Alphabet's massive $80B equity raise is needed to fund AI infrastructure capex that could top $300B next year. Anthropic's confidential IPO filing pressures OpenAI in the race for capital. HPE's 20% premarket surge reflects shift from training GPUs to general-purpose CPUs for enterprise AI deployment, with 30% revenue growth guidance doubling expectations.

Equity markets are discounting positive earnings (16% US growth) while bond markets reflect rate hike risks. Geopolitical tensions (Strait of Hormuz closure) haven't spiked oil prices as expected. Portfolio strategy favors diversification: high-yield commodity currencies (AUD), gold (target $5500-6000), undervalued Europe (10x P/E vs US 21x), and Japan. Yield curve flattening supports growth tech and defense stocks.

Professor Mazzucato argues that global failure to achieve ambitious goals (SDGs, net zero) is by design, not coincidence. The problem is treating government as market-fixer rather than market-shaper. Key issues: UK underinvestment (28th in OECD for private investment), water privatization failures, need for conditional contracts (like Germany's steel sector), and pre-distribution over redistribution. Criticizes Labour's 'business-friendly' approach as lacking strategic vision.