Join Andreas Steno Larsen, founder and CEO of Steno Research, and Mikkel Rosenvold as they unpack the dynamics affecting AI stocks after a Fed rate cut. They delve into Oracle's struggle with negative free cash flow despite heavy AI investment. Andreas shares insights on lower-than-expected inflation trends and how private credit indicates easing liquidity. Additionally, he analyzes potential impacts of Japanese Treasury purchases and offers a cautiously optimistic view on a possible Santa Rally. A must-listen for market enthusiasts!
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insights INSIGHT
Tech Sell-Off Driven By AI Fears
The recent sell-off in tech felt unrelated to the Fed's dovish message and instead stemmed from AI-related fears and private credit worries.
Market concerns around AI investment returns and data-center capex are driving volatility despite improving liquidity signals.
insights INSIGHT
CapEx Explains Oracle's Cash Flow Oddity
Negative free cash flow at growth tech firms can reflect heavy CapEx for AI rather than poor operations.
Free cash flow should flip above net income if AI investments generate adequate returns over time.
volunteer_activism ADVICE
Prepare For A Lower Inflation Surprise
Expect the upcoming inflation report to likely surprise lower because the nowcast probability suggests a drop below 3%.
Treat the report as higher-uncertainty because it consolidates two months of data into one release.
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Andreas Steno Larsen, founder and CEO of Steno Research, is back with his co-host Mikkel Rosenvold, partner and head of geopolitics for Steno Research, to break down the latest news and forces driving global markets after another tough week for markets.
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