By Evan Coffee & Kate Templeton A rocket company became one of the most valuable businesses on Earth in a single afternoon in June. Five weeks later, its stock traded below where it started. The technology underneath it, the part that took a decade to build, hadn’t changed at all in that stretch. Only the price had. That gap, between how … Read More
The Great Mismatch
Why Digital CAPEX Is Colliding with Physical Infrastructure Reality What happens when the tortoise and the hare must finish the race at the same time? The market narrative today is dominated by the scale of capital being deployed into AI, data centers, and next-generation compute. Hundreds of billions of dollars are being committed, sometimes circularly, with the expectation that infrastructure … Read More
Back to Earth
“Every time we fall to pieces, we build something new out of the hurt” – Back to Earth, Steve Aoki, 2014 That didn’t take long. Despite all of the fanfare that accompanied the SpaceX IPO that included many investors working strenuously to get pre-IPO allocations, the rocket ship that soared as high as $225 per share in the days immediately post IPO … Read More
The Memory Squeeze
The AI boom’s biggest supply constraint right now isn’t GPUs. It’s memory. Every AI server in every data center powering tools like ChatGPT and Claude is only as fast as the memory chip sitting next to its processor. That memory is now in short supply. Prices for the two main types, DRAM and NAND flash, jumped 58 to 63% and … Read More
Market Momentum
In this week’s GVA Market Insights, our Asset Management team explores: Equity markets have surged over 10% since April 1st amid strong earnings, though mega-cap concentration — particularly in semiconductors — remains a growing concern. The Fed held rates steady at its latest meeting, but a hawkish shift is emerging as inflation reaccelerates and rate hike expectations build for year-end. … Read More
The Power
“It’s gettin’, it’s gettin’, it’s gettin’ kinda heavy” – The Power, Snap, 1990 The U.S. stock market is getting way ahead of itself. For as constructive on the markets as I was back in February and March when the S&P 500 was careening into correction territory despite the fact that economic growth remained strong and corporate profit growth projections were being revised … Read More
Private Market Noise
In this week’s GVA Market Insights, our Asset Management team explores: Private Markets Noise vs. Reality: Redemption headlines at BlackRock and Blue Owl are alarming on the surface, but the 5% quarterly liquidity cap is a structural safeguard, and comparisons to 2008 miss the mark. Stagflation Warning Signs: CPI at 3.8%, gas above $4.50, a 10-year at a 52-week high, and zero … Read More
The 700 Billion Audit
Last week five of the biggest names in technology released their latest quarterly earnings results and while all beat top and bottom line estimates comfortably, Wall Street is becoming increasingly concerned about one recurring theme within the earnings calls.
Long May You Run
What a difference a month makes. It was at this same time thirty days ago when the S&P 500 was embroiled in an eight week decline that had it on the brink of falling into correction territory down more than -10% from late January highs.
Market Rebound
In this week’s GVA Market Insights, our Asset Management team dissects the latest stock market rally: Markets rebound despite early volatility: Equities have surged to all-time highs following a turbulent quarter, as investors look past geopolitical tensions and easing oil prices support sentiment. Broad-based rally with rising retail influence: April gains have been strong across sectors and regions, fueled by AI-driven optimism … Read More