Future Growth Will Be Driven By Banks, Not the Fed | Andy Constan

Future Growth Will Be Driven By Banks, Not the Fed | Andy Constan – Forward Guidance

Market views

Bullish

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.
ORCL— Oracle's recent bond issuance has already widened significantly, signaling market concern about data center funding.
XAU— 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.

Not investment advice.