Daily Alpha · Substack
· Premarket Alpha · by Buzzberg Research
Noahpinion's Hexapodia debated whether firms will have to tie their capital structure to a frontier AI lab, and Nonconsensus noted stocks are only about 5% from highs after the AI rerating week.
Noah Smith argues firms will tie their capital structure to a frontier AI lab; DeLong and Wang are more skeptical
On the relaunched Hexapodia podcast about the Anthropic IPO, Noah rejects an arm's-length 'AI as oil' world and argues companies must tie up their capital structure with Anthropic, OpenAI or Google.
The thesis implies a structural tailwind for the few frontier labs and a squeeze on commodity/open-model AI plays.
Source →Nonconsensus: stocks are down only a couple percent after the AI rerating week, about 5% from highs
After a big week rerating the AI mania post-election, stock markets were down only a couple percent and are roughly 5% from the highs, with larger pain in tech and semis.
The question becomes how the rerating flows through to the rest of the economy and markets.
Source →Rudy & Rooster top up EVN in the SUMO portfolio
The issue's title says the authors topped up EVN within the SUMO portfolio; no rationale is given in the available text.
It is an add to an existing EVN position rather than a new recommendation.
Source →