1. Long bond yields are at their highest in decades.

That’s a problem for equity markets.

2. The AI trade can continue with strong earnings from Nvidia.

Nvidia is marking a shift from being a company that sells standalone AI servers to one that sells integrated solutions like GPUs, NVLink, Spectrum-X, InfiniBand, Ethernet, and rack-scale AI factories.

3. Humanoids and robots will only accelerate China’s dominance in global manufacturing.

Below: China is already dominant in humanoids.

4. European consensus earnings growth is keeping up with the upswing in the US.

5. The European energy transition.

“Europe's power system has already evolved materially over previous 10 years with fossil fuel market share falling from 40% to current 22% and we expect to reach 16% by 2030. In exchange Wind & Solar share has risen from 17% in 2016 to 40% currently and we forecast to 49% by 2030.”

Below: Clean power represents 77% of European electricity generation in 2026.

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