Ben Snider 3.4 4 ideas

Snider identifies "solar energy and other parts of the energy and infrastructure complex" as an attractive place to invest. He links this to AI/data center power demand and the need for more investment in "energy supply resilience" due to the conflict. AI is creating a structural increase in power demand. The Middle East conflict highlights vulnerabilities in energy supply chains, which will likely drive more investment in alternative and resilient energy sources like solar. This theme has been attractive for years, but the recent conflict adds a new, powerful catalyst for investment, making it a compelling opportunity. A rapid de-escalation in the Middle East and a sharp drop in oil prices, reducing the immediate urgency for energy resilience spending.

TD Cowen downgraded Workday (WDAY) citing growth deceleration. Goldman Sachs reports hedge funds are rotating aggressively out of Software and into Semis/Infrastructure. This is a narrative-driven selloff. Investors fear "AI Agents" will reduce the need for human employees, thereby reducing the number of "seats" companies pay for in SaaS models. This existential threat crushes the valuation multiple, regardless of current earnings. AVOID. The "Asset Light" basket is underperforming "Asset Heavy" by 30%, and this trend is accelerating. AI fears prove overblown and SaaS companies demonstrate they can monetize AI features effectively.