$NVDA - AI buildout and data center investments are creating massive demand for chips, with spending already committed and order books filled.
$EQUITIES - Real economy spending from AI and onshoring investments is bullish for equities even if multiples contract, with 10% earnings growth expected.
$INFRA - Infrastructure spending for data centers and power generation is accelerating with committed capital already flowing.
Bearish:
$BONDS - Massive supply of corporate and government bonds to fund AI and onshoring promises will pressure bond prices, with real economy spending bad for bonds.
$ORACLE - Oracle's recent bond issuance has already widened significantly, signaling market concern about data center funding.
$GOLD - Shift from central bank money creation to private sector credit creation reduces debasement trade appeal for gold and crypto.
$CRYPTO - End of central bank money printing era means crypto loses its debasement narrative catalyst.