Flow and Positioning Observations

This report analyzes current market positioning, highlighting risks in AI hardware due to extreme leverage and a potential pivot toward hyperscalers. It also touches on geopolitical risks in energy and macroeconomic conditions in Japan and the UK.

Key Takeaways

• 1.AI hardware is experiencing extreme leverage and supply-side constraints, suggesting a potential rotation away from mining/industrial AI proxies.
• 2.Hyperscalers are preferred over neo-clouds due to their ownership of underlying infrastructure, software, and distribution channels.

Table of Contents

• GS flow and positioning observations
• Richard Privorotsky – EMEA head 1D trading
• AI Hardware/Bottlenecks
• Data Sovereignty
• AI Winners/Hyperscalers
• Healthcare
• Technicals
• Ariana Contessa – US sales trading

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