Leslie Picker

SpaceX's addition to the Nasdaq 100 forces index funds with over $800 billion in assets to buy the stock, with JPMorgan estimating $4.3 billion in forced purchase flows, creating a short-term positive catalyst.

All 32 banks remained above minimum capital requirements in the Fed's stress test, absorbing over $708 billion in losses with only a 1.6 percentage point aggregate capital decline. The banking backdrop is very strong, capital levels remain robust, and JP Morgan estimates a 6-7% increase in dividends and buybacks amounting to 4-5% of market cap, signaling solid capital returns that should support bank share prices.

Alternative asset managers have sold off double digits recently due to fears of AI disrupting their software holdings. Executives state exposure is small (<10%) and they have been underwriting AI risks for years. The market has priced in a worst-case scenario for private portfolios that contradicts the actual data provided by management. If the exposure is minimal and the "AI disruption" fear is exaggerated, the stocks are undervalued. Long these asset managers as the market realizes the "AI death" thesis for their portfolios is flawed. Private valuations may still need to adjust downwards; indirect exposure via "GDP stakes" or non-software sectors could still be hit by AI deflation.

Alternative asset managers have sold off double digits recently due to fears of AI disrupting their software holdings. Executives state exposure is small (<10%) and they have been underwriting AI risks for years. The market has priced in a worst-case scenario for private portfolios that contradicts the actual data provided by management. If the exposure is minimal and the "AI disruption" fear is exaggerated, the stocks are undervalued. Long these asset managers as the market realizes the "AI death" thesis for their portfolios is flawed. Private valuations may still need to adjust downwards; indirect exposure via "GDP stakes" or non-software sectors could still be hit by AI deflation.

Alternative asset managers have sold off double digits recently due to fears of AI disrupting their software holdings. Executives state exposure is small (<10%) and they have been underwriting AI risks for years. The market has priced in a worst-case scenario for private portfolios that contradicts the actual data provided by management. If the exposure is minimal and the "AI disruption" fear is exaggerated, the stocks are undervalued. Long these asset managers as the market realizes the "AI death" thesis for their portfolios is flawed. Private valuations may still need to adjust downwards; indirect exposure via "GDP stakes" or non-software sectors could still be hit by AI deflation.

Alternative asset managers have sold off double digits recently due to fears of AI disrupting their software holdings. Executives state exposure is small (<10%) and they have been underwriting AI risks for years. The market has priced in a worst-case scenario for private portfolios that contradicts the actual data provided by management. If the exposure is minimal and the "AI disruption" fear is exaggerated, the stocks are undervalued. Long these asset managers as the market realizes the "AI death" thesis for their portfolios is flawed. Private valuations may still need to adjust downwards; indirect exposure via "GDP stakes" or non-software sectors could still be hit by AI deflation.