1. Q2 Earnings season has started.

The total expected earnings growth for the S&P is 23%.

On the first day of earnings season, Wall Street’s biggest banks mostly crushed estimates.

2. Hyperscaler capex estimates at ~$1.2trillion/$1.4trillion in '27/'28.

Financing all of it has become a challenge.

3. The debt hangover.

Oracle, the enterprise software and cloud-infrastructure giant, got dragged into the AI hardware reset as investors started treating the buildout less like free growth and more like a financing problem. The networking stock, and AI build out giant hit a 52-week low as investors punished the industry. The same pressure hit networking and chip names tied to data-center demand.
Oracle’s bull case is that its OpenAI and cloud backlog eventually turns into massive revenue. The problem is the market is now asking who pays for the data centers first, and Monday’s 52-week-low print says investors are not giving the balance sheet a free pass anymore. If Oracle cannot prove cash flow is catching up with capex, it risks being valued less like software and more like a debt-funded AI landlord.

Below: $336bn of AI-related debt issuance across global credit markets YTD

4. The Robotaxi ecosystem has arrived…a US$1 Trillion opportunity.

5. Who are the key players in the global robotaxi market?

Mobility is being repriced from ownership to outcomes, shifting value toward platforms, content, and data. At the silicon layer, surging vehicle compute needs could support a meaningful semiconductor content upgrade cycle.
The robotaxi value chain can thus be segmented into six key groups that capture the interaction among technology enablers, OEMs, and mobility service providers.

The US and China lead today. Europe and broader Asia may emerge with increasing importance by mid-decade.

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