The house thesis
We look for durable scarcity with demand that someone can keep paying for, and with cash that actually reaches shareholders, at a price that still leaves upside. AI growth is real. This week showed that financing quality, time to power, search distribution and return on capital now separate the winners from the fragile expectations.
The week in brief
It was a hard week for technology. The S&P 500 fell 0.6% and the Nasdaq fell 2.0%, the third weekly loss in a row for both (CNBC). The Nasdaq 100 is now in a correction, which means it is more than 10% below its recent high.
Isiofia
