Amoroso on AI Infrastructure and US Exceptionalism (with Tom Keene, Paul Sweeney)

Anastasia Amoroso advises staying invested, citing strong economic activity, consumer momentum, and accelerating capex in the US. She sees AI opportunity beyond Nvidia in infrastructure, memory chips, and agentic AI. She favors US over Europe due to better economic backdrop and is selectively positive on emerging markets enabling the AI tech trade.

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RUT

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USD

iCapital 1.0
Fintech Company
Anastasia Amoroso 8.0

Amoroso on AI Infrastructure and US Exceptionalism (with Tom Keene, Paul Sweeney)

ndx

Stay in the markets. AI opportunity is expanding beyond Nvidia.

wti

Forward strip pricing in 75 dollar average for the back half of the year.

Anastasia Amoroso

The brave call to stay in the market during the oil shock was based on US having buffers (200 days of net imports) and the belief the conflict wouldn't drag on for years.

The political time clock would force a resolution.
Anastasia Amoroso

Focus should be on the strength of economic activity (consumer, corporate earnings, capex) vs. the Fed. The Fed's hawkish guidance is not forward guidance; a lot will change in the next few months.

Fixed asset investment and capex are accelerating in the US thanks to hyper-scalers.
Anastasia Amoroso

AI opportunity extends beyond Nvidia to the entire semiconductor market (CPUs, memory chips), infrastructure (data centers), and the move to agentic AI which will drive more token consumption.

We are transitioning from conversational commerce to agentic AI and workflow automation.
Anastasia Amoroso

International investors still want to buy American due to the superior US economic backdrop (consumer confidence, capex, corporate tax rates) compared to depressed Europe.
Anastasia Amoroso

Selectively positive on emerging markets that enable the AI tech trade (Asia manufacturing components). Likes FinTech in Brazil as a theme.

60-70% of AI infrastructure is manufactured in Asia.

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