🛤️ The AI trade is facing a stress test. But is the supercycle actually breaking? Global equities pulled back as Treasury yields climbed above 5%, renewed inflation concerns resurfaced, and AI financing risks came into focus. CoreWeave plunged 25% in a week, while Anthropic's explosive revenue growth is expected to slow sharply. The market is starting to question how AI investment gets financed and monetized. But the risks are far from uniform. CoreWeave's capital spending vastly exceeds its operating cash flow. Meta, despite negative free cash flow, still generated $31.8 billion in operating cash flow this quarter. Meanwhile, TSMC's revenue grew 50.9% YoY, inventory days finally declined, and Taiwan's export orders hit a record $114 billion. This distinction is crucial: a repricing of AI credit risk is not the same as the end of the AI supercycle. In this month's house view report, we examine what the latest market stress reveals about inflation, AI financing, and where earnings growth is still holding up. We also explain why we continue to favor equities over bonds, avoid long-duration debt, and focus on the upstream AI supply chain. 🔗 Read the full report for our latest market assessment and positioning into year-end 👉 https://t.co/SYmyKttwId