Markets can’t wait for the Iran war to end – so they can get back to speculating trillions on the AI revolution. The hyperscalers expect to reap monopoly scale rents from owning AI closed-weight models and the digital infrastructure of datacentres and chips. But what if households can build their own AI capabilities cheaper and more effectively? Pop!

Hype and reality seldom mix. Elon Musk is the exception that proves the rule. The Space X IPO is set to make him the first trillionaire – but what if Competition is already eating his lunch in space-based datacentres before he’s even looked at the menu? In the Tortoise vs the Hare space race – will Jeff Bezos emerge the winner?

Western economies are dependent on functional tech. Yesterday’s Amazon outage suggests the resiliency of tech infrastructure is creaking, raising multiple issues about dependency and costs. Could a shift in how companies secure against Tech vulnerabilities see the MAG3 firms at the core of global tech infrastructure hit?

The market is under a glamour cast by Nvidia. It’s the most watched headline stock. In a perfect world, its position would mean there would be little to worry about, but US data and all the other market frictions are combining to challenge the market’s narrative – which is a long way of saying… THIS MARKET IS TOPPY.