Inflection Point Overload

This report outlines multiple macro 'inflection points' currently facing markets, including AI capital expenditure, geopolitical tensions with Iran and in Ukraine, and the outlook for rate cuts.

Key Takeaways

• 1.The U.S. is shifting its Iran strategy toward re-establishing deterrence through disproportionate responses to attacks on commercial shipping.
• 2.Market sentiment may be at an inflection point regarding AI spending, with earnings season performance acting as a critical catalyst.
• 3.The firm maintains a positive outlook on 'Compute' credit spreads (data centers, AI ecosystem) despite broader market volatility.

Table of Contents

• Inflection Point Overload?
• Possible Inflection Points
• Bottom Line

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