Stock Picks: Constellation Energy (CEG) pitched as a value utility with strong nuclear exposure; KKR highlighted on insider buying and a potential private equity rebound.
AI Disruption: Extensive discussion on AI tools threatening legacy software and cybersecurity workflows, with IBM and various security vendors seen at risk from rapid AI advances.
AI Hardware Cycle: Nvidia’s earnings seen as a make-or-break moment for the AI trade, while AMD’s multi-year GPU deal with Meta (with warrant sweeteners) underscores aggressive data center build-outs.
Macro Policy & Tariffs: Legal turmoil around tariffs, new blanket hikes, and potential beneficiaries like China and Brazil add uncertainty and volatility to global trade dynamics.
Rates & Housing: Ten-year yields near multi-month lows and 30-year mortgages around 6% could spur activity, though seller price rigidity remains a headwind.
Regional Rotation: Notable outflows from U.S. equities toward Europe as earnings there modestly beat low expectations, improving the case for European equities.
Opportunities & Risks: “Peak AI” whispers contrast with sustained data center demand; incumbents in cybersecurity and legacy software face margin and relevance pressure from AI-native tools.
DHUnplugged #792: Disrupter ＜ Disrupters
Summary