Michele Cesari @Mexploder: "𝐀𝐈 𝐇𝐚𝐬 𝐒𝐭𝐨𝐩𝐩𝐞𝐝 𝐏𝐫𝐨𝐦𝐢𝐬𝐢𝐧𝐠. 𝐍𝐨𝐰..."

Italy

𝐀𝐈 𝐇𝐚𝐬 𝐒𝐭𝐨𝐩𝐩𝐞𝐝 𝐏𝐫𝐨𝐦𝐢𝐬𝐢𝐧𝐠. 𝐍𝐨𝐰 𝐈𝐭 𝐃𝐞𝐥𝐢𝐯𝐞𝐫𝐬 𝐑𝐞𝐯𝐞𝐧𝐮𝐞. There are moments when a technology stops being a bet and becomes infrastructure. This week, with earnings from Alphabet, Microsoft, Meta, and Amazon, that moment arrived with unusual clarity. Google Cloud grew 63% year over year. Microsoft's AI business is running at a $37 billion annual revenue rate. These aren't projections or promises — they're numbers already on the income statement. The narrative phase of AI is over. The compounding phase has begun. For this portfolio, that matters in a direct and concrete way. $GOOG (Alphabet) $MSFT (Microsoft) $AMZN (Amazon.com Inc) and $META (Meta Platforms Inc) are among my largest positions, and their results validate the thesis I had in mind when I built them: the companies that control AI infrastructure — compute, cloud, and models — occupy the most structurally advantaged position in this cycle. The combined capex guidance from these four hyperscalers for 2026 now exceeds $650 billion. That spending flows downstream, directly and predictably, to $NVDA (NVIDIA Corporation) $AVGO (Broadcom Inc) $ASML (ASML Holding NV) and $TSM. In the background, the Iran situation keeps oil above $110 a barrel, inflation is climbing back toward levels the Fed can't comfortably ignore, and every major central bank this week signaled patience rather than movement. That context shapes how I think about the cash position I'm carrying. It isn't hesitation — it's a deliberate response to a world where liquidity still has a real price and where the right opportunities haven't fully presented themselves yet. I'd rather wait with optionality than deploy capital just to feel invested.

Not investment advice. The author may have financial interests in the mentioned instruments.