Sophie Huynh - Buzzberg

Date	Ticker	Direction	Thesis	Source
Feb 18, 2026	GLEN /BASIC RESOURCES /WTI	LONG	BNP Paribas is favoring "Molecules" (physical stuff) over software. Glencore reported earnings; despite a profit drop due to coal, they are retaining cash for buybacks and the copper story remains the long-term driver. AI requires energy and infrastructure (copper). As software faces disruption/uncertainty, capital rotates into tangible assets with supply constraints (Oil, Copper). LONG GLEN and BROAD COMMODITIES / ENERGY. Coal prices continuing to drag on diversified miners like Glencore.	Bloomberg Markets Lagarde Reported to Leave ECB Before Term End...
Feb 18, 2026	SOFTWARE	SHORT	BNP Paribas has been Long Hardware / Short Software for over a year. It is unclear which software companies will survive AI disruption (zero terminal value risk for some), whereas hardware/memory demand is certain. The market is not yet pricing in the full "displacement" risk for white-collar software tools. SHORT SOFTWARE SECTOR. AI adoption happens slower than expected, allowing legacy software to adapt.	Bloomberg Markets Lagarde Reported to Leave ECB Before Term End...