The AI trade is broadening from semis to the physical buildout (power, metals) as hyperscaler CapEx forecasts double to ~$800B. This fuels sticky, broadening inflation (45% of CPI >5%), keeping the Fed hawkish. Bonds are broken as a diversifier; gold is the new ballast. Equities are the only real inflation hedge, with earnings—not multiples—driving returns in US & Asia tech. Stay long real assets and the AI supply chain.
explicit
explicit
RUT
implicit
explicit
explicit
Citigroup
8.4
Investment Bank $1800.00B
Kate Moore 8.5
Investment Bank $1800.00B
Kate Moore 8.5
5/22/2026 8:36:10 AM
dxy
People were less nervous about the US dollar... there was kind of more of the understanding that we may be kind of range bound in the dollar.
metals
Gold is going to be an increasingly important part of the portfolio. I'm quite in love with it at the moment because of what it's been able to do that long duration hasn't been able to do.
ndx
I do think equities end the year higher. The AI trade and the macro risk can be somewhat divorced in the near term.
yields
We expect rates are biased higher both from expected fiscal spend, higher inflation and globally a policy bias towards tightening. It's pretty hard for us to want to add to duration. We remain really underweight in the space.
Yields
NDX
RUT
Oil
Metals
USD
Silicon Dragon Ventures
2.5
Venture Capital
Rebecca Fannin 7.5
Venture Capital
Rebecca Fannin 7.5
5/22/2026 8:36:10 AM
Rebecca Fannin discusses China's innovation under pressure, highlighting strengths in AI, humanoid robots, EVs, and batteries. She notes China is behind the US in AI by about six months but catching up, and sees China dominating in commercialization and open-source AI. She identifies Unitree, BYD, and CATL as key companies to watch.
Yields
NDX
RUT
Oil
Metals
USD
The Asia Group
3.0
Management Consulting
Kurt Tong 7.0
Management Consulting
Kurt Tong 7.0
5/22/2026 8:36:10 AM
Ambassador Tong assesses the US-China relationship as having made significant progress toward stability after the Trump-Xi summit. He discusses the framework of 'constructive stability,' the likelihood of tariff re-imposition, and the risks around Taiwan. He is optimistic about the Board of Trade but sees the Board of Investment as more complicated.