META

AI credit is splitting into investment-grade hyperscalers and junk-rated SoftBank-style vehicles. Mid-tier AI infrastructure providers caught between these extremes face rising funding costs without hyperscaler pricing power. Bearish on US-listed mid-cap data center and AI cloud infrastructure names dependent on capital markets access.

Trade Desk's earnings miss and growth deceleration signals advertisers are retreating from open-web programmatic into walled gardens with measurable first-party data. While TTD falls, Meta and Alphabet absorb reallocated budgets. Long walled garden platforms with first-party data moats as the open-web ad ecosystem fragments further.

BOJ hold extends yen weakness, reviving carry trade funding for US growth equities. Long US tech and cyclicals that benefit from cheap yen leverage.

China haven-bid signals capital reallocation away from US growth; short US mega-cap tech, long emerging markets and EM currency.

California governor race chaos forces fragmented Democratic primary spending across media platforms. Long streaming/digital media beneficiaries of political ad surge.

2028 Democratic primary spending on Black voter outreach drives ad revenue and data services; media and tech platforms benefit before general election noise.