Research
The binding constraint on AI scaling is no longer capital, compute, or talent. It is megawatts. Microsoft, Google, Amazon, and Meta are power companies that happen to run AI models. The investors who understand this will own the right assets for the next decade.
Research
Z.ai's listing on HKEX as the world's first publicly traded large language model company creates a pricing anchor for the entire Chinese AI sector. The implications extend beyond the stock — this is an event that defines how Asian public markets will value AI.
Research
Our base case for 2026 is constructive equities with five identifiable risks that could derail the thesis. Goldman projects S&P 500 at 7,600; Morgan Stanley is more cautious at 1.8% GDP. We map the risks and the positioning response.
News
Venezuela's 300 billion barrel oil reserve — the largest in the world — is now potentially accessible to Western capital for the first time in two decades. The geopolitical implications for Iran, OPEC discipline, and energy market structure are significant and underappreciated.
News
US special forces captured Nicolás Maduro on January 3rd. The geopolitical shock is clear. The financial implication — Venezuela's estimated 600,000-660,000 Bitcoin shadow reserve — is less understood and potentially more significant for crypto markets.
Research
AI capex consensus among the hyperscalers for 2026 sits at $527 billion, with upside scenarios reaching $700 billion. The question is not whether this capital will be deployed — it will — but which parts of the stack will capture the returns and which will see them competed away.
Research
H1 2025 retail purchases of equities ran 53% above prior year pace. Record bull markets attract capital at the worst possible time. The behavioural finance literature has a clear diagnosis. What it lacks is a practical prescription. Here is ours.
Research
The global wine market at $515 billion is growing at 6.7% CAGR with premium wines now 40% of sales. The investment thesis is not about wine — it is about the premiumisation megatrend and Hong Kong's structural position as Asia's gateway for premium consumables.
Research
South Korea holds a near-monopoly in HBM memory — the component that determines AI training speed. SK Hynix's structural position is a chokepoint with pricing power that persists for at least three years, and Korea's $7B AI investment programme reinforces the advantage.
Research
China's electricity generation capacity of 3,010 GW — including 521 GW of renewables added in 2023 alone — gives it a structural cost advantage in AI infrastructure that cannot be replicated by Western competitors on any credible timeline.
Research
The world's largest private credit firms are repricing professional sports as infrastructure — recognising that media rights, gate receipts, and merchandise create stable, recurring cash flows with inflation linkage. Asia's sports infrastructure market is nascent but developing on a compressed ...
Research
The US fiscal deficit, AI's power hunger, and crypto volatility are not three separate stories — they are three symptoms of the same underlying monetary system fracture. The investors who connect these dots early will be better positioned than those who treat each as a standalone headline.