Weekly Mash

The report highlights a 'Great Rotation' away from asset-light tech and software toward capital-intensive physical industries, driven by AI's disruptive threat to software and massive infrastructure spending.

Key Takeaways

• 1.The market is undergoing a 'great rotation' from asset-light software/services to capital-intensive physical businesses.
• 2.AI is transitioning from being a tool for software to a threat that 'eats' software and IP-led profit pools.
• 3.Mega-cap tech (Mag7) financial profiles are shifting as capex rises to >90% of operating cash flow, potentially stalling EPS upgrades.

Table of Contents

• Four additional points
• Welcome to the new bull market
• Notice to Australian Investors
• Additional Disclaimers

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