Microsoft: Azure Is Booming, But OpenAI And Copilot Are Quietly Capping The Upside (Archive)
Azure’s AI boom is offset by OpenAI risks, constrained capacity, and weak Copilot monetization.
Vish (Hunting Alphas)
Barrick Mining: IPO Spinoff Dream Hits Royalty Shocker And Margin Squeeze (Archive)
IPO upside dulled by disputes, hidden royalties, rising costs, and richer valuation.
Celestica: Mr. Market Gives Us A Perfect Opportunity To Load Up (Archive, Full Access)
Celestica offers a chance to ride accelerating AI demand at a sentiment-driven discount.
Ares Capital: I'm Not Bearish Anymore But Still Have Concerns (Archive)
Strong deal flow, AI‑exposed software book, rich relative valuation keep me Neutral/Hold on ARCC.
Credo: Fantastic Growth Drivers Ahead Make This A Buy (Archive)
CRDO levered to AI data centers, expanding beyond its flagship product of active electrical cables with underpriced growth and valuation tailwinds.
Sempra: A Safe Utility Way To Ride The Data Center Power Boom
Regulated rate-base growth, asset-sale-funded capex, and strong momentum support upside.
3 Apr'26 Portfolio
Fully invested but defensively