海外研报

Macro2Market Views Post the MacroMania

The super-macro week of late July/early August led to a volatile adjustment in pricing and positioning. As the dust settles, we remain vigilant and unconvinced that the coast is clear.

Gen AI: Who is spending what? Where will revenues come from? The ultimate industry model.

The world will spend $105bn on XPUs in 2024, i.e.$210bn in AI capex, up 10x vs. 2020.

US Labor Market: Cracks Beneath The Surface

The US unemployment rate has clocked in below 4.5% for 33 consecutive months. However, this historicallylow rate camouflages nascent cracks in the US labor market.