kofinas Editor & Engineer: Stylianos Nicolaou Subscribe and support the podcast at https://hiddenforces.io. Join the conversation on Facebook, Instagram, and Twitter at @hiddenforcespod Follow Demetri on Twitter at @Kofinas Episode Recorded on 11/10/2025

In the first of a two-part episode presenting our 2026 outlooks, Chief Global Cross-Asset Strategist Serena Tang has Chief Global Economist Seth Carpenter explain his thoughts on how economies around the world are expected to perform and how central banks may respond.Read more insights from Morgan Stanley.----- Transcript -----Serena Tang: Welcome to Thoughts on the Market. I'm Serena Tang, Morgan Stanley's Chief Global Cross-Asset Strategist. Seth Carpenter: And I'm Seth Carpenter, Morgan Stanley's Global Chief Economist. Serena Tang: So today and tomorrow, a two-part conversation on Morgan Stanley's year ahead outlook. Today, we'll focus on the all-important macroeconomic backdrop. And tomorrow, we'll be back with our views on investing across asset classes and markets. Serena Tang: It's Monday, November 17th at 10am in New York. So, Seth, 2025 has been a year of transition. Global growth slowed under the weight of tariffs and policy uncertainty. Yet resilience in consumer spending and AI driven investments kept recession fears at bay. Your team has published its economic outlook for 2026. So, what's your view on global growth for the year ahead? Seth Carpenter: We really think next year is going to be the global economy slowing down a little bit more just like it did this year, settling into a slower growth rate. But at the same time, we think inflation is going to keep drifting down in most of the world. Now that anodyne view, though, masks some heterogeneity around the world; and importantly, some real uncertainty about different ways things could possibly go. Here in the U.S., we think there is more slowing to come in the near term, especially the fourth quarter of this year and the beginning of next year. But once the economy works its way through the tariffs, maybe some of the lagged effects of monetary policy, we'll start to see things pick up a bit in the second half of the year. China's a different story. We see the really tepid growth there pushed down by the deflationary spiral they've been in. We think that continues for next year, and so they're probably not quite going to get to their 5 percent growth target. And in Europe, there's this push and pull of fiscal policy across the continent. There's a central bank that thinks they've achieved their job in terms of inflation, but overall, we think growth there is, kind of, unremarkable, a little bit over 1 percent. Not bad, but nothing to write home about at all. So that's where we think things are going in general. But I have to say next year, may well be a year for surprises. Serena Tang: Right. So where do you see the biggest drivers of global growth in 2026, and what are some of the key downside risks? Seth Carpenter: That's a great question. I really do think that the U.S. is going to be a real key driver of the story here. And in fact – and maybe we'll talk about this later – if we're wrong, there's some upside scenarios, there's some downside scenarios. But most of them around the world are going to come from the U.S. Two things are going on right now in the U.S. We've had strong spending data. We've also had very, very weak employment data. That usually doesn't last for very long. And so that's why we think in the near term there's some slowdown in the U.S. and then over time things recover. We could be wrong in either direction. And so, if we're wrong and the labor market sending the real signal, then the downside risk to the U.S. economy – and by extension the global economy – really is a recession in the U.S. Now, given the starting point, given how low unemployment is, given the spending businesses are doing for AI, if we did get that recession, it would be mild. On the other hand, like I said, spending is strong. Business spending, especially CapEx for AI; household spending, especially at the top end of the income distribution where wealth is rising from stocks, where the liability side of the balance sheet is insulated with fixed rate mortgages. That spending could just stay strong, and we might see this upside surprise where the spending really dominates the scene. And again, that would spill over for the rest of the world. What I don't see is a lot of reason to suspect that you're going to get a big breakout next year to the upside or the downside from either Europe or China, relative to our baseline scenarios. It could happen, but I really think most of the story is going to be driven in the U.S. Serena Tang: So, Seth, markets have been focused on the Fed, as it should. What is the likely path in 2026 and how are you thinking about central bank policy in general in other regions? Seth Carpenter: Absolutely. The Fed is always of central importance to most people in markets. Our view – and the market's view, I have to say, has been evolving here. Our view is that the Fed's actually got a few more rate cuts to get through, and that by the time we get to the middle of next year, the middle of 2026, they're going to have their policy rate down just a little bit above 3 percent. So roughly where the committee thinks neutral is. Why do we think that? I think the slowing in the labor market that we talked about before, we think there's something kind of durable there. And now that the government shutdown has ended and we're going to start to get regular data prints again, we think the data are going to show that job creation has been below 50,000 per month on average, and maybe even a few of them are going to get to be negative over the next several months. In that situation, we think the Fed's going to get more inclination to guard against further deterioration in the labor market by keeping cutting rates and making sure that the central bank is not putting any restraint on the economy. That's similar, I would say, to a lot of other developed markets' central banks. But the tension for the ECB, for example, is that President Lagarde has said she thinks; she thinks the disinflationary process is over. She thinks sitting at 2 percent for the policy rate, which the ECB thinks of as neutral, then that's the right place for them to be. Our take though is that the data are going to push them in a different direction. We think there is clearly growth in Europe, but we think it's tepid. And as a result, the disinflationary process has really still got some more room to run and that inflation will undershoot their 2 percent target, and as a result, the ECB is probably going to cut again. And in our view, down to about 1.5 percent. Big difference is in Japan. Japan is the developed market central bank that's hiking. Now, when does that happen? Our best guess is next month in December at the policy meeting. We've seen this shift towards reflation. It hasn't been smooth, hasn't been perfectly linear. But the BoJ looks like they're set to raise rates again in December. But the path for inflation is going to be a bit rocky, and so, they're probably on hold for most of 2026. But we do think eventually, maybe not till 2027, they get back to hiking again – so that Governor Ueda can get the policy rate back close to neutral before he steps down. Serena Tang: So, one of the main investor debates is on AI. Whether it's CapEx, productivity, the future of work. How is that factoring into your team's view on growth and inflation for the next year? Seth Carpenter: Yeah, I mean that is absolutely a key question that we get all the time from investors around the world. When I think about AI and how it's affecting the economy, I think about the demand side of the economy, and that's where you think about this CapEx spending – building data centers, buying semiconductors, that sort of thing. That's demand in the economy. It's using up current resources in the economy, and it's got to be somewhat inflationary. It's part of what has kept the U.S. economy buoyant and resilient this year – is that CapEx spending. Now you also mentioned productivity, and for me, that's on the supply side of the economy. That's after the technology is in place. After firms have started to adopt the technology, they're able to produce either the same amount with fewer workers, or they're able to produce more with the same amount of workers. Either way, that's what productivity means, and it's on the supply side. It can mean faster growth and less inflation. I think where we are for 2026, and it's important that we focus it on the near term, is the demand side is much more important than the supply side. So, we think growth continues. It's supported by this business investment spending. But we still think inflation ends 2026, notably above the Fed's inflation target. And it's going to make five, five and a half years that we've been above target. Productivity should kick in. And we've written down something close to a quarter percentage point of extra productivity growth for 2026, but not enough to really be super disinflationary. We think that builds over time, probably takes a couple of years. And for example, if we think about some of the announcements about these data centers that are being built, where they're really going to unleash the potential of AI, those aren't going to be completed for a couple of years anyway. So, I think for now, AI is dominating the demand side of the economy. Over the next few years, it's going to be a real boost to the supply side of the economy. Serena Tang: So that makes a lot of sense to me, Seth. But can you put those into numbers? Seth Carpenter: Sure, Serena totally. In numbers, that's about 3 percent growth. A little bit more than that for global GDP growth on like a Q4-over-Q4 basis. But for the U.S. in particular, we've got about 1.75 percent. So that's not appreciably different from what we're looking for this year in 2025. But the number really, kind of, masks the evolution over time. We think the front part of the year is going to be much weaker. And only once we get into the second half of next year will things start to pick up. That said, compared to where we were when we did the midyear outlook, it's actually a notable upgrade. We've taken real signal from the fact that business spending, household spending have both been stronger than we think. And we've tried to add in just a little bit more in terms of productivity growth from AI. Layer on top of that, the Fed who's been clearly willing to start to ease interest rates sooner than we thought at the time of the mid-year outlook – all comes together for a little bit better outlook for growth for 2026 in the U.S. Serena Tang: Seth thanks so much for taking the time to talk. Seth Carpenter: Serena, it is always my pleasure to get to talk to you. Serena Tang: And thanks for listening. Please be sure to tune into the second half of our conversation tomorrow to hear how we're thinking about investment strategy in the year ahead. If you enjoy Thoughts on the Market, please leave us a review wherever you listen and share the podcast with a friend or colleague today.

Los responsables de Tesys visitan Tu Dinero Nunca Duerme: en su opinión, no estamos ante una burbuja en el sector tecnológico. Todo está por las nubes. Del oro al Ibex, del bitcoin al S&P500 o a la vivienda. Hay quien piensa que tiene lógica, porque el paradigma está cambiando y lo que antes era normal, ya no lo es tanto. También hay quien tiene mucho miedo y siente que no hay ningún sitio en el que encontrar buenas oportunidades. Para comentar esta situación de mercado, en Tu Dinero Nunca Duerme nos acompañan esta semana Cesar Sala y Antonio Fernandez Quesada, presidente y director de Inversiones de Tesys Activos Financieros. Así lo ven ellos: "Los mercados están en máximos, pero también los beneficios y la liquidez. No es raro que la Bolsa alcance nuevos máximos. Es lo normal a largo plazo, porque las empresas quieren ir mejorando sus beneficios. Un inversor que hace un año no hubiera invertido en Tesys Internacional porque estaba en máximos, habría perdido mucho dinero". ¿Y cuando llegue la corrección?: "En algún momento, el mercado cae. Pero no pasa nada. A largo plazo, el mercado sigue a los negocios: si el negocio va bien, la acción lo hará bien". Tesys Activos Financieros es una gestora peculiar dentro del mundo del value (quizás en su caso más quality) nacional. Porque sí han apostado por muchas empresas tecnológicas, quizás las más establecidas, como Alphabet (Google), Amazon, Meta… Por qué esta composición de la cartera: "No tenemos Nvidia, porque es un negocio más cíclico. Ahora sí hacen falta microchips, pero el día de mañana ya veremos. Tenemos empresas que no dependen de la IA para tener ingresos y que ya los tienen; son negocios que generan caja. ¿Si viene la IA? Mucho mejor, porque será una nueva línea de negocio que sumará a lo que ya tienen". Una de las dudas que mantienen los especialistas tiene que ver con el cambio de modelo de negocio. Los grandes gigantes tecnológicos han crecido con necesidades de inversión muy bajas. Parecía el mundo perfecto: unos pocos desarrolladores, unas cuantas patencias-licencias, efecto red… y a hacer caja sin apenas jugártela. Pocas veces en la historia se habían visto márgenes como los que han mostrado algunas de estas empresas. Ahora, esto ha cambiado, y se están disparando los costes de inversión en centros de datos, servidores, fuentes de energía, etc.: "La cantidad de Capex que están destinando a centros de datos es enorme. Es una desventaja porque necesitan una gran inversión para crecer. Pero también es una gran ventaja, porque generas unas barreras de entrada para futuros competidores. El negocio de los centros de datos, que es crítico para las empresas, es casi un oligopolio. Por eso, aunque sea más intensivo en capital, el retorno esperado de estas inversiones, creemos que va a ser alto". ¿Y Nvidia? Tesys todavía no la tiene en su cartera: "Es una empresa que está en un momento dulce. Porque todo el mundo demanda centros de datos y chips. Es una empresa que ya genera caja y que tiene un buen negocio. Sus principales clientes son las grandes tecnológicas con centros de datos: y si esos clientes ven que pueden quitarse parte de lo que hace Nvidia, lo intentará. Nvidia no se quedará parada, pero es más cíclica. Por eso no estamos, me gustan compañías con ingresos más recurrentes".

Stock market trends are in sharp focus as central banks pivot, earnings broaden beyond mega-cap leaders, and AI-driven CapEx reshapes corporate priorities. In this AMA edition of The Bid, host Oscar Pulido sits down with BlackRock's Gargi Pal Chaudhuri, Chief Investment and Portfolio Strategist for the Americas in the Investment Portfolios Solutions team. Together they field listener questions on rate cuts, market breadth, ETF flows, and how AI adoption could influence equity leadership over time.Gargi brings a cross-asset lens to what's driving global growth and volatility. Fresh off a busy earnings season and recent policy moves, she shares what she's hearing most from investors and how she thinks about portfolio positioning in the present market environment.Key moments in this episode:02:00 Parallels between running and investing - run your own race, what are your risk parameters04:32 Where policy's heading: The Fed's first rate cut marks a shift toward easing. December isn't guaranteed, but the big picture is that rates are starting to move toward more normal levels.07:52 Earnings season check-in: Big tech is still leading, but other companies are finally joining in with stronger results. That's helping the market feel a little more balanced.11:29 AI spending boom: Companies are pouring money into data centers and infrastructure to keep up with AI demand—funded by healthy cash flows and long-term plans.12: 25 Shoppers are split: Higher-income consumers are still spending on travel and tech, while others are trading down to save. GLP-1 medicines (like weight-loss drugs) are showing up as a big talking point for companies.13:40 Money on the move: Investors are starting to put cash to work again. ETF flows hit over $1 trillion this year, with interest across bonds, stocks, and even gold.16:37 Bonds and gold today: Many people are looking at bonds for income and keeping an eye on gold as markets shift.Check out this Spotify playlist for more content on alternative investing: https://open.spotify.com/playlist/4Fe8VwKyG5FPYekFFSksbI

What if equity could move as fast as code? Most founders spend thousands on lawyers, cap table management, and outdated infrastructure just to raise money and distribute equity. Joris Delanoue thinks that's ridiculous. As co-founder and CEO of Fairmint, he's building the rails to move private equity onto the blockchain, turning cap tables into smart contracts and making ownership as easy to transfer as sending an email. In this episode of Rising Tide Startups, Joris shares his journey from being a serial entrepreneur in France to a blockchain pioneer in Silicon Valley. After selling multiple companies and experiencing the pain of locked-up investments and cap tables that were impossible to manage, he moved to the US with one goal: to fix capitalism. What started as an idea for a startup exchange using SPVs evolved into Fairmint, a platform that's already moved over $1 billion in equity onto the blockchain. Joris breaks down why blockchain is the superior technology for securities, how Fairmint is deintermediating traditional finance without sacrificing compliance, and why privacy features like zero-knowledge proofs are unlocking trillions of dollars in institutional capital. He also discusses the shift from infrastructure as CapEx to OpEx, and how transfer agents are suddenly the most sought-after role in finance. Additionally, he shares his belief that entrepreneurship changes the world faster than politics ever will. Key Takeaways: Blockchain is a superior infrastructure for equity. Just like cloud computing replaced private servers, blockchain will replace traditional financial rails because it's faster, cheaper, and more efficient. Cap tables should be smart contracts. Moving equity onto the blockchain eliminates intermediaries, reduces costs, and makes ownership programmable and liquid. Compliance is a feature, not a bug. Being an SEC-registered transfer agent means investors don't lose their assets if they lose their private keys. You can always recover securities with proper ID. Infrastructure can become a profit center. With the right tokenomics, what used to be operational expenses can now generate revenue instead of costing money. Equity should be accessible to everyone. Employees, contractors, partners, and community members who contribute value should be able to participate in the financial upside. Entrepreneurship beats politics. As a founder, you can impact billions of people through what you build, the values you embed, and the vision you execute.   Listen to the full conversation here: YouTube: https://www.youtube.com/@risingtidestartups Apple Podcast: https://podcasts.apple.com/us/podcast/rising-tide-startups/id1330525474 Spotify: https://open.spotify.com/show/2eq7unl70TRPsBhjLEsNZR   Connect with Joris: Fairmint: https://www.fairmint.com/ LinkedIn: https://www.linkedin.com/in/delanoue/ Closing thought: "The worst thing you can do is not know what to do and start chasing rabbits. Sometimes it's just better to do nothing." Please leave us an honest rating on Spotify, YouTube, or Apple Podcasts. Shoutout to our Great Sponsors: Naviqus Virtual Services - Hassle-free administrative support services that are efficient, affordable, and tailored to your needs. Check out https://naviqus.com now to jumpstart your business for 2026! Podbrand Media - Have you ever considered starting your own podcast for your company or brand? Podbrandmedia.com can help. Affordable and effective content creation and lead generation!

In this conversation, Greg Barron shares his extensive experience in real estate and the importance of due diligence in investment decisions. He reflects on his personal journey, emphasizing the value of learning from failures and the necessity of having a systematic approach to financial analysis. Greg introduces his software, Performa Plus, designed to simplify financial modeling for real estate investors, making it accessible and efficient. He encourages listeners to connect with him and learn more about his work at The Barron Companies.   Professional Real Estate Investors - How we can help you: Investor Fuel Mastermind:  Learn more about the Investor Fuel Mastermind, including 100% deal financing, massive discounts from vendors and sponsors you're already using, our world class community of over 150 members, and SO much more here: http://www.investorfuel.com/apply   Investor Machine Marketing Partnership:  Are you looking for consistent, high quality lead generation? Investor Machine is America's #1 lead generation service professional investors. Investor Machine provides true 'white glove' support to help you build the perfect marketing plan, then we'll execute it for you…talking and working together on an ongoing basis to help you hit YOUR goals! Learn more here: http://www.investormachine.com   Coaching with Mike Hambright:  Interested in 1 on 1 coaching with Mike Hambright? Mike coaches entrepreneurs looking to level up, build coaching or service based businesses (Mike runs multiple 7 and 8 figure a year businesses), building a coaching program and more. Learn more here: https://investorfuel.com/coachingwithmike   Attend a Vacation/Mastermind Retreat with Mike Hambright: Interested in joining a "mini-mastermind" with Mike and his private clients on an upcoming "Retreat", either at locations like Cabo San Lucas, Napa, Park City ski trip, Yellowstone, or even at Mike's East Texas "Big H Ranch"? Learn more here: http://www.investorfuel.com/retreat   Property Insurance: Join the largest and most investor friendly property insurance provider in 2 minutes. Free to join, and insure all your flips and rentals within minutes! There is NO easier insurance provider on the planet (turn insurance on or off in 1 minute without talking to anyone!), and there's no 15-30% agent mark up through this platform!  Register here: https://myinvestorinsurance.com/   New Real Estate Investors - How we can work together: Investor Fuel Club (Coaching and Deal Partner Community): Looking to kickstart your real estate investing career? Join our one of a kind Coaching Community, Investor Fuel Club, where you'll get trained by some of the best real estate investors in America, and partner with them on deals! You don't need $ for deals…we'll partner with you and hold your hand along the way! Learn More here: http://www.investorfuel.com/club   —--------------------

Send us a text◆ Private credit, banks or securitization — which one is regulated too lightly? ◆ How AI capex will affect Europe's bond market ◆ What do defence bonds achieve?Two senior UK bankers were in the House of Lords this week pleading for lighter regulation in the face of competition from private credit and their US rivals. One, Michael Roberts, the CEO of HSBC Bank plc and its CEO of corporate and institutional banking, even implied that securitization may be too lightly regulated as part of his argument. We discuss what he meant by that and debate whether private credit is a systemic risk that should face tougher standardsBpifrance issued the first bond to carry the European Defence Bond label in the public sector bond market this week. The new label is finding its feet, so we question what it achieves, what it is missing and how it might catch on.Finally, we gasped at the staggering amount of capex that big US tech firms want to do to fund AI spending. Some of it will be done in the European bond market through Reverse Yankee issuance. Market participants worry that this is bad news for European issuers. We examine why and whether they are right to fret.

Live from Morgan Stanley's European Tech, Media and Telecom Conference in Barcelona, our roundtable of analysts discusses tech disruptions and datacenter growth, and how Europe factors in.Read more insights from Morgan Stanley.----- Transcript -----Paul Walsh: Welcome to Thoughts on the Market. I'm Paul Walsh, Morgan Stanley's European Head of Research Product. Today we return to my conversation with Adam Wood. Head of European Technology and Payments, Emmet Kelly, Head of European Telco and Data Centers, and Lee Simpson, Head of European Technology. We were live on stage at Morgan Stanley's 25th TMT Europe conference. We had so much to discuss around the themes of AI enablers, semiconductors, and telcos. So, we are back with a concluding episode on tech disruption and data center investments. It's Thursday the 13th of November at 8am in Barcelona. After speaking with the panel about the U.S. being overweight AI enablers, and the pockets of opportunity in Europe, I wanted to ask them about AI disruption, which has been a key theme here in Europe. I started by asking Adam how he was thinking about this theme. Adam Wood: It's fascinating to see this year how we've gone in most of those sectors to how positive can GenAI be for these companies? How well are they going to monetize the opportunities? How much are they going to take advantage internally to take their own margins up? To flipping in the second half of the year, mainly to, how disruptive are they going to be? And how on earth are they going to fend off these challenges? Paul Walsh: And I think that speaks to the extent to which, as a theme, this has really, you know, built momentum. Adam Wood: Absolutely. And I mean, look, I think the first point, you know, that you made is absolutely correct – that it's very difficult to disprove this. It's going to take time for that to happen. It's impossible to do in the short term. I think the other issue is that what we've seen is – if we look at the revenues of some of the companies, you know, and huge investments going in there. And investors can clearly see the benefit of GenAI. And so investors are right to ask the question, well, where's the revenue for these businesses? You know, where are we seeing it in info services or in IT services, or in enterprise software. And the reality is today, you know, we're not seeing it. And it's hard for analysts to point to evidence that – well, no, here's the revenue base, here's the benefit that's coming through. And so, investors naturally flip to, well, if there's no benefit, then surely, we should focus on the risk. So, I think we totally understand, you know, why people are focused on the negative side of things today. I think there are differences between the sub-sectors. I mean, I think if we look, you know, at IT services, first of all, from an investor point of view, I think that's been pretty well placed in the losers' buckets and people are most concerned about that sub-sector… Paul Walsh: Something you and the global team have written a lot about. Adam Wood: Yeah, we've written about, you know, the risk of disruption in that space, the need for those companies to invest, and then the challenges they face. But I mean, if we just keep it very, very simplistic. If Gen AI is a technology that, you know, displaces labor to any extent – companies that have played labor arbitrage and provide labor for the last 20 - 25 years, you know, they're going to have to make changes to their business model. So, I think that's understandable. And they're going to have to demonstrate how they can change and invest and produce a business model that addresses those concerns. I'd probably put info services in the middle. But the challenge in that space is you have real identifiable companies that have emerged, that have a revenue base and that are challenging a subset of the products of those businesses. So again, it's perfectly understandable that investors would worry. In that context, it's not a potential threat on the horizon. It's a real threat that exists today against certainly their businesses. I think software is probably the most interesting. I'd put it in the kind of final bucket where I actually believe… Well, I think first of all, we certainly wouldn't take the view that there's no risk of disruption and things aren't going to change. Clearly that is going to be the case. I think what we'd want to do though is we'd want to continue to use frameworks that we've used historically to think about how software companies differentiate themselves, what the barriers to entry are. We don't think we need to throw all of those things away just because we have GenAI, this new set of capabilities. And I think investors will come back most easily to that space. Paul Walsh: Emett, you talked a little bit there before about the fact that you haven't seen a huge amount of progress or additional insight from the telco space around AI; how AI is diffusing across the space. Do you get any discussions around disruption as it relates to telco space? Emmet Kelly: Very, very little. I think the biggest threat that telcos do see is – it is from the hyperscalers. So, if I look at and separate the B2C market out from the B2B, the telcos are still extremely dominant in the B2C space, clearly. But on the B2B space, the hyperscalers have come in on the cloud side, and if you look at their market share, they're very, very dominant in cloud – certainly from a wholesale perspective. So, if you look at the cloud market shares of the big three hyperscalers in Europe, this number is courtesy of my colleague George Webb. He said it's roughly 85 percent; that's how much they have of the cloud space today. The telcos, what they're doing is they're actually reselling the hyperscale service under the telco brand name. But we don't see much really in terms of the pure kind of AI disruption, but there are concerns definitely within the telco space that the hyperscalers might try and move from the B2B space into the B2C space at some stage. And whether it's through virtual networks, cloudified networks, to try and get into the B2C space that way. Paul Walsh: Understood. And Lee maybe less about disruption, but certainly adoption, some insights from your side around adoption across the tech hardware space? Lee Simpson: Sure. I think, you know, it's always seen that are enabling the AI move, but, but there is adoption inside semis companies as well, and I think I'd point to design flow. So, if you look at the design guys, they're embracing the agentic system thing really quickly and they're putting forward this capability of an agent engineer, so like a digital engineer. And it – I guess we've got to get this right. It is going to enable a faster time to market for the design flow on a chip. So, if you have that design flow time, that time to market. So, you're creating double the value there for the client. Do you share that 50-50 with them? So, the challenge is going to be exactly as Adam was saying, how do you monetize this stuff? So, this is kind of the struggle that we're seeing in adoption. Paul Walsh: And Emmett, let's move to you on data centers. I mean, there are just some incredible numbers that we've seen emerging, as it relates to the hyperscaler investment that we're seeing in building out the infrastructure. I know data centers is something that you have focused tremendously on in your research, bringing our global perspectives together. Obviously, Europe sits within that. And there is a market here in Europe that might be more challenged. But I'm interested to understand how you're thinking about framing the whole data center story? Implications for Europe. Do European companies feed off some of that U.S. hyperscaler CapEx? How should we be thinking about that through the European lens? Emmet Kelly: Yeah, absolutely. So, big question, Paul. What… Paul Walsh: We've got a few minutes! Emmet Kelly: We've got a few minutes. What I would say is there was a great paper that came out from Harvard just two weeks ago, and they were looking at the scale of data center investments in the United States. And clearly the U.S. economy is ticking along very, very nicely at the moment. But this Harvard paper concluded that if you take out data center investments, U.S. economic growth today is actually zero. Paul Walsh: Wow. Emmet Kelly: That is how big the data center investments are. And what we've said in our research very clearly is if you want to build a megawatt of data center capacity that's going to cost you roughly $35 million today. Let's put that number out there. 35 million. Roughly, I'd say 25… Well, 20 to 25 million of that goes into the chips. But what's really interesting is the other remaining $10 million per megawatt, and I like to call that the picks and shovels of data centers; and I'm very convinced there is no bubble in that area whatsoever.So, what's in that area? Firstly, the first building block of a data center is finding a powered land bank. And this is a big thing that private equity is doing at the moment. So, find some real estate that's close to a mass population that's got a good fiber connection. Probably needs a little bit of water, but most importantly needs some power. And the demand for that is still infinite at the moment. Then beyond that, you've got the construction angle and there's a very big shortage of labor today to build the shells of these data centers. Then the third layer is the likes of capital goods, and there are serious supply bottlenecks there as well.And I could go on and on, but roughly that first $10 million, there's no bubble there. I'm very, very sure of that. Paul Walsh: And we conducted some extensive survey work recently as part of your analysis into the global data center market. You've sort of touched on a few of the gating factors that the industry has to contend with. That survey work was done on the operators and the supply chain, as it relates to data center build out. What were the key conclusions from that? Emmet Kelly: Well, the key conclusion was there is a shortage of power for these data centers, and… Paul Walsh: Which I think… Which is a sort of known-known, to some extent. Emmet Kelly: it is a known-known, but it's not just about the availability of power, it's the availability of green power. And it's also the price of power is a very big factor as well because energy is roughly 40 to 45 percent of the operating cost of running a data center. So, it's very, very important. And of course, that's another area where Europe doesn't screen very well.I was looking at statistics just last week on the countries that have got the highest power prices in the world. And unsurprisingly, it came out as UK, Ireland, Germany, and that's three of our big five data center markets. But when I looked at our data center stats at the beginning of the year, to put a bit of context into where we are…Paul Walsh: In Europe… Emmet Kelly: In Europe versus the rest. So, at the end of [20]24, the U.S. data center market had 35 gigawatts of data center capacity. But that grew last year at a clip of 30 percent. China had a data center bank of roughly 22 gigawatts, but that had grown at a rate of just 10 percent. And that was because of the chip issue. And then Europe has capacity, or had capacity at the end of last year, roughly 7 to 8 gigawatts, and that had grown at a rate of 10 percent. Now, the reason for that is because the three big data center markets in Europe are called FLAP-D. So, it's Frankfurt, London, Amsterdam, Paris, and Dublin. We had to put an acronym on it. So, Flap-D. Good news. I'm sitting with the tech guys. They've got even more acronyms than I do, in their sector, so well done them. Lee Simpson: Nothing beats FLAP-D. Paul Walsh: Yes. Emmet Kelly: It's quite an achievement. But what is interesting is three of the big five markets in Europe are constrained. So, Frankfurt, post the Ukraine conflict. Ireland, because in Ireland, an incredible statistic is data centers are using 25 percent of the Irish power grid. Compared to a global average of 3 percent.Now I'm from Dublin, and data centers are running into conflict with industry, with housing estates. Data centers are using 45 percent of the Dublin grid, 45. So, there's a moratorium in building data centers there. And then Amsterdam has the classic semi moratorium space because it's a small country with a very high population. So, three of our five markets are constrained in Europe. What is interesting is it started with the former Prime Minister Rishi Sunak. The UK has made great strides at attracting data center money and AI capital into the UK and the current Prime Minister continues to do that. So, the UK has definitely gone; moved from the middle lane into the fast lane. And then Macron in France. He hosted an AI summit back in February and he attracted over a 100 billion euros of AI and data center commitments. Paul Walsh: And I think if we added up, as per the research that we published a few months ago, Europe's announced over 350 billion euros, in proposed investments around AI. Emmet Kelly: Yeah, absolutely. It's a good stat. Now where people can get a little bit cynical is they can say a couple of things. Firstly, it's now over a year since the Mario Draghi report came out. And what's changed since? Absolutely nothing, unfortunately. And secondly, when I look at powering AI, I like to compare Europe to what's happening in the United States. I mean, the U.S. is giving access to nuclear power to AI. It started with the three Mile Island… Paul Walsh: Yeah. The nuclear renaissance is… Emmet Kelly: Nuclear Renaissance is absolutely huge. Now, what's underappreciated is actually Europe has got a massive nuclear power bank. It's right up there. But unfortunately, we're decommissioning some of our nuclear power around Europe, so we're going the wrong way from that perspective. Whereas President Trump is opening up the nuclear power to AI tech companies and data centers. Then over in the States we also have gas and turbines. That's a very, very big growth area and we're not quite on top of that here in Europe. So, looking at this year, I have a feeling that the Americans will probably increase their data center capacity somewhere between – it's incredible – somewhere between 35 and 50 percent. And I think in Europe we're probably looking at something like 10 percent again. Paul Walsh: Okay. Understood. Emmet Kelly: So, we're growing in Europe, but we're way, way behind as a starting point. And it feels like the others are pulling away. The other big change I'd highlight is the Chinese are really going to accelerate their data center growth this year as well. They've got their act together and you'll see them heading probably towards 30 gigs of capacity by the end of next year. Paul Walsh: Alright, we're out of time. The TMT Edge is alive and kicking in Europe. I want to thank Emmett, Lee and Adam for their time and I just want to wish everybody a great day today. Thank you.(Applause) That was my conversation with Adam, Emmett and Lee. Many thanks again to them. Many thanks again to them for telling us about the latest in their areas of research and to the live audience for hearing us out. And a thanks to you as well for listening. Let us know what you think about this and other episodes by living us a review wherever you get your podcasts. And if you enjoy listening to Thoughts on the Market, please tell a friend or colleague about the podcast today.

Tech Contrarians explains the market's AI obsession, and why fears of a bubble might be premature (1:00). OpenAI's spending spree (3:20). Big tech's CapEx surge and what it signals about market anxiety (5:40). Red flags may indicate short-term supply chain hiccups not AI collapse (8:00). AI bubble or deflation? Mid-2026 more likely for major corrections (10:15). AMD, Nvidia & Broadcom (15:30). Intel's turning point (25:40). Why data storage and HBM memory are long-term AI plays (33:50). Opportunities outside AI (36:00).Episode TranscriptsShow Notes:AMD: OpenAI Got A Bargain - I Wouldn't Hold Into EarningsTaking Profits For Yield And Growth With David Alton ClarkMichael Burry to shut down hedge fundRegister for Top Income & AI Growth Stocks Worth Watching: https://bit.ly/4ifR7PPFor full access to analyst ratings, stock and ETF quant scores, and dividend grades, subscribe to Seeking Alpha Premium at seekingalpha.com/subscriptions

Dale Smothers says the Fed must decide which of their dual mandates to risk in the next few months. However, he's still bullish, citing seasonal tailwinds, a strong consumer, and preliminary data showing higher than expected holiday spending. He compares the outsized AI capex to a Three Stooges skit and believes that there is a bubble, though he thinks it might deflate instead of being popped. Despite this, his stock picks right now include AAPL, AMZN, CRWV, RCL, and GLD.======== Schwab Network ========Empowering every investor and trader, every market day. Subscribe to the Market Minute newsletter - https://schwabnetwork.com/subscribeDownload the iOS app - https://apps.apple.com/us/app/schwab-network/id1460719185Download the Amazon Fire Tv App - https://www.amazon.com/TD-Ameritrade-Network/dp/B07KRD76C7Watch on Sling - https://watch.sling.com/1/asset/191928615bd8d47686f94682aefaa007/watchWatch on Vizio - https://www.vizio.com/en/watchfreeplus-exploreWatch on DistroTV - https://www.distro.tv/live/schwab-network/Follow us on X – https://twitter.com/schwabnetworkFollow us on Facebook – https://www.facebook.com/schwabnetworkFollow us on LinkedIn - https://www.linkedin.com/company/schwab-network/ About Schwab Network - https://schwabnetwork.com/about

Dan Nathan and Deirdre Bosa, CNBC's Tech Check host, delve into key topics around AI technology and investments. They discuss the growing influence of Chinese open-source AI models and compare US and Chinese AI CapEx spending, drawing on insights from a Bloomberg tweet thread. The conversation highlights China's commoditization strategy in AI and its implications for US-China tech competition. They also scrutinize tech companies like Core Weave, Meta, and AMD, examining their financial strategies, AI ambitions, and market performance. The challenges of power constraints, valuation concerns, and investor sentiment shifts in the AI and tech sectors are thoroughly explored. —FOLLOW USYouTube: @RiskReversalMediaInstagram: @riskreversalmediaTwitter: @RiskReversalLinkedIn: RiskReversal Media

As part of this interview, Satya Nadella gave Dylan Patel (founder of SemiAnalysis) and me an exclusive first-look at their brand-new Fairwater 2 datacenter.Microsoft is building multiple Fairwaters, each of which has hundreds of thousands of GB200s & GB300s. Between all these interconnected buildings, they'll have over 2 GW of total capacity. Just to give a frame of reference, even a single one of these Fairwater buildings is more powerful than any other AI datacenter that currently exists.Satya then answered a bunch of questions about how Microsoft is preparing for AGI across all layers of the stack.Watch on YouTube; read the transcript.Sponsors* Labelbox produces high-quality data at massive scale, powering any capability you want your model to have. Whether you're building a voice agent, a coding assistant, or a robotics model, Labelbox gets you the exact data you need, fast. Reach out at labelbox.com/dwarkesh* CodeRabbit automatically reviews and summarizes PRs so you can understand changes and catch bugs in half the time. This is helpful whether you're coding solo, collaborating with agents, or leading a full team. To learn how CodeRabbit integrates directly into your workflow, go to coderabbit.aiTo sponsor a future episode, visit dwarkesh.com/advertise.Timestamps(00:00:00) - Tour through Fairwater 2(00:03:20) - Business models for AGI(00:12:48) - Copilot(00:20:02) - Whose margins will expand most?(00:36:17) - MAI(00:47:47) - The hyperscale business(01:02:44) - In-house chip & OpenAI partnership(01:09:35) - The CAPEX explosion(01:15:07) - Will the world trust US companies to lead AI? Get full access to Dwarkesh Podcast at www.dwarkesh.com/subscribe

Garden centres aren't just about plants anymore. Recorded live at Glee 2025, Phil & Kate sit down with Paul Pleydell of Pleydell Smithyman and Barry Knight of The Full Range to unpack how experience, smart design and a considered food offer can lift margins, smooth seasonality and win younger families. From “make it better before you make it bigger” to being famous for something (yes, even a lemon meringue pie a foot high), this episode is packed full of ideas for teams who want their site to be talked about for the right reasons.GuestsPaul Pleydell — Director, Pleydell Smithyman, design & business consultants for the garden and rural sector.Barry Knight — Director, The Full Range, food procurement & consultancy serving 50+ independent garden centres.What you'll learn:Experience first: If a customer can't finish the sentence, “I went to your garden centre and guess what…”, you've not created a memorable visit. Make signature moments people want to share.Food as a profit engine: Why cafés and food halls boost dwell time, attract younger families, and should lead your site's highest margins, when the offer is right.Be famous for something: From giant scones to a stand-out “signature dish,” create a hook that earns word-of-mouth.Data over guesswork: Use EPOS and management accounts to prune the tail, reset ranges and protect profit - low CapEx, high impact.Weather-proofing revenue: To flatten peaks and troughs.Independent edge: How local agility, attention to detail and service can outclass chain buying power on value felt by customers.Perfect forOwners, directors and managers in independent garden centres; teams planning refurbishments; anyone growing hospitality, food hall or café performance.Enjoy the episode, and if it sparks an idea, share it with your team and tag us.

https://shorturl.at/gM97lHow to Use Artificial Intelligence for Investing - Combo of 5 ebooksGet ready for the TATA Motors Commercial Vehicles (TMCV) listing tomorrow! Catch detailed analysis of Q2 results for market heavyweights: Bajaj Finance (AUM up, but guidance cut on MSME stress), Torrent Power (profit surges 50%), and Vodafone Idea (loss narrows, ARPU improves).Major Green Energy push: Tata Power commits ₹25,000 crore to renewables and announces India's largest solar wafer plant plan. Adani Group details plans for India's largest battery storage system (BESS).Macro news includes record SIP inflows (₹29,529 Cr), US government shutdown ending, and Trump hinting at cutting India tariffs. Stay updated for smart trading decisions!00:00 Start00:25 US Senate Passes Bill to End Government Shutdown02:56 US 'Pretty Close' to Sealing Trade Deal with India04:59 MF SIPs Hit Record High Amid Moderating Equity Flows06:46 India's net direct tax collection up07:34 India May Offer Visa on Arrival for US, Europe Citizens08:24 Mobile Exports Hit Record $2.4 Billion in October09:34 Bajaj Finance Q2: AUM Grows 24%, But Guidance Cut10:15 Gujarat Fluorochemicals Q2 Profit Jumps 48% on Chemical Growth11:04 PI Industries Q2 Profit Dips 19%, But Beats Expectations11:54 Tata Power Plans India's Largest Solar Wafers, Ingots Plant13:31 Tata Power to Invest ₹25,000 Crore in Renewables by FY2713:57 Emcure Pharma Q2 Profit Jumps 25% on International Growth14:32 Torrent Power Q2 Profit Jumps 50.5pc14:54 RateGain Q2 Profit Dips Marginally Despite Record Revenue15:35 Vodafone Idea Shares Rise 6% on Improved Q2 Performance16:08 Bharat Forge Q2 Profit Jumps 23% Amid CV Export Decline16:48 Adani Group to Build India's Largest Battery Storage System17:39 Tata Motors Commercial Vehicle Shares Listing Nov 1218:57 Knowledge Section

In this episode of Econ 102, Noah Smith and Erik Torenberg explore AI's effects on productivity, how AI business models will shake out, the US and China's rare earth minerals industries, and China's economic challenges, including demographics, real estate, and involution.-Sponsors:NotionAI meeting notes lives right in Notion, everything you capture, whether that's meetings, podcasts, interviews, conversations, live exactly where you plan, build, and get things done.  Here's an exclusive offer for our listeners. Try one month for free at ⁠https://www.notion.com/lp/econ102⁠NetSuiteMore than 42,000 businesses have already upgraded to NetSuite by Oracle, the #1 cloud financial system bringing accounting, financial management, inventory, HR, into ONE proven platform. Download the CFO's Guide to AI and Machine learning: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://netsuite.com/102⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Found Found provides small business owners tools to track expenses, calculate taxes, manage cashflow, send invoices and more. Open a Found account for free at https://found.com/econ102-Shownotes brought to you by Notion AI Meeting Notes - try one month for free at https://www.notion.com/lp/econ102⁠AI can affect productivity in multiple ways: replacing humans, enhancing human productivity, creating new tasks, and increasing capital productivityAI may follow other essential industries with low profit margins despite creating enormous value:Like farming, solar power, and airlinesCode-related AI applications are seeing particularly strong adoptionVertical AI applications in specific industries (healthcare, legal, real estate) are gaining tractionChina controls the majority of rare earth mining and refiningThe US has sufficient rare earth deposits but faces two challenges:Regulatory barriers to miningLack of solvent extraction technology and know-howChina's fertility rate is lower than Japan and EuropeHowever, a "baby bulge" (ages 7-22) will support the workforce short-term-Timestamps:00:00 — Intro00:52 — AI's impact on productivity02:27 — Debating whether AI will increase productivity03:11 — Historical analogy: Electricity's impact on productivity, lessons for AI07:55 — Sponsors: Notion | Netsuite09:57 — Application layer companies, AI in coding, vertical AI applications12:49 — AI bubble vs. CapEx boom/bust, historical parallels (railroads, telecoms)16:54 — Brand loyalty, price wars, and profitability in AI models22:26 — US-China trade, rare earths, and supply chain challenges32:20 — Sponsor: Found33:33 — China's demographic and economic challenges, over-competition, and deflation54:06 — Recommendations for China's economic policy, rationalizing the economy-FOLLOW on X:https://x.com/eriktorenberghttps://x.com/Noahpinion-Please note that the content here is for informational purposes only; should NOT be taken as legal, business, tax, or investment advice or be used to evaluate any investment or security; and is not directed at any investors or potential investors in any a16z fund. a16z and its affiliates may maintain investments in the companies discussed. For more details, please see a16z.com/disclosures. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

CoreWeave (CRWV) shares sunk as much as 12% after the opening bell when it posted a guidance cut and more CapEx in earnings. As Diane King Hall notes, the company also marked a delay for one of its data centers. Rigetti Computing (RGTI) narrowed its loss in earnings but slid at the open when valuations came into check for investors. Diane also highlights the entertainment space in Paramount Skydance (PSKY), which pushed strong guidance aided by Paramount+.======== Schwab Network ========Empowering every investor and trader, every market day. Subscribe to the Market Minute newsletter - https://schwabnetwork.com/subscribeDownload the iOS app - https://apps.apple.com/us/app/schwab-network/id1460719185Download the Amazon Fire Tv App - https://www.amazon.com/TD-Ameritrade-Network/dp/B07KRD76C7Watch on Sling - https://watch.sling.com/1/asset/191928615bd8d47686f94682aefaa007/watchWatch on Vizio - https://www.vizio.com/en/watchfreeplus-exploreWatch on DistroTV - https://www.distro.tv/live/schwab-network/Follow us on X – https://twitter.com/schwabnetworkFollow us on Facebook – https://www.facebook.com/schwabnetworkFollow us on LinkedIn - https://www.linkedin.com/company/schwab-network/ About Schwab Network - https://schwabnetwork.com/about

Journée historique en Guinée. Ce mardi 11 novembre marquera le lancement de la mine de Simandou, cette immense réserve de deux milliards de tonnes de fer à haute teneur. Une mine dont les Guinéens attendaient l'exploitation depuis trente ans. Bientôt, les deux principaux opérateurs, Winning Consortium Simandou (WCS), un consortium d'entreprises chinoises, et Simfer, une filiale de l'anglo-australienne Rio Tinto associée à la chinoise Chinalco, exporteront 120 millions de tonnes de fer par an, générant des milliards de dollars de revenus pour l'État guinéen. Ce projet lèguera aussi un chemin de fer de plus de 600 km entre le port de Morebaya et la mine dans l'est du pays. Et prévoit la construction, dans un deuxième temps, d'un port en eau profonde et d'une usine de transformation du minerai. Le ministre des Mines Bouna Sylla répond aux questions de RFI. RFI : Ce mardi 11 novembre marque le lancement du projet Simandou. Cela fait presque trente ans que l'on parle de ce projet, qui se concrétise enfin. C'est un jour historique pour la Guinée. Est-ce une satisfaction pour vous ? Bouna Sylla: C'est plus qu'une satisfaction. C'est plutôt le passage du rêve à la réalité pour des millions de Guinéens. Depuis nos pères fondateurs, tous les dirigeants qui se sont succédé ont eu pour objectif de réaliser ce projet. Finalement, c'est grâce au leadership du président de la République, Mamadi Doumbouya, que ce projet voit le jour de manière concrète, avec les infrastructures que vous voyez devant vous. Ce gigantesque projet est le plus gros projet mine-infrastructures dans le monde, avec 20 milliards de dollars d'investissements. Comme vous le dites, ce sera un des plus grands projets miniers du monde. Les entreprises doivent produire et exporter à terme 120 millions de tonnes de fer par an. Cela va générer des revenus considérables pour l'État guinéen à travers des taxes et des impôts. À combien chiffrez-vous ces revenus ? Quand on atteindra les 120 millions de tonnes, ce sera environ deux milliards de dollars de revenus qui seront générés par le projet, sans compter les revenus indirects. Le projet ne sera pas uniquement pour l'exportation du minerai brut, comme on l'a connu par le passé, mais ce minerai sera également transformé sur place pour plus de valeur ajoutée. Les premières années, les entreprises bénéficieront d'exonérations d'impôts relativement importantes. Les dix premières années, Winning Consortium Simandou (WCS) ne payera pas d'impôts sur les sociétés et Simfer bénéficiera d'une exonération de 50 % les huit premières années. Pourquoi ces exonérations aux entreprises ? Dans l'industrie minière, les revenus les plus sûrs sont les royalties, c'est-à-dire les taxes minières. Il n'y a pas d'exonération sur les taxes minières. Dans le cas de Simfer, les impôts sur les sociétés sont remplacés par le pilier deux de l'OCDE pour que, dès les premières années de profits, il y a 15 % de profits qui sont partagés avec l'État. À la fin de la période de l'impôt minimum forfaitaire de l'OCDE, on passera au droit commun qui est de 30 %. Dans combien de temps atteindra-t-on la production de 120 millions de tonnes de fer ? Dans les accords, c'est trois ans. Mais avec l'avance qui a été prise par les partenaires industriels dans la réalisation du projet, nous atteindrons ces 120 millions de tonnes au bout de deux ans. Simandou en phase d'exploitation représente environ combien d'emplois directs et indirects ? En phase de construction, c'est plus de 50 000 emplois. En phase d'exploitation, c'est entre 10 000 et 15 000 emplois directs, sans compter tous les emplois indirects. Quand vous mettez tout ça ensemble, cela sera au moins plus de 20 000 emplois. On est en train de passer de la phase de construction de la mine à la phase d'exploitation. Ces prochains mois, on va vers une perte de 30 000 emplois à peu près. Justement, dans le cadre du comité stratégique du projet Simandou, on a une task force qui s'appelle la « Task force de mobilisation » afin d'éviter que les 50 000 personnes qui travaillent sur ce projet ne se retrouvent pas au chômage. C'est pour cela que nous travaillons pour créer de nouveaux projets dans le cadre du programme Simandou 2040. Dans le secteur minier, on a un projet de raffinerie qu'on a lancé au mois de mars dernier, qui va absorber une partie de ces employés. D'ici à la fin de l'année, on va lancer un nouveau projet de raffinerie de transformation de bauxite en alumine. Tous ces projets que nous allons lancer permettront d'absorber, dans le cadre de la remobilisation des démobilisés du projet, ces 50 000 personnes et leur trouver des perspectives. Ce qui va permettre de réduire la pauvreté dans le pays. Les conventions ont été renégociées en 2022 et 2023 sous le Comité national du rassemblement pour le développement (CNRD). Qu'est-ce qui a changé à la suite de ces renégociations ? Au niveau fiscal, on a amélioré substantiellement les revenus attendus par l'État dans le projet de plus de 20 % par rapport aux conventions initiales. Mais aussi, chose extrêmement importante, les infrastructures telles que renégociées vont faire du transport marchandises, passagers et minerais. Il y aura un train de passagers par jour dans chaque direction et trois trains marchandises par semaine, ce qui permettra d'augmenter encore plus l'impact économique du projet pour l'ensemble du pays. Les conventions ont été renégociées en 2022 et 2023. Une partie des résultats de ces négociations ont été publiés, mais pas tout. Notamment, la convention de codéveloppement, qui crée la Compagnie du Transguinéen (CTG) et qui encadre la gestion des infrastructures du projet, n'a pas été publiée. Certains observateurs estiment que c'est un manque de transparence. Quand est-ce que cette convention sera publiée ? Il faut se rendre compte que c'est un projet complexe. Il entre en production aujourd'hui, mais il y avait quelques documents qui étaient en cours d'ajustement. Après la construction des infrastructures, il faut six mois de mise en service pour s'assurer que l'ensemble de l'infrastructure est robuste. C'est après tout cela que l'on peut entrer dans les questions de publication des documents. On ne va pas publier quelque chose alors qu'on a six mois de mise en service. À la fin de la mise en service, c'est validé par les certificateurs indépendants internationaux qui sont recrutés, qui disent : « Tout est ok. Voici le coût des investissements. Le chemin de fer fonctionne bien, la signalisation fonctionne bien. Les boucles ferroviaires, etc. » C'est à la fin de tout cela que l'on pourra publier. Mais une fois que la mise en service du projet est finalisée, c'est-à-dire pas avant six mois, vers juin 2026. Puisque cette convention, pour l'heure, n'est pas publiée, on a peu de précisions encore sur la CTG qui sera l'opérateur des infrastructures. Quel est le statut de cette entreprise ? Les entreprises minières vont-elles, par exemple, devoir payer une redevance pour utiliser les infrastructures ? Qu'est-ce que va rapporter à l'État guinéen ? C'est une société anonyme, privée, de droit guinéen, qui est propriétaire des infrastructures et qui est opérateur de ces infrastructures pour les 35 prochaines années. Le modèle économique du projet, c'est que les principaux clients de la CTG, ce sont les mines. Les mines vont faire transporter leurs minerais sur le chemin de fer et l'exporter via le port. Ce n'est pas gratuit, ils vont payer des redevances d'utilisation de l'infrastructure. Ce sont ces redevances qui permettent à la CTG de fonctionner, mais également de rembourser les dettes contractées pour le financement de la réalisation de l'infrastructure. Certains responsables guinéens ont affirmé à plusieurs reprises que les entreprises minières construisaient un port en eau profonde pour accueillir les minéraliers, qui sont les bateaux servant à exporter le fer. Pourtant, sur les sites Internet de Simfer et de Winning Consortium Simandou, il est indiqué qu'ils construisent des ports de barges qui, elles, iront en haute mer pour déposer le fer sur des minéraliers. Finalement, quel type de ports aura-t-on pour ce projet ? À la fin de l'atteinte des 120 millions de tonnes, au bout de deux ou trois ans, on va engager les études de faisabilité pour l'extension de la capacité du port, pour passer à un port en eau profonde. Il faut d'abord faire les études de faisabilité qui nous diront combien de temps prendra la construction de l'infrastructure. Les conventions prévoient que les entreprises fassent une étude de faisabilité dans les deux ans, soit pour une aciérie d'une capacité de 500 000 tonnes par an, soit d'une usine de pellets - un produit intermédiaire entre le fer et l'acier - d'une capacité de deux millions de tonnes par an. En Guinée, l'un des problèmes majeurs pour l'industrialisation, c'est le manque d'énergie. Avec quelles solutions énergétiques peut-on construire de telles usines en Guinée ? Déjà, il y a une capacité aujourd'hui hydroélectrique qui permet de fournir de l'énergie à ce projet d'aciérie ou d'usines de pellets de 2 millions de tonnes. Il y a un barrage en construction de 300 mégawatts, qui est à plus de 45 % terminé. Il y a d'autres projets thermiques qui sont également en construction. Il y a une planification énergétique aujourd'hui du pays pour aligner les besoins énergétiques et industriels du pays avec le développement de nouveaux projets. Ce projet Simandou, avec les flux de revenus que cela va générer pour l'État, permettra également d'avoir plus de capacités de financement pour de nouvelles capacités énergétiques. En Guinée, il y a un autre grand gisement de fer, c'est la mine de fer du mont Nimba, qui n'est pas très loin de Simandou d'ailleurs. Ce projet reste bloqué parce que jusque là, les entreprises privilégiaient de faire sortir le minerai par le Liberia qui est plus proche, alors que l'État guinéen privilégiait une sortie par un port guinéen. Aujourd'hui, l'option que vous privilégiez, c'est de faire un raccordement entre le chemin de fer de Simandou et le mont Nimba ? La volonté du gouvernement, c'est de faire une boucle ferroviaire sur l'ensemble du pays. Le gisement du mont Nimba est à 130 kilomètres du chemin de fer de Simandou, ce n'est pas très loin. La question de capacité ne se pose pas, car il y a une capacité disponible sur l'infrastructure ferroviaire. Cela augmente aussi la viabilité du projet de Nimba, du fait de la disponibilité de l'infrastructure du Simandou. Il y a d'autres projets miniers de moindre envergure qui sont aussi en souffrance depuis un moment. Notamment la bauxite à Dabola-Tougué et le fer à Kalia, dans la région de Faranah. Envisagez-vous aussi de faire des raccordement de chemin de fer pour relancer ces projets miniers ? Tout le mérite de ce projet Simandou tel qu'il est pensé, conçu et réalisé, c'est d'être une infrastructure multi utilisateurs. Cela veut dire qu'il y a un droit d'accès des tiers qui sont le long du corridor. Vous avez parlé du projet de bauxite de Dabola-Tougué, du projet de minerai de fer de Kalia, et on vient de parler du mont Nimba. Tous ces projets négocieront des accords d'accès ferroviaire pour pouvoir transporter leurs minerais vers les ports qui se trouvent sur la côte. L'avantage du co-développement, c'est que ça permet d'avoir une infrastructure qui est économiquement viable parce que ça réduit les dépenses d'investissement de capital (Capex) pour tous les investisseurs. Cela permet aussi aux mines de pouvoir transporter leurs minerais à des prix compétitifs et devenir beaucoup plus viables. Le minerai de Kalia, s'il n'y avait pas la disponibilité de cette infrastructure, est difficile à sortir, car il est piégé dans l'arrière-pays. Mais du fait de la disponibilité de cette infrastructure et du droit d'accès qu'elle offre, avec des principes tarifaires extrêmement transparents pour tous les utilisateurs, c'est une chance pour tous les projets qui se trouvent le long du corridor d'être sur le marché. Une chance aussi pour la Guinée d'avoir à réaliser ces infrastructures conformément à cette vision. Sinon, on allait se retrouver avec une infrastructure dédiée uniquement au minerai de fer de Simandou, ce qui n'avait aucun sens. Malheureusement, sur les chantiers, il y a eu un certain nombre d'accidents et de morts. Winning Consortium a déclaré en octobre qu'il y avait eu deux morts chez eux. Nos confrères de Reuters ont publié en mars une enquête dévoilant qu'il y avait eu une dizaine de morts chez Winning Consortium. Au mois d'août, il y a eu un mort chez Rio Tinto. Quel est votre bilan du nombre de morts sur les chantiers ? Je ne commente pas les chiffres, mais ce que je peux vous dire que pour tous ces accidents, on a recruté des firmes indépendantes pour des enquêtes. Les résultats de ces enquêtes vont être révélés. Mais votre bilan, combien y a-t-il eu de morts sur la phase de construction en tout ? Comme je vous ai dit, il y a des enquêtes qui sont en cours. Quelqu'un peut aller au travail et il rentre le soir, il a la malaria, il meurt. On va déterminer si c'est à cause de son travail ou non. C'est pour cela que l'on met en place des enquêtes indépendantes. Il y a des firmes internationales qui ont été recrutées, qui font ces enquêtes dont les résultats seront communiquées ultérieurement. Les questions d'accident et de santé-sécurité pour les travailleurs du secteur minier sont un sujet extrêmement important pour nous. Nous travaillons avec tous les partenaires internationaux afin de prendre des mesures afin que ce type d'accident ne puisse se reproduire. Dans les conventions, il est prévu que 5 % des revenus induits par le projet Simandou aillent dans l'éducation. Pourriez-vous préciser ce projet ? 5 % des revenus de chacune des mines, en termes d'impôts et taxes, que l'État guinéen va percevoir, vont être affectés au financement du système éducatif à l'intérieur du pays. Construire des écoles, des bibliothèques, des enseignants pour augmenter le niveau de l'éducation, le niveau d'alphabétisation. Ensuite 20 % des impôts et taxes que l'État va percevoir provenant de la CTG pour amener aux meilleurs lycéens guinéens, des 33 préfectures du pays pendant les 35 prochaines années, des bourses d'études en France, aux États-Unis, en Chine, au Japon, dans le monde entier pour former les générations futures. L'argent pour les générations futures, c'est l'investissement sur le capital humain. Avec les 5 % de revenus induits par Simandou et les 20 % de la CTG, combien tablez-vous pour le budget de ce programme ? Pas moins de 200 à 300 millions de dollars par an. Il faut préciser que toutes ces bourses seront pour les filières scientifiques et techniques, parce que il faut former plus de gens pour la production que pour la gestion. Ce qui ferait à peu près combien de bourses d'études par an ? Je ne peux pas vous dire aujourd'hui avec certitude combien de personnes on pourrait envoyer, mais c'est des milliers de jeunes qui vont en profiter. À lire aussiGuinée: les autorités inaugurent le mégaprojet minier de Simandou

“Las elecciones en LATAM como en cualquier parte del mundo, son un test de credibilidad”, según Carmignac. Bajo esta máxima, Ignacio Lana, Head of Country Iberia de Carmignac, ha analizado las distintas citas electorales que van a marcar el calendario y su efecto en divisas, tasas y prima de riesgo. De cara a estos eventos, advertía en Capital Intereconomía que hay que analizar el efecto binario: “Si nos encontramos con un gobierno que quiere gastar más, con impuestos más distorsionistas, nos vamos a encontrar mayor salida de capitales y bajada de divisas. Del otro lado, decía, si el gobierno entrante busca disciplina fiscal y reglas claras hay que esperar de efecto “apreciación de divisas entrada de capitales y menor prima de riesgo”. Test de credibilidad en Latam, según Carmignac Los resultados en las urnas suponen un test de credibilidad que impacta en las expectativas. Lana ha explicado su impacto de manera directa en los flujos y en cómo los inversores justifican el posicionamiento. El primer efecto alcanza a las divisas; el segundo, a las tasas y tercer momento en primas de riesgo. En cuanto al tiempo que se tarda en absorber el impacto, varía, decía, dependiendo de cómo el mensaje o las promesas electorales acaben implantándose. Posicionamiento ante el ciclo electoral en LATAM Lana ha advertido que los mercados emergentes son de los activos más volátiles, por lo que ante el evento electoral, decía, la receta a seguir debe regirse en torno a la “prudencia, cubrir cartera y cubriendo divisa”. Cuando se vea con claridad la realidad en torno a la credibilidad en torno al gobierno, entonces se puede ir tomando riesgo y alargar vecimientos. Eso sí, apuntaba “si vemos un gobierno más proteccionista, seguiremos con posición cauta y vencimientos más cortos y protección en la zona”. Argentina: Milei tiene que negociar El experto ha analizado el respaldo alcanzado por Milei en las elecciones de hace unas semanas, con un apoyo de 41%. Una noticia que se aplaudía en bolsa y el bono se revalorizaba. Sin embargo, el experto ha señalado que tras el movimiento brusco inicial, hay que ver cuál es la tendencia a medio plazo y si finalmente se implementan las reformas anunciadas: “No hay chequera en blanco y si quiere reformas, Milei tiene que negociar”. Elecciones en Chile y mineras Sobre las elecciones en Chile y su impacto en el sector minero, clave en la región, apuntaba que el país goza de un marco macro fiscal más estable que el resto de sus pares y la prima de riesgo está algo por debajo. Apuntaba además lo corta que es una legislatura para los tiempos del sector minero. Subrayaba Lana cómo el ciclo de CAPEX de inversión en la minería se escribe con un horizonte temporal de 8-12 años y las elecciones son más cortoplacistas: “Es importante ver qué va a hacer el cobre, la estabilidad en las normas y el ciclo económico, más que las elecciones” COLOMBIA: URNAS EN MAYO Lana subrayaba la incertidumbre que hay sobre quién puede ganar en los comicios de Colombia, al tiempo que apuntaba que el país no goza de unas finanzas demasiado sólidas. Un déficit que va a cerrar el año en el 4,5% y los próximos años 7-8%, por 2 motivos, los menores inversos y la suspensión de la regla fiscal. BRASIL: LULA CUENTA CON EL RESPALDO DE LAS ENCUESTAS Las elecciones en Brasil están previstas para octubre de 2026 y apuntaba Lana que el presidente Lula sigue contando con el respaldo de las elecciones y aún hay poca visibilidad sobre el candidato con el que se enfrentará. Subrayaba que los datos de inflación alimentaria han ido a su favor, algunos subsidios,pero que su contra va la edad que tiene. A la hora de comparar Brasil y Colombia decía: “Es mucho más fortaleza en término de balance. Tiene muchas reservas y tiene mucha deuda emitida en divisa local”. Además -añadía- antes de las elecciones ha estado avanzado en reformas en Brasil y hay que estar pendiente de presupuestos, de la situación fiscal y de un banco central independiente

This week on TrendsTalk, ITR Economist Taylor St. Germain provides an update on the US Economic Policy Uncertainty Index. After record highs earlier this year, uncertainty has been cut in half, setting the stage for accelerating growth in both CAPEX and Industrial Production. Taylor explains why this shift supports ITR Economics' positive outlook through 2026 and what it means for business leaders preparing for expansion. Are you ready to keep pace with growth?

Futurum's Dan O'Brien joins Morning Movers to discuss the overall tech sector and last week's pullback, saying "it was necessary at some point." He believes investors are trying to make sense of the massive A.I. capex commitments from the hyperscalers. Dan believes "demand outpaces supply" for at least the next several years saying the primary constraint is around the power grid and what will be the energy behind the tech companies. Later, he previews CoreWeave (CRWV) earnings and says its still a "volatile stock" but points to its Nvidia (NVDA) partnership as a key part of the company's operation. ======== Schwab Network ========Empowering every investor and trader, every market day.Subscribe to the Market Minute newsletter - https://schwabnetwork.com/subscribeDownload the iOS app - https://apps.apple.com/us/app/schwab-network/id1460719185Download the Amazon Fire Tv App - https://www.amazon.com/TD-Ameritrade-Network/dp/B07KRD76C7Watch on Sling - https://watch.sling.com/1/asset/191928615bd8d47686f94682aefaa007/watchWatch on Vizio - https://www.vizio.com/en/watchfreeplus-exploreWatch on DistroTV - https://www.distro.tv/live/schwab-network/Follow us on X – / schwabnetwork Follow us on Facebook – / schwabnetwork Follow us on LinkedIn - / schwab-network About Schwab Network - https://schwabnetwork.com/about

Planning ahead properly for major capital investments faces many barriers, from day-to-day challenges that make it hard to focus on long-term horizons to the shiny new technologies rolled out at trade shows that promise labor savings and soaring profitability.Proper long-term planning needs focused attention, air and space, and the right people in the room from the beginning, Judson Armentrout says. The founder and principal consultant with Building Block Solutions has guided many protein processors through years-long capital investment plans. Judson has worked on both sides of these projects, in production and in retail, and he knows how to take a project into the future, even when that future is unclear.Armentrout provides us with his guidelines on this week's episode of MeatingPod.

This month, Senior Portfolio Manager Rob Thummel covers the latest market shifts:Market Recap: Energy dips while the S&P 500 hits near-record highsPermian Update: U.S. production grows despite weaker oil pricesEnergy Infrastructure: Positioned for long-term demand from AI and LNGAI Capex: Big Tech raises 2025 spending forecasts to $335BUtilities: Growth estimates climb with data center load forecastsPower Buildout: Behind-the-meter energy projects on the riseDownload Transcript

Rick Ducat drops by the Tech Corner with a look at Meta Platforms (META) following the company's recent 3Q earnings report. He looks at how the social media giant and Facebook parent company has evolved into an A.I. behemoth spending billions of dollars on GenAI technologies.======== Schwab Network ========Empowering every investor and trader, every market day. Subscribe to the Market Minute newsletter - https://schwabnetwork.com/subscribeDownload the iOS app - https://apps.apple.com/us/app/schwab-network/id1460719185Download the Amazon Fire Tv App - https://www.amazon.com/TD-Ameritrade-Network/dp/B07KRD76C7Watch on Sling - https://watch.sling.com/1/asset/191928615bd8d47686f94682aefaa007/watchWatch on Vizio - https://www.vizio.com/en/watchfreeplus-exploreWatch on DistroTV - https://www.distro.tv/live/schwab-network/Follow us on X – https://twitter.com/schwabnetworkFollow us on Facebook – https://www.facebook.com/schwabnetworkFollow us on LinkedIn - https://www.linkedin.com/company/schwab-network/ About Schwab Network - https://schwabnetwork.com/about

Mac Shelton is the co-founder of Sweetbay Capital, a real estate private equity firm focused on value-add multifamily investments in Virginia and the Carolinas. With a background in private equity and mezzanine lending, Mac blends institutional financial experience with a data-driven approach to real estate. Since 2021, he and his team have built a portfolio of over 340 units, concentrating on under-the-radar markets like Roanoke, VA, where rent growth consistently outpaces new supply.     Make sure to download our free guide, 7 Questions Every Passive Investor Should Ask, here.     Key Takeaways Rent growth—not population growth—is the key driver of returns Markets with less outside capital often outperform due to better entry pricing and lower volatility Renovation premiums are often overestimated—test before scaling your plan Conservative exit underwriting should account for the next buyer's view, not just your own Transparency with investors builds trust and fuels long-term partnerships     Topics Why Sweetbay Focuses on Smaller Markets Smaller markets like Roanoke and Columbia are producing higher rent growth with lower acquisition costs Mac compares tertiary markets to places like Raleigh in the early 2000s—under the radar but primed for stable returns Oversupply in "hot" metros like Raleigh and Charlotte is driving rents down, while less popular markets remain steady Data Over Hype: What Drives Rent Growth Rent growth is more important than population growth and is driven by renter population relative to new supply Mac shares an analysis comparing Roanoke to Raleigh, Charlotte, and Greenville—showing similar or better rent performance with lower price per door Why Lease Trade-Outs and Renewals Matter Lease trade-outs measure organic rent growth, but renewals give even clearer insight into demand Renewals at 3–4% growth without renovations are often a better gauge than turnover metrics Exit Assumptions: Thinking Like the Next Buyer Every acquisition includes a re-underwrite from the future buyer's perspective Mac shares how he checks cap rate assumptions against current comps and validates price-per-door benchmarks Transitioning from Private Equity to Real Estate Mac started his career in private equity and gradually began acquiring rentals with his bonus income His first syndication scaled a student rental model he'd already executed personally Investor Communication and Building Trust Sweetbay Capital emphasizes detailed offering memorandums with full fee transparency and CapEx justifications Quarterly reports compare actuals vs original projections—no adjusted budgets or post-hoc explanations Advice for New Syndicators Don't start syndicating without doing your own deals first—prove the model with your money Sweetbay's first deal had no promote, just a 3% acquisition fee, to reduce friction and earn investor trust The best way to grow capital is to return it and reinvest with a strong track record    

Rupert Mitchell of Blind Squirrel Macro joins Matt Zeigler to talk global markets, China's resurgence, the AI CapEx boom, and where investors can still find value in a concentrated, overvalued U.S. market. Rupert shares insights from his recent trip to China, his evolving macro framework, and how he's positioning across equities, credit, and real assets in what he believes could be the start of a long cycle shift away from U.S. dominance.Topics covered:China's accelerating industrial and market recoveryWhy he sees the start of an 8–10 year bull market in ChinaThe “CapEx time bomb” under the Mag 7U.S. vs. international equity performance and valuationsThe rise of fallen angels and how private credit changed high yieldWhy he may soon flip from short to long creditThe end of the stock-bond correlation eraHis “Bushy” portfolio and defensive positioningTrend following, precious metals, and EM local debtEmerging opportunities in Africa and UzbekistanThe global energy complex and long-dated crude exposureShort ideas in fast casual restaurants and the “forgotten 493”How investor sentiment extremes create opportunityTimestamps:00:00 China's transformation and why Rupert's bullish05:00 The Made in China 2025 plan and global dominance07:00 U.S. vs. international equity rotation10:00 The Mag 7's CapEx problem14:00 The “forgotten 493” and passive flow dynamics18:00 Bonds, credit spreads, and what the yield curve says21:00 Private credit, fallen angels, and the next credit setup25:00 The end of risk parity and correlation breakdown27:00 Inside the Bushy portfolio and alternatives30:00 Gold, miners, and precious metals strategy33:00 Frontier and EM opportunities – Africa and Uzbekistan39:00 The Acorns portfolio and global positioning44:00 Energy stocks, refiners, and long-dated crude49:00 The restaurant short thesis and U.S. consumer trends53:00 Where to follow Rupert and Blind Squirrel Macro

John Allen thinks people are missing the potential reversal of corporate tax cuts. He discusses the enormous AI capex from the top four hyperscalers, calling it “astonishing” and saying it makes up “at least 0.5% - 1%” of GDP. He thinks the U.S. is “better positioned than China to win the AI race,” and thinks valuations “could be reasonable.”======== Schwab Network ========Empowering every investor and trader, every market day. Subscribe to the Market Minute newsletter - https://schwabnetwork.com/subscribeDownload the iOS app - https://apps.apple.com/us/app/schwab-network/id1460719185Download the Amazon Fire Tv App - https://www.amazon.com/TD-Ameritrade-Network/dp/B07KRD76C7Watch on Sling - https://watch.sling.com/1/asset/191928615bd8d47686f94682aefaa007/watchWatch on Vizio - https://www.vizio.com/en/watchfreeplus-exploreWatch on DistroTV - https://www.distro.tv/live/schwab-network/Follow us on X – https://twitter.com/schwabnetworkFollow us on Facebook – https://www.facebook.com/schwabnetworkFollow us on LinkedIn - https://www.linkedin.com/company/schwab-network/ About Schwab Network - https://schwabnetwork.com/about

Daniel Lam looks at these three key factors, that investors have been focusing upon in the current US earnings season.

In this episode of the RiskReversal Podcast, Guy Adami and Liz Thomas delve into various market trends and economic indicators. They discuss the OpenAI and Amazon cloud compute agreement, CapEx spending, and the ISM manufacturing index's recent performance. Moreover, they analyze the bond market's reaction to economic data and the Federal Reserve's policies. The conversation also covers the underperformance of Bitcoin, the housing market's challenges, and the gold market's fluctuations. The episode concludes with insights into Warren Buffett's cash holdings at Berkshire Hathaway and a sports commentary on the recent Green Bay Packers game. —FOLLOW USYouTube: @RiskReversalMediaInstagram: @riskreversalmediaTwitter: @RiskReversalLinkedIn: RiskReversal Media

In this episode, host Reese Tisdale is joined by Bluefield analyst Megan Bondar to unpack the pressures and opportunities shaping water reuse—a cornerstone of resilient water supply planning that's gaining momentum across the U.S. Bluefield's latest analysis projects US$47.1 billion in CAPEX for municipal reuse infrastructure through 2035, highlighting a shift in how utilities and cities are thinking about long-term water resilience. From California's drought-driven projects to saltwater intrusion along the East Coast, water reuse is expanding. In this conversation, Reese and Megan explore what's driving this growth—and what it means for utilities, communities, and the industries that depend on them. In this episode: What's behind the surge in water reuse investment—and how it reflects a new mindset around resilience. How utilities and policymakers are addressing challenges like cost, permitting, and public perception. Why potable reuse is emerging as a larger share of new capacity additions by 2035. How regional factors—from groundwater depletion in the West to saltwater intrusion in the East—are shaping different approaches. The role of industrial demand, especially from data centers, in accelerating public-private partnerships for reuse. What separates the leaders from the laggards in planning, financing, and executing reuse projects. If you enjoy listening to The Future of Water Podcast, please tell a friend or colleague, and if you haven't already, please click to follow this podcast wherever you listen. If you'd like to be informed of water market news, trends, perspectives and analysis from Bluefield Research, subscribe to Waterline, our weekly newsletter published each Wednesday. Related Research & Analysis: U.S. Municipal Water Reuse: Market Trends and Forecasts, 2025–2035 

The Information's E-comm Reporter Ann Gehan talks with TITV Host Akash Pasricha about Shopify's Q3 earnings and their AI strategy. We also talk with Financial Analysis Columnist Anita Ramaswamy about Uber's growth and Palantir's accelerating US commercial business. OpenAI & Anthropic Reporter Sri Muppidi details Anthropic's new $70B revenue projection and its race to profitability against OpenAI. The Information's CEO Jessica Lessin speaks with BlackRock's Tony Kim about the OpenAI-AWS deal, shifting alliances in AI, and the CapEx boom's effect on big tech valuations. Lastly, we get into how corporations are using AI and its effect on the labor market with Goldman Sachs Senior Global Economist Joseph Briggs.Articles discussed on this episode:https://www.theinformation.com/articles/introducing-informations-50-promising-startups-2025https://www.theinformation.com/articles/information-50s-top-performers-2024https://www.theinformation.com/briefings/shopify-continues-boost-revenue-shares-fall-increased-costshttps://www.theinformation.com/articles/anthropic-projects-70-billion-revenue-17-billion-cash-flow-2028TITV airs on YouTube, X and LinkedIn at 10AM PT / 1PM ET. Or check us out wherever you get your podcasts.Subscribe to: - The Information on YouTube: https://www.youtube.com/@theinformation4080/?sub_confirmation=1- The Information: https://www.theinformation.com/subscribe_hSign up for the AI Agenda newsletter: https://www.theinformation.com/features/ai-agenda

In this episode of the RiskReversal Podcast, hosts Guy Adami and Dan Nathan are joined by Dan Greenhaus, the chief economist and strategist at Solus Alternative Asset Management. Returning since his last appearance in July, Dan shares his consistently accurate market predictions, offering insights into the recent earnings season and the broader economic landscape. The discussion covers the impact of company-specific data versus macroeconomic data, consumer behavior, and the role of the Federal Reserve. They also analyze the AI-driven CapEx boom, its implications for various sectors, and how companies are financing this growth. The conversation culminates in reflections on inflation, politics, and the significant economic challenges and opportunities moving into the next year. —FOLLOW USYouTube: @RiskReversalMediaInstagram: @riskreversalmediaTwitter: @RiskReversalLinkedIn: RiskReversal Media

In this episode of Bridge the Gap, BTG Ambassador and FSLA Board Member Damon Thomas, Senior VP of Operations at Providence Senior Living, joins the show. Damon shares practical insights on smooth senior living operations, leadership evolution, and the importance of culture in smaller, regional organizations. From his “daily alignment” meetings to managing the ever-present “top ten” list, Damon reveals how consistency and intentionality build thriving communities. Sponsored by Aline, NIC MAP, Procare HR, Sage, Hamilton CapTel, Service Master, The Bridge Group Construction and Solinity. Become a sponsor of the Bridge the Gap Network.Produced by Solinity Marketing.Connect with BTG on social media:YouTubeInstagramFacebookTwitterLinkedInTikTokMeet the Hosts:Lucas McCurdy, @SeniorLivingFan Owner, The Bridge Group Construction; Senior Living Construction Renovation, CapEx, and Reposition. Joshua Crisp, Founder and CEO, Solinity; Senior Living Development, Management, Marketing and Consulting.

Laurent and Gerard have an explosive conversation with Bryan Long, Executive Director in JPMorgan's Commodities Group.They explore why U.S. energy market signals are failing to support new capacity investments, despite soaring demand (especially from datacenters).  Key issues include misaligned pricing, liquidity constraints, and hedging challenges, all of which deter long-term private capital.Key Takeaways: Current price signals don't support investment in new generation, even as large load growth (e.g., datacenters) is accelerating. Market structures must evolve to better reflect long-term price signals and attract private capital. Supply-side issues: New natural gas peakers and battery storage (BESS) face fragmented development, rising CAPEX, procurement delays, and tariff risks. Industry response: Major consolidation in the IPP space—private equity-backed assets are being acquired by integrated players seeking scale for hyperscaler deals.Possible solutions may include Repricing of forward curves, Government-backed long-term contracts, Regulatory reforms, Technological advancements Bottom line: Something must shift—be it policy, pricing, or tech—to align investment incentives with future demand growth. The next several years should be great for traders in the middle of the action.Conclusion: Between the Large Load Growth and the Investment Capital, who will blink first?   ------------  Bryan Long is an Executive Director in JPMorgan's Commodities Group, focused on wholesale power & renewable energy transactions. With 20yrs+ experience across various U.S. Power trading, origination and management roles, he has deep understandings of electricity market structures.    

The conversation delves into the competitive landscape of cloud computing, focusing on Nvidia's ambitions and the fragmentation of the market with numerous Neo clouds. Jay Goldberg discusses the implications of this fragmentation for Nvidia and its customers, who are increasingly seeking to develop their own custom silicon.

In today's Cloud Wars Minute, I look at the shift in enterprise preference from Microsoft to Google Cloud.Highlights00:15 — The three original hyperscalers all released numbers for Q3 last year. Each should be proud, but Google Cloud stood out in a significant way. Its Q3 revenue is up 34% to $15.2 billion. Its Q2 growth had been 32%, so, accelerating here. Mid-year, it said its CapEx would be $75 billion for all of 2025. A few months ago, it said, “Now we're going to have to make it $85 billion..."01:38 — Now it's saying it's going to be somewhere between $91 and $93 billion for this year. If you take the three hyperscalers in their Q3 performance here: $49.1 billion for Microsoft, up 26%, , terrific results. AWS, $33 billion; that was up 20%, so accelerating from Q2's 17.5% — very nice. And then Google Cloud, $15.2 billion, as I mentioned, up 34%.02:39 — AWS and Microsoft are much larger than Google Cloud. Regarding new business Microsoft added $2.4 billion, AWS $2.1 billion, and Google Cloud $1.6 billion. So how does that play out? Well, of the $6.1 billion in incremental new revenue, Q3 over Q2, Microsoft got 39.3%, AWS, 34.4%, and Google Cloud,26.2%. So, for Google Cloud, 15.6% overall, but 26.2% of the new business.03:47 — My point here is that some previous long-range contracts that these companies have been winning have positioned AWS and Microsoft as much larger than Google Cloud; they've earned that. But looking forward here, in the early days of the AI Revolution, Google Cloud is gaining a disproportionate share of new business based on its size relative to AWS and Microsoft.04:44 — But I think the interesting thing here is to say, of the new business and looking forward, who's winning this stuff — sort of right here, right now — forgetting the size disparities that have been up in the past. And Google Cloud, on that front, is looking very good. Visit Cloud Wars for more.

Is the AI boom just a bubble or the start of something bigger? Host Merryn Somerset Webb sits down with Rob Arnott, founder and chairman of the board of Research Affiliates, to compare artificial intelligence mania with the dot-com era, unpack sky-high valuations and market concentration while exploring what rising competition, power constraints and Capex mean for Nvidia and the “Magnificent Seven.” Arnott shares a pragmatic playbook—fade frothy winners, favor fundamentals (including his RAFI approach) and look to small caps, the UK and emerging markets—plus candid takes on Bitcoin and holding a little gold as insurance.See omnystudio.com/listener for privacy information.

On this episode of The Six Five Pod, hosts Patrick Moorhead and Daniel Newman discuss the tech news stories that made headlines this week. The handpicked topics for this week are:   Key Takeaways from NVIDIA GTC and Infrastructure Build-Out: Jensen Huang's keynote delivery. Nvidia's co-architecture approach to power systems, water systems, and manufacturing. Partnerships with Vertiv, Siemens, and GE Vernova for infrastructure development. Key partnership announcements from NVIDIA to build seven supercomputers, competing with AMD's dominance.   OpenAI and Microsoft Partnership Restructuring: Microsoft's $12-13 billion investment for 50/50 partnership structure. Renegotiation allowing OpenAI conversion to a for-profit entity. Microsoft's potential 27% ownership stake valued at approximately $270 billion. Sam Altman's equity position and IPO preparation for a potential trillion-dollar valuation.   Qualcomm's AI Chip Launch: AI 200 and AI 250 announcement driving 20% stock price surge. Strong Wall Street reaction despite limited technical details available. Credible entry into the data center market with scale-up methodology. 2027 timeline for scale-up technologies, including NVLink adoption.   DOE Supercomputer Partnerships: AMD's billion-dollar partnership for two additional supercomputers. Continued dominance in high-performance computing with 64-bit precision. U.S. Secretary of Energy Chris Wright's recent recognition from both NVIDIA's Jensen Huang and AMD's Lisa Su. Highlights of government investments towards winning science across multiple domains.   AWS Anthropic Trainium Partnership: A one-million Trainium chips commitment from Anthropic. Validation of AWS's custom silicon strategy. Recognition that all available chips are selling in the current market. Multi-generation improvement trajectory similar to Google's TPU.   Google Public Sector Event Highlights: Google's military and government sector transformation under Google Cloud CEO, Thomas Kurian. Impressive Gemini for Government agent demonstrations. Seven-minute agent creation showcasing platform capabilities. On-premise GDC deployment with Lockheed Martin for air-gapped AI.   Government Stakes Debate: Discussion of AI, quantum, rare earth minerals, and chip manufacturing.   Federal Reserve Rate Cut: Fed Chairman Powell's extensive data center commentary.   OpenAI Valuation: A trillion-dollar IPO valuation deemed "completely bonkers."   ServiceNow Earnings, Alphabet/Google Earnings, Meta Earnings: Unpacking tech's earnings season.   Microsoft Azure: 40% Azure growth with $400 billion booked business. For a deeper dive into each topic, please click on the links above. Be sure to subscribe to The Six Five Pod so you never miss an episode.

The closeout process is where most projects quietly fail. In this episode ofKP Unpacked, the #1 podcast in AEC, KP Reddy and Nick pull back the curtain on why handovers break, why owners get stuck with the bill, and how to design for decades instead of deadlines. From BIM's broken promise to the CapEx vs OpEx split, this is a hard reset on how AEC should finish work.Highlights1) Documentation and dataBIM vs reality: digital models did not eliminate banker boxes or fragmented handoversDocumentation as asset value: warranties, submittals, service records as the true owner's manualModern handover standard: digitize everything, make it queryable, and keep data portable across owners2) Incentives and ownership structureCapEx vs OpEx: split mindset drives short-term choices that hurt operationsIncentives and warranties: tie first five years of maintenance to designers and contractorsDesign–Build–Operate: operating accountability changes what gets built3) Operations and economicsMaintenance economics: lifecycle costs can exceed build costs and should change design choicesManufacturers and feedback loops: lost warranty visibility and how direct data ties prevent waste4) Process and workflowsDecentralized workflows: hundreds of contributors, no single system, and why forcing one platform fails at closeout5) Owner playbookSet closeout requirements early, enforce data standards in contracts, and involve operations from day one.This is exactly why we launched the Owner Training Series to help owners and owner reps fix what breaks between design, build, and handover. Learn how to manage risk, enforce better closeouts, and align your teams for long-term success.2nd Webinar is on Nov 20th.Enroll now and get the replay of first one → https://kpreddy.co/owner-training-seriesAEC leaders, operators, and innovators, this one matters. Listen now and fix your closeout before it burns value.Sounds like you? Join the waitlist at https://kpreddy.co/Check out one of our Catalyst conversation starters, AEC Needs More High-Agency ThinkersHope to see you there!

This week, we discuss the Fed meeting, including the end of quantitative tightening and the impact of its balance sheet plans. We also dig into how market structure imbalances and political polarization are reshaping markets, the “financial Hunger Games” of meme-driven trading, rising CapEx from AI megacaps, and the centralization of wealth and power across institutions. Enjoy! — Follow Tyler: https://x.com/Tyler_Neville_ Follow Quinn: https://x.com/qthomp Follow Felix: https://twitter.com/fejau_inc Follow Forward Guidance: https://twitter.com/ForwardGuidance Follow Blockworks: https://twitter.com/Blockworks_ Forward Guidance Telegram: https://t.me/+CAoZQpC-i6BjYTEx Forward Guidance Newsletter: https://blockworks.co/newsletter/forwardguidance __ Weekly Roundup Charts: https://drive.google.com/file/d/1E5w8fmngVNuC4lyl-PCV5qAPewW_lyKm/view?usp=sharing — Grayscale offers more than 30 different crypto investment products. Explore the full suite at grayscale.com. Invest in your share of the future. Investing involves risk and possible loss of principal. https://www.grayscale.com/?utm_source=blockworks&utm_medium=paid-other&utm_campaign=brand&utm_id=&utm_term=&utm_content=audio-forwardguidance — Timestamps: (00:00) Introduction (02:05) Private-Public Market Divergence (05:08) Fed Meeting Takeaways (11:17) Grayscale Ad (11:56) Market Structure Rabbit Hole (17:26) The Bifurcating Economy (23:01) Fed Balance Sheet Changes (27:40) Impact on Markets (31:27) Grayscale Ad (32:15) High-Yield Earnings & Market Concentration (37:51) BigTech Capex Transition (42:19) The Dystopian AI Future (45:53) Why is Bitcoin Dumping? (48:37) The Market is a Casino (51:28) Realigning Market Incentives (55:06) Final Thoughts — Disclaimer: Nothing said on Forward Guidance is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are opinions, not financial advice. Hosts and guests may hold positions in the companies, funds, or projects discussed. #Macro #Investing #Markets #ForwardGuidance

Dale Smothers believes AI capex can get “spooky if you ask the right questions,” and calls it the story traders should be focused on. “At what point – and how – do we turn all of this artificial intelligence into profitability?” He posits that the sector might be overvalued because of the difficulty of answering that question. However, he still likes Apple (AAPL) and Amazon (AMZN), CoreWeave (CRWV) – and Royal Caribbean (RCL).======== Schwab Network ========Empowering every investor and trader, every market day. Subscribe to the Market Minute newsletter - https://schwabnetwork.com/subscribeDownload the iOS app - https://apps.apple.com/us/app/schwab-network/id1460719185Download the Amazon Fire Tv App - https://www.amazon.com/TD-Ameritrade-Network/dp/B07KRD76C7Watch on Sling - https://watch.sling.com/1/asset/191928615bd8d47686f94682aefaa007/watchWatch on Vizio - https://www.vizio.com/en/watchfreeplus-exploreWatch on DistroTV - https://www.distro.tv/live/schwab-network/Follow us on X – https://twitter.com/schwabnetworkFollow us on Facebook – https://www.facebook.com/schwabnetworkFollow us on LinkedIn - https://www.linkedin.com/company/schwab-network/ About Schwab Network - https://schwabnetwork.com/about

In this Halloween-themed episode, Veronica Breckenridge from First Bite returns to discuss her eye-opening "Industrial Bio-Manufacturing Graveyard Report." Drawing from her experience scaling companies like Apple and Tesla, Veronica reveals why 80% of bio-manufacturing startups fail—and it's not because of bad science. The conversation explores critical mistakes like targeting commodity markets too early, underestimating downstream processing costs, and the "build it and they will come" mentality that has buried promising ventures. Veronica explains why now is actually the best time to invest in bio-manufacturing, citing decreasing costs (3 million times cheaper in 25 years), rising consumer demand for healthier alternatives to petroleum-based products, and increased government support for domestic manufacturing. She shares tactical advice on patient capital structures, the importance of strategic partnerships over going solo, and why bio-manufacturing is more analogous to hardware scaling than pharmaceutical development. The episode offers valuable lessons for founders, investors, and anyone interested in the future of sustainable manufacturing.Grow Everything brings the bioeconomy to life. Hosts Karl Schmieder and Erum Azeez Khan share stories and interview the leaders and influencers changing the world by growing everything. Biology is the oldest technology. And it can be engineered. What are we growing?Learn more at ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠www.messaginglab.com/groweverything⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Chapters:(00:00:00) - Halloween intro and SNL's Snack Homies discussion(00:04:17) - Zombie apocalypse: Could fungi or viruses cause real zombies?(00:09:12) - Beyond Meat stock surge and meme trading(00:11:34) - Introducing the Graveyard Report and Veronica Breckenridge(00:14:23) - Why Veronica moved from Tesla to bio-manufacturing(00:19:45) - The three recurring market fit errors killing startups(00:27:56) - Why targeting commodity markets is a seductive trap(00:35:18) - Downstream processing: The overlooked cost killer(00:42:31) - CapEx overruns and the importance of strategic partnerships(00:48:07) - Patient capital structures for deep tech ventures(00:53:22) - What makes this moment different: Why invest now(00:58:14) - Quick fire questions and closing thoughtsLinks and Resources:First BightThe Industrial Biomanufacturing Graveyard ReportBiowell Biotech AcceleratorGinkgo ConsultingCapgeminiMcKinsey120. Busting Biotech's Bottlenecks: Veronica Breckenridge on the Path to Industrial Scale151. Report on Reports: Cash Flow, Carbon, and the BioeconomyZombie-like effects from fungusBeyond Meat's Stock SpikeTedX BostonTechnoeconomic Analysis Tool⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Topics Covered: industrial biomanufacturing, biotech, business, growth stage, graveyard report, halloweenHave a question or comment? Message us here:Text or Call (804) 505-5553 ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Instagram⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠  / ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Twitter⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ / ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠LinkedIn⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ / ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Youtube⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ / ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Grow Everything⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Email: groweverything@messaginglab.comMusic by: NihiloreProduction by: Amplafy Media

In an AI push, Amazon has already axed 14,000 jobs and that total is reportedly going to hit 30,000.

Meta just reported Q3 earningsRevenue up +26% Y/Y, engagement accelerating, and yet the stock fell 8%.In this episode of Around the Desk, Sean Emory, Founder & CIO of Avory & Co., breaks down why the market is suddenly questioning Meta's $70B+ AI spending plans, what this means for ROI, and whether we're entering “Metaverse 2.0” territory.We explore: • Why Meta's core business is stronger than ever • How AI infrastructure is driving engagement and ad performance • Why investors are beginning to push back on CAPEX at all costs • The tension between long-term vision and near-term returns • What this shift could mean for broader AI infrastructure players⚡ Clear growth, rising scrutiny: Meta's results mark a turning point in how markets judge AI investment.

Powell says he's remaining data dependent, but he doesn't have the data, says Eric Diton. “He's not comfortable” with the market pricing in further rate cuts right now, he argues. “My guess is that we're going to see continued weakness in the labor market…that's just the new normal.” He notes huge AI capex may be leaving lower income consumers struggling.======== Schwab Network ========Empowering every investor and trader, every market day. Subscribe to the Market Minute newsletter - https://schwabnetwork.com/subscribeDownload the iOS app - https://apps.apple.com/us/app/schwab-network/id1460719185Download the Amazon Fire Tv App - https://www.amazon.com/TD-Ameritrade-Network/dp/B07KRD76C7Watch on Sling - https://watch.sling.com/1/asset/191928615bd8d47686f94682aefaa007/watchWatch on Vizio - https://www.vizio.com/en/watchfreeplus-exploreWatch on DistroTV - https://www.distro.tv/live/schwab-network/Follow us on X – https://twitter.com/schwabnetworkFollow us on Facebook – https://www.facebook.com/schwabnetworkFollow us on LinkedIn - https://www.linkedin.com/company/schwab-network/ About Schwab Network - https://schwabnetwork.com/about

Meta Platforms (META) sold off more than 10% after earnings with investors and analysts alike sharing concerns for the company's increased CapEx spending. Marley Kayden takes traders through the list of price target cuts from analysts to highlight the heart of their concerns. Joe Tigay says he's "cautiously pessimistic" on Meta as he offers an example options trade for the Mag 7 stock.======== Schwab Network ========Empowering every investor and trader, every market day. Subscribe to the Market Minute newsletter - https://schwabnetwork.com/subscribeDownload the iOS app - https://apps.apple.com/us/app/schwab-network/id1460719185Download the Amazon Fire Tv App - https://www.amazon.com/TD-Ameritrade-Network/dp/B07KRD76C7Watch on Sling - https://watch.sling.com/1/asset/191928615bd8d47686f94682aefaa007/watchWatch on Vizio - https://www.vizio.com/en/watchfreeplus-exploreWatch on DistroTV - https://www.distro.tv/live/schwab-network/Follow us on X – https://twitter.com/schwabnetworkFollow us on Facebook – https://www.facebook.com/schwabnetworkFollow us on LinkedIn - https://www.linkedin.com/company/schwab-network/ About Schwab Network - https://schwabnetwork.com/about

Wealth Management can be a scam. Spoke to a 35-year old paying XX 1.5% a year to manage his $5.5M. If he keeps going until retirement, he'll end up paying $6M in fees and end with ~$14M less than using a Vanguard ETFAI:   I was completely honest. I said I just typed it into AI. if you're not using AI now you're stupid. Gambling:Chauncey Billips arrested!! MarketsFed Rate CutThe latest quarter-point cut will reduce the Fed's benchmark short-term interest rate to between 3.75% and 4%Effects Money Market almost immediately. VMFXX's 7-day yield 4.05% and SPAXX.Juices economy. Less expensive to borrow, so can invest, build etc.. AppleSlow to AI. But will figure it out. iPhone 17 awesome. Meta Earning ResultsRevenue $50b. Record! UCAN 43% (Side note…S&P 500 is international).CapEx $50b YTD vs $24b last year. Double!!!Stock down 11%AmazonUp 10% plus in after-hours. $180b in the quarterI'll never sell: Package everyday. Andy Jasse Memo cultureTeslaTesla Earnings. Record Revenue. $28b.Energy up 44% !!!!Revenue $3.4b and $2.3 cost. $1b in profitUS grid is only 50% productive. Can double with batteries. Other Services up 25%.Elon Remarks. Play at 11.00 Play thur 15.00Leader in Realworld AI. ShockwaveDan Ives:No Drivers in Austin prior to year end. Taking a VERY conservative strategy!Nvidia & PalantirPLAY Jensen Huang on the importance of of Palantir and their ontology stackAlex and Jensen speaking together. Autonomous DrivingNVIDIA Drive SoftwareNEWS: Nvidia today announced it is partnering with Uber to help build the "world's largest Level 4 autonomous fleet, targeting 100,000 Robotaxis starting in 2027.NetflixEarnings LetterEarnings CallHighlights:Talked about personalized ad targeting. THIS IS HUGE!KPop Demon Hunters, which is now our most popular film ever (325M views)Top 10 movies here. Sharing view % growingWhy Netflix?Grown organically. WB and other mergers/acquisitions are a mess: Cultural and bureaucratic. Same core execs: Ted, Greg and David! Perfect mix of creative and Tech. No-one even close in tech. This helps ad money! Revenue and YoY % growth by Region:UCAN: $5.1b17%EMEA:$3.7b18%LatAm: $1.4b10%APAC $1.4b21%~43-45% of Revenue is US

AI isn't just changing software, it's causing the biggest buildout of physical infrastructure in modern history.In this episode, Raghu Raghuram (a16z) speaks with Amin Vahdat, VP and GM of AI and Infrastructure at Google, and Jeetu Patel, President and Chief Product Officer at Cisco, about the unprecedented scale of what's being built — from chips to power grids to global data centers.They discuss the new “AI industrial revolution,” where power, compute, and network are the new scarce resources; how geopolitical competition is shaping chip design and data center placement; and why the next generation of AI infrastructure will demand co-design across hardware, software, and networking.The conversation also covers how enterprises will adapt, why we're still in the earliest phase of this CapEx supercycle, and how AI inference, reinforcement learning, and multi-site computing will transform how systems are built and run. Resources:Follow Raghu on X: https://x.com/RaghuRaghuramFollow Jeetu on X: https://x.com/jpatel41Follow Amin on LinkedIn: https://www.linkedin.com/in/vahdat/ Stay Updated: If you enjoyed this episode, be sure to like, subscribe, and share with your friends!Find a16z on X: https://x.com/a16zFind a16z on LinkedIn: https://www.linkedin.com/company/a16zListen to the a16z Podcast on Spotify: https://open.spotify.com/show/5bC65RDvs3oxnLyqqvkUYXListen to the a16z Podcast on Apple Podcasts: https://podcasts.apple.com/us/podcast/a16z-podcast/id842818711Follow our host: https://x.com/eriktorenbergPlease note that the content here is for informational purposes only; should NOT be taken as legal, business, tax, or investment advice or be used to evaluate any investment or security; and is not directed at any investors or potential investors in any a16z fund. a16z and its affiliates may maintain investments in the companies discussed. For more details please see a16z.com/disclosures. Stay Updated:Find a16z on XFind a16z on LinkedInListen to the a16z Podcast on SpotifyListen to the a16z Podcast on Apple PodcastsFollow our host: https://twitter.com/eriktorenberg Please note that the content here is for informational purposes only; should NOT be taken as legal, business, tax, or investment advice or be used to evaluate any investment or security; and is not directed at any investors or potential investors in any a16z fund. a16z and its affiliates may maintain investments in the companies discussed. For more details please see a16z.com/disclosures. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Kai Wu of Sparkline Capital joins Excess Returns to discuss his paper Surviving the AI CapEx Boom. In this episode, Kai breaks down the unprecedented level of investment in AI infrastructure, why today's AI buildout mirrors past technology booms, and what it all means for investors. He explores the parallels between AI and historic bubbles, the implications of massive corporate CapEx spending, and where value might ultimately be captured as the cycle plays out.Topics covered:Why big tech's CapEx spending has exploded and how much they're investingThe trillions in revenue needed to justify AI infrastructure spendingHistorical parallels with the railroad and dot-com buildoutsWhy companies that invest heavily often underperformHow the Mag 7 are shifting from asset-light to asset-heavy businessesThe risks of “circular deals” and financial entanglement in AIWhy the AI race resembles a prisoner's dilemmaWhich layers of the AI stack may capture long-term valueHow early adopters and infrastructure players differ in capital intensity and returnsWhere investors might find opportunity beyond the obvious AI namesTimestamps:00:00 Introduction and overview of AI CapEx boom03:00 Why Kai researched AI investment cycles05:00 Scale of big tech's CapEx spending07:00 Revenue needed to justify AI infrastructure08:30 Market concentration and valuation risks11:30 Historical parallels: railroads, internet, and AI14:30 The capital cycle and overinvestment dynamics17:30 “This time is different?” and lessons from bubbles18:00 Factor investing and high-asset-growth underperformance21:00 Sector and firm-level CapEx trends22:30 Winner-take-all dynamics and competitive pressure26:00 How the Mag 7's business model is changing30:00 Comparing tech CapEx to utilities34:00 The circular deal problem and financial risk37:30 The AI arms race as a prisoner's dilemma40:30 Will AI be winner-take-all?43:30 Lessons from the railroad and dot-com eras47:00 Where the value is captured in infrastructure vs adoption48:00 Identifying early AI adopters and hidden beneficiaries50:30 Sector and geographic AI exposure54:00 Capital intensity and valuation differences between infrastructure and adopters

In this solo episode, Axel breaks down one of the most overlooked aspects of multifamily ownership—the timing of your CapEx spending. Many investors wait until systems fail before addressing roofs, heating, or parking lots, but Axel explains why this “defer and react” approach can actually hurt you long-term.He shares why leading with your CapEx, creates a more stable operation and more benefits around it. Axel also discusses why you should consider over-renovating one of your first few units to test what the market will bear and adjust your strategy early on.This episode is packed with practical, experience-driven advice for anyone managing value-add or long-term hold multifamily assets.What You'll Learn in This Episode:Why waiting to spend CapEx until systems fail can backfireThe operational and financial benefits of leading with your CapExHow proactive CapEx planning simplifies long-term cash managementWhy early CapEx investment can subtly boost resident quality and retentionHow to test the market by over-renovating one early unit to gauge demand and pricingAre you looking to invest in real estate, but don't want to deal with the hassle of finding great deals, signing on debt, and managing tenants? Aligned Real Estate Partners provides investment opportunities to passive investors looking for the returns, stability, and tax benefits multifamily real estate offers, but without the work - join our investor club to be notified of future investment opportunities.NH Multifamily Fund III Details:Download The OM For The NH Multifamily Fund IIIAccess The Deal Room For The NH Multifamily Fund IIIConnect with Axel:Follow him on InstagramConnect with him on LinkedinSubscribe to our YouTube channelLearn more about Aligned Real Estate Partners