U.S. Energy Secretary Chris Wright stated yesterday at the International Atomic Energy Agency’s annual conference that the United States is “furiously at work” to rebuild its nuclear fuel supply chain and called for a significant increase in strategic uranium reserves. Data from the IAEA highlight the urgency: U.S. uranium inventories cover only about 14 months…
In recent weeks, awareness has grown that water is becoming both a major challenge for data center developers and a major opportunity for water technology companies—suggesting the water theme could emerge as a derivative play on AI and further boost our portfolio performance (up 18% YTD, largely outperforming all water funds/ETFs). A clear example came…
Nebius, which rents out AI infrastructure, has announced a landmark $17.4 billion agreement with Microsoft over five years, potentially ramping to $19.4 billion. Under the deal, Nebius will deliver dedicated capacity to Microsoft from its new New Jersey data center. This represents a transformational win for Nebius, a significant position in both our AI and…
We have long argued that SpaceX is on track to disrupt the global telecom market. Yesterday, the company took a decisive step in that direction with the announced $17B acquisition of EchoStar’s 50 MHz S-band spectrum in the US along with its global spectrum licenses. SpaceX’s Starlink initially focused on providing broadband internet to underserved…
Cameco announced last night a cut to its production guidance for the McArthur River mine, one of the world’s largest and highest-grade uranium deposits. Output is now expected at 14–15 million lbs in 2025, down from the previous 18 million lbs target, as operations were hampered by development delays and the timing of ground freezing.…
The software sector has remained a minefield for investors this year, in line with our scenario (see our June 2024 report). So far, only two clear winners of the AI revolution have emerged—Microsoft and Palantir, both core holdings in our portfolios—while many other software vendors face the risk of being disrupted by AI. That said,…
Ecolab has announced plans to acquire Ovivo’s electronics division for $1.8 billion, a strategic move designed to bolster its position in the fast-growing semiconductor water technology market. The transaction will create a robust, integrated platform capable of delivering advanced circular water management solutions to microelectronics manufacturers—helping them significantly reduce freshwater usage while maintaining high output…
Stablecoins—digital currencies pegged to stable assets like the U.S. dollar, euro, or gold—are rapidly moving from niche financial instruments to mainstream payment methods. Their momentum accelerated in July 2025 with the passage of the Genius Act, signed into law by President Donald Trump. This landmark legislation introduced a comprehensive regulatory framework for stablecoins, requiring transparent…
If the Tech industry has reached new highs in recent weeks, the cybersecurity sector has encountered some turbulence with Palo Alto’s acquisition of CyberArk raising some concerns about the need for large-scale M&A to sustain growth and Fortinet’s earnings commentary and soft Q3 outlook in early August weighing on the group and dragging down peers.…
According to The Wall Street Journal, Palo Alto Networks is in advanced talks to acquire identity and access management leader CyberArk in a deal exceeding $20 billion. This potential acquisition would mark a strategic leap for Palo Alto. First, it aligns with the company’s ongoing “platformization” strategy by extending its reach beyond network, cloud, and…