Alberto Poli @pino428: "📉 𝙄𝙣𝙛𝙡𝙖𝙩𝙞𝙤𝙣 𝙚𝙖𝙨𝙞𝙣𝙜, 𝙧𝙚𝙨𝙞𝙡𝙞𝙚𝙣𝙩 𝙚𝙢𝙥𝙡𝙤𝙮𝙢𝙚𝙣𝙩..."

Italy

📉 𝙄𝙣𝙛𝙡𝙖𝙩𝙞𝙤𝙣 𝙚𝙖𝙨𝙞𝙣𝙜, 𝙧𝙚𝙨𝙞𝙡𝙞𝙚𝙣𝙩 𝙚𝙢𝙥𝙡𝙤𝙮𝙢𝙚𝙣𝙩 𝙖𝙣𝙙 𝙩𝙝𝙚 𝙜𝙧𝙚𝙖𝙩 𝙘𝙖𝙥𝙞𝙩𝙖𝙡 𝙧𝙤𝙩𝙖𝙩𝙞𝙤𝙣: 𝙩𝙝𝙚 𝙣𝙚𝙬 𝙥𝙝𝙖𝙨𝙚 𝙤𝙛 𝙩𝙝𝙚 𝙢𝙖𝙧𝙠𝙚𝙩𝙨 The latest U.S. price data has given investors a bit of breathing room. In January, inflation measured by the CPI rose 2.4% year-over-year, slowing from the previous month. The “core” component, which excludes food and energy, stood at 2.5%, broadly in line with expectations. On a monthly basis, the increase was moderate: +0.2% for the headline index and +0.3% for the adjusted figure. The cooling was helped by the decline in energy (-1.5%) and a more contained trend in rents (+0.2% in the month), a category that weighs heavily in the basket. Food prices also showed limited growth. This mix strengthened market bets on possible monetary easing by the Federal Reserve in the coming months. However, it should be remembered that the central bank pays more attention to the PCE than to the CPI, and inflation still remains above the 2% target 🎯. The path toward normalization is not yet complete. 👷 𝙇𝙖𝙗𝙤𝙧 𝙢𝙖𝙧𝙠𝙚𝙩: 𝙨𝙤𝙡𝙞𝙙 𝙞𝙣 𝙣𝙪𝙢𝙗𝙚𝙧𝙨, 𝙬𝙚𝙖𝙠𝙚𝙧 𝙞𝙣 𝙘𝙤𝙢𝙥𝙤𝙨𝙞𝙩𝙞𝙤𝙣 The January employment report showed 130,000 new jobs and an unemployment rate falling to 4.3%. Initial jobless claims also remain in a range consistent with a stable labor market . However, the picture is less bright when looking at the structure of growth. Revisions to previous months showed that in 2025 the average job creation was very weak. Moreover, a large share of new jobs is concentrated in healthcare and social assistance — a sector that tends to expand for demographic reasons rather than cyclical strength. Meanwhile, the housing market is showing signs of fatigue: existing home sales fell sharply in January, reflecting still-high rates and less accommodative financial conditions 🏠. 🤖 𝘼𝙧𝙩𝙞𝙛𝙞𝙘𝙞𝙖𝙡 𝙞𝙣𝙩𝙚𝙡𝙡𝙞𝙜𝙚𝙣𝙘𝙚: 𝙛𝙧𝙤𝙢 𝙢𝙪𝙡𝙩𝙞𝙥𝙡𝙚 𝙚𝙭𝙥𝙖𝙣𝙨𝙞𝙤𝙣 𝙘𝙖𝙩𝙖𝙡𝙮𝙨𝙩 𝙩𝙤 𝙨𝙚𝙡𝙚𝙘𝙩𝙞𝙤𝙣 𝙛𝙖𝙘𝙩𝙤𝙧 After a long period of enthusiasm, the software sector is undergoing a deep valuation reassessment. Simply invoking AI is no longer enough to support ambitious valuations: the market now demands concrete revenues and measurable returns. In the United States, stocks such as Palantir Technologies, Salesforce and ServiceNow have suffered significant declines. In Europe, the German leader SAP, together with Dassault Systèmes and Sage Group, has also recorded a marked correction from its highs. The central question is clear: will AI accelerate SaaS business models or threaten their margins? Some observers talk about a simple pullback after speculative excesses; others see a deeper transformation that could reshape the sector’s hierarchy . Therefore, beware of sharp short-term moves driven more by emotion than by actual structural changes in margins . 🪙 𝙀𝙏𝙁𝙨 𝙖𝙣𝙙 𝙘𝙧𝙮𝙥𝙩𝙤: 𝙛𝙡𝙤𝙬𝙨 𝙧𝙚𝙫𝙚𝙧𝙨𝙞𝙣𝙜 Another key signal comes from movements in listed funds. U.S. ETFs linked to Bitcoin and Ethereum are seeing outflows, while international equity funds have attracted significant capital . This shift indicates a reallocation toward markets perceived as cheaper or better positioned in the new macro environment. With higher bond yields, fixed-income instruments become competitive again versus more volatile assets, putting pressure on cryptocurrencies and high-beta growth stocks. 🧭 𝘾𝙤𝙣𝙘𝙡𝙪𝙨𝙞𝙤𝙣: 𝙡𝙚𝙨𝙨 𝙣𝙖𝙧𝙧𝙖𝙩𝙞𝙫𝙚, 𝙢𝙤𝙧𝙚 𝙨𝙚𝙡𝙚𝙘𝙩𝙞𝙤𝙣 The overall picture is neither recessionary nor uniformly expansionary. Inflation is slowing, employment is holding up, but growth is concentrated in a few sectors. AI remains a structural theme, but no longer guarantees automatic valuations. For investors, the current phase requires discipline and diversification. The market is moving from euphoria to selectivity: it no longer rewards promises, but the concrete ability to generate earnings and cash in a context of more expensive capital and shifting global flows . 𝘿𝙤𝙣’𝙩 𝙛𝙤𝙧𝙜𝙚𝙩 𝙩𝙤 𝙘𝙤𝙥𝙮 𝙢𝙮 𝙥𝙤𝙧𝙩𝙛𝙤𝙡𝙞𝙤! 😉📈 $SAP.DE (SAP SE) $SNOW (Snowflake Inc.) $BTC $ETH

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