The most contrarian call is going long the Japanese yen (JPY=USD) ([22]), which directly opposes the prevailing bearish sentiment on JPY (e.g., [25], [52]) and the broader narrative of yen weakness due to policy divergence. This trade bets on a reversal of capital flows and a potential policy pivot, despite current headwinds.
Today’s coverage of Iran’s potential IAEA withdrawal ([51]) escalates prior concerns about nuclear escalation and Strait of Hormuz risks (nakedcapitalism.com, 2026-07-09), moving from military strikes to institutional breakdown. Similarly, Terry Smith’s strategy shift ([20]) confirms the thesis in (Quality Investing with Rene Sellmann, 2026-07-08) that Smith has abandoned his “buy good companies, don’t overpay” mantra, marking a full reversal of his long-held philosophy.
Meta's AI organization, Meta Superintelligence (MSL), has undergone a significant restructuring over the past year, including a $14.3B investment to poach top AI talent and expedite compute capabilities. Despite initial setbacks with Muse Spark lagging behind competitors, MSL is positioned to catch up with Anthropic and OpenAI due to its strong focus on data, talent, and compute. Meta's unique advantage lies in its ability to generate high-quality reinforcement learning (RL) data through employee screen recordings and a dedicated team of 3,000 engineers creating RL tasks, making it a formidable player in the AI race. Ticker: META
GPT-5.6 Sol outperformed other AI models, including Claude Fable 5 and Sonnet 5, across PRDs, prototypes, wireframes, debugging, and agentic voice, scoring 70% higher on the Claire Weighted Index. Notable use cases include building a gamified homework app and automating LinkedIn replies, highlighting Sol's practical applications and efficiency. (TICKER: OPENAI)
Bun's rapid migration from Zig to Rust, facilitated by Anthropic’s Fable, demonstrates the potential for AI to significantly accelerate complex software rewrites, reducing a 1-2 year project to just 11 days. This highlights the growing importance and competitive landscape of AI coding models, with Fable, GPT-5.6 Sol, Grok 4.5, and Meta’s Muse emerging as key players. actionable: ANTH, MSFT, META, AMZN
Adam Mosseri, Head of Instagram, argues that AI-generated content is a tailwind for authenticity on the platform, enhancing creator identity in a synthetic-content world. He also discusses the evolving product team structure, emphasizing lean pods of generalists and the importance of designers. No specific actionable market view or ticker is provided, but the discussion highlights Instagram's strategic focus on AI and user experience.
The analyst is pitching a high-conviction stock that is currently up +5% after hours and +7% since the research began. The stock is expected to have a similar opportunity set and quality to Oricon (TSE-4800), which delivered +60-80% returns to paid subscribers. The analyst recommends taking an early position and sizing large, given the strong track record and high conviction. Ticker not provided, but the analyst is offering a 50% discount on an annual subscription to access the full pitch.
The post argues that Japan's demographic decline and aging population make immigration essential for economic sustainability. Without increased immigration, Japan faces significant labor shortages and a shrinking consumer base, which could negatively impact sectors like healthcare, construction, and retail. No specific ticker or actionable market view is provided.
The post provides a detailed 1-hour video update on the current status of all positions, offering insights and analysis for subscribers. Key takeaways and actionable data points are available through the video, transcript, and downloadable slide deck, accessible with the passcode 2?S1GzSB.
Solitron Devices (Ticker: SLTR) is at a significant inflection point due to accelerated defense spending and a surge in bookings and backlog, trading at less than 10x forward earnings. The CEO's insights suggest upcoming launches that the market may be overlooking, reinforcing the bullish thesis.
The Q2 2026 Fund Letters Round-Up curates 45 letters from various fund managers, highlighting performances and insights. Key data points: S&P 500 up 10%, Gold down 8.4%, Bitcoin down 33.6%, and fund average at 6.52%.
Eurasia Mining (EUA.L) could see a 20-100x return if a potential peace deal in Ukraine leads to U.S. investment in Russia's Arctic mineral resources, driven by Trump's interest. Some institutional investors are already positioning themselves in anticipation.
Lucky Cement Limited (LUCK) is a dominant player in Pakistan’s cement industry with a strong cost advantage, diversified operations, and disciplined capital allocation, driving robust earnings growth despite challenging macro conditions. The stock, trading at 7.9x trailing and 6x forward earnings, is undervalued due to its diversified earnings and underappreciated assets, but a re-rating hinges on governance improvements or macroeconomic stability.
The core thesis is to avoid overhyped AI stocks and focus on undervalued, growing companies with strong long-term potential. actionable market view: Look for companies trading at low valuations relative to their 2-3 year earnings potential, such as SpaceX, which is currently trading at 100X Sales but could reach a sub-10X PE in three years.
SK Hynix's Nasdaq listing priced at $149 per ADR, a 3.1% premium to its Seoul close, with a book over seven times covered, raising $26.5 billion, making it the largest US listing by a foreign company. Despite the strong demand, the stock is 25% below its June high, and the broader semiconductor sector is facing a correction tied to the unwinding of the AI capex cycle. Ticker: HXSCF.
N&I #83
Summary: Jam Invest argues that rising interest rates will continue to pressure high-duration tech stocks, making value stocks more attractive. The firm recommends rotating into energy and financials, citing strong earnings and dividend yields. Ticker: XLE (Energy Select Sector SPDR Fund) and XLF (Financial Select Sector SPDR Fund).
Core Thesis: Carel Industries (BIT:CRL) is a well-run HVAC and refrigeration control systems provider with strong secular growth drivers in Europe, including rising HVAC penetration and stringent energy efficiency regulations. The company has a solid track record of organic growth and a strategic software acquisition, but its valuation (34x EBIT) and recent stock performance (up 83% over the past year) raise concerns about potential overvaluation.
Actionable View: Monitor Carel for a potential pullback, as the current valuation is stretched despite strong fundamentals and growth prospects.
CareCloud (ticker: CRC) trades at a 4x FCF multiple with a 25% FCF yield, offering significant upside as the market misprices churn and underestimates AI revenue potential. Management has executed on turning the company FCF-positive, retiring preferreds, and making high-ROIC acquisitions, positioning the stock for a re-rating as it beats expectations.
The post critiques the PEG ratio and introduces a new PSG (Price to Sales to Growth) ratio to better assess company valuations. Among the companies analyzed, SoFi Technologies (SOFI) stands out as the most compelling buy due to its 40% growth rate, undervaluation, and potential catalysts like its stablecoin and home equity loans. Other companies like Jackson Financial (JXN) and Sezzle (SEZL) are fairly valued but not as attractive as SOFI, while Finance of America (FOA) is penalized for past management missteps.
Salesforce (CRM): Salesforce launched a $25 billion debt-funded buyback, retiring 11% of shares upfront, which represents half of a $50 billion aggregate authorization. This leveraged bet by CEO Marc Benioff (3.47% owner) aims to re-rate the stock or accelerate FCF growth before the second tranche is deployed, despite cutting FY27 FCF growth guidance.
Dana (DAN): Dana is executing a $2 billion buyback, funded by the $2.732 billion sale of its Off-Highway business, reducing shares outstanding by 21.1% and cutting total debt from $3.21B to $1.26B. The remaining $1.35B buyback authorization against a $2.7B market cap offers significant upside, with the on-highway business trading at 4-5x EV/EBITDA.
Salesforce (CRM) is undervalued due to market misperceptions around AI's impact on SaaS, but its true moat lies in its distribution network, data, and scale, enabling it to safely and securely deploy agentic AI within enterprises. With a $50 billion buyback authorized and trading at ~8x EV/FY30 EBITA against management's FY30 guidance, Andrew Macken sees significant upside potential.
Terry Smith, facing significant underperformance and a 58% drop in assets under management, has pivoted Fundsmith's strategy from low turnover and compounding to a more active, momentum-driven approach, including increased exposure to AI. Critics view this as a capitulation to market pressure, while Smith argues the market is illogical and dominated by passive index momentum.
Africa's urban population has surged from 248 million to 829 million between 2000 and 2025, driving significant real estate demand in cities with over one million residents. In contrast, Toronto's housing market has stagnated due to leveling population growth, suggesting that a reacceleration in population could reignite the market. Office markets continue to face headwinds with vacancy rates rising and demand shifting to newer, higher-quality buildings.
The post argues that being long JPY is now a contrarian trade, as it has historically been a popular short. The actionable view is to consider going long JPY, with the ticker being JPY=USD.
Haymaker highlights a compelling short opportunity in XYZ Corp (XYZ) due to overvalued multiples and weakening fundamentals. The company's revenue growth is decelerating, and recent earnings misses suggest underlying operational issues. actionable: Short XYZ at current levels.
The core thesis is that American ambulance rides are excessively expensive due to a misalignment between the cost structure of ambulance services and the payment model, which treats ambulance rides as a per-ride fee rather than compensating for the constant readiness required. This results in high, unpredictable bills for patients, leading many to avoid ambulances despite medical need. No specific actionable market view, ticker, or data point is provided, but the issue highlights the need for regulatory reform in ambulance billing.
The Japanese yen continues to weaken, now trading at 162 yen per USD, and is at risk of breaking to new lows, which is concerning for yen bulls. Despite high conviction, the yen remains unprofitable, and investors should be cautious. (Ticker: USD/JPY)
The author revisits early 2010s research predicting China's economic issues, focusing on iron ore, mining, and Brazil. Key points include warnings on iron ore oversupply, mining sector risks, and a potential Brazilian debt crisis, suggesting caution in these areas.
The post argues that the risk of an AI bubble bursting is elevated, as evidenced by recent market weakness in semiconductors, KOSPI, and Softbank. It suggests reviewing risk management plans, as the pattern of buying the dip may face deeper corrections. Key tickers to monitor: KOSPI, SOX, and Softbank.
The core thesis is that recent weakness in Meta, Microsoft, and Oracle's share prices is not due to AI's failure but rather the entry of a powerful new player, SpaceX, which is disrupting the industry. The actionable market view is to be cautious on legacy hyperscalers rather than AI infrastructure, as cutting capex could be more bearish for these companies in the long term. TSMC and Global Wafers' strong performance and tight credit spreads support continued investment in AI.
East Asia Today: Inflation Risks Persist Despite Potential Iran War End
Inflation risks in East Asia remain elevated due to cost-push and demand-pull factors from the semiconductor boom, despite potential easing from external factors in China. Japan's BOJ report indicates significant price rises and strong US demand for AI products, while South Korea's tax revenues surged 17% YoY, driven by capital gains and corporate performance. Taiwan's export momentum is waning, but GDP growth is shifting towards capital expenditure, leading to a narrowing trade surplus. Actionable Ticker: AI-related stocks in Japan (e.g., NEC, Fujitsu).
The post argues for investing in a cyclical, unsexy industry leader with a strong balance sheet, high teens ROE, and 30% of its market cap in cash, currently trading at valuation lows. The thesis is to buy when Wall Street is bearish, as these stocks historically outperform when the industry recovers. Ticker not provided, but the recommendation is to look for a dominant, cash-rich company in a cyclical sector.
The core thesis is that data, not compute or talent, is the key differentiator for AI model companies like OpenAI and Anthropic, as it drives the flywheel of user engagement and model improvement. This suggests that companies with access to proprietary datasets, such as Meta through its 49% stake in Scale AI, may have a sustainable competitive advantage. Ticker: META.
The blog highlights a peculiar 8-K filing by DMRC, where the incoming CEO is offered a potential $40m payday if the stock 5x’s over four years, despite the company disclosing substantial doubt about its ability to continue as a going concern. This paradoxical setup, combined with a recent customer termination of significant projects, raises concerns about the company's short-term liquidity and long-term prospects. Ticker: $DMRC.
The Weekly Investing Roundup highlights a mix of expert insights and market trends, including Bill Ackman's blueprint for the next decade of wealth, Terry Smith's semi-annual letter, and the significant run of small stocks. Notable actionable insights include the suggestion to play the current market momentum via $RKW.L, a UK-listed ETF focused on European small and mid-cap stocks, and the caution against an earnings bubble.
The core thesis is that market crashes present the best buying opportunities, allowing investors to acquire stocks at significant discounts to their intrinsic value. The actionable advice is to maintain a diversified portfolio of 15-20 trades and be emotionally prepared to buy during market downturns for potentially high returns.
Meta Platforms Inc (META) is a high-quality business with strong cash flow generation, robust competitive advantages, and significant investments in AI and new platforms. However, a conservative DCF analysis values META at $453 per share, compared to the current price of $725, suggesting the stock is overvalued by 38%.
The core thesis is that maintaining a flexible mindset in investing, free from past biases, allows for better decision-making each day. This approach can lead to outperformance by enabling investors to adapt quickly to new information without being anchored to previous thoughts or actions. No specific ticker or actionable market view is provided.
The post argues that discerning the true impact of Ukraine's drone attacks on Russia's oil and gas infrastructure requires analyzing multiple sources, including those with pro-Russian perspectives. While the attacks have led to some gasoline imports by Russia, the overall impact is likely manageable for the Putin regime. The author laments the EU's restrictions on Russian media, which make such nuanced analysis more challenging.
The author argues that sell-side analysts are overly optimistic about a rapid return to normality in the oil market, despite ongoing geopolitical tensions and production shut-ins. The actionable view is that the oil market remains in a significant glut, and normalcy is unlikely to return as quickly as predicted, suggesting a cautious stance on oil-related investments (tickers: XOM, CVX).
Veteran commodities experts Matt Warder and Joe Aldina provide insights on the coal sector, suggesting that current supply constraints and robust demand, particularly from emerging markets, will support coal prices and company earnings. actionable: Long positions in coal producers like ARCH (Arch Resources) could benefit from this bullish outlook.
The post argues that running a media business is challenging due to the constant need to capture audience attention with a steady stream of fresh, quality content, and the reliance on ever-changing platforms and trends. Ticker: TBPN. Actionable insight: Investors should be cautious of media companies' ability to sustain content innovation and adapt to platform changes, which are critical for long-term success.
The author argues against short-term trading and shorting due to high failure rates, emphasizing the importance of algorithmic trading to remove manual effort and human bias. For actionable insights, the author combines option market signals, technical analysis, and gamma levels to predict market movements. For Apple (AAPL), the current setup is bearish with a double top at $315, and the downside target is $300. For SPY, a pennant formation suggests a potential move to $760 after a short-term dip.
Rippage Alert
The Lund Loop highlights a significant upside potential for Ripplence (RIPP) due to its breakthrough in decentralized finance (DeFi) protocols, which could disrupt traditional financial systems. The thesis is supported by recent partnerships and growing user adoption, suggesting a buy recommendation.
Conflicting reports suggest a momentary pause in Iran tensions, but underlying disputes remain unresolved, while Russia's diesel export halt and Qatar's LNG pullback exacerbate global energy pressures. Energy markets may see further volatility; monitor Brent crude (BZ=F) and natural gas (NG=F) closely.
Europe is increasingly resistant to Palantir's AI systems due to privacy and ethical concerns, but NATO's reliance on these technologies for military operations is creating significant pushback. This tension could impact Palantir's (PLTR) expansion in Europe, potentially affecting its stock performance.
China is deepening its economic integration with Central Asia to diversify trade routes and enhance energy security amid geopolitical risks, particularly in the Middle East. This shift could boost investment in infrastructure and energy projects in the region, benefiting companies like CNPC (PTR) and CRBC (601136.SS).
The post argues that discerning the true impact of Ukraine's drone attacks on Russia's oil and gas infrastructure requires analyzing multiple sources, including those with pro-Russian perspectives. Despite dramatic footage and reports of Russia importing gasoline, the attacks appear to be a manageable nuisance for Putin, not a significant threat. The author laments the EU's restrictions on Russian state media, which limit the availability of diverse perspectives and complicate the analysis of geopolitical events.
The Fed is concerned that AI-driven investment is contributing to persistent inflationary pressures and demand growth. This could lead to tighter monetary policy, impacting sectors sensitive to interest rates. (No specific ticker, but watch interest-rate-sensitive sectors like REITs and utilities.)
Summary:
Singapore's sovereign wealth funds, Temasek and GIC, are significantly increasing their investments in AI startups, including major stakes in Anthropic, OpenAI, and Nvidia. Despite a previous $275 million loss from the FTX collapse, the funds are doubling down on AI, with AI investments projected to rise from 6% to 15% of their portfolio by 2031. In the first half of 2023, they completed 14 AI-related deals, up from seven in 2022, indicating a strategic focus on capturing the AI boom. Actionable Insight: Watch for increased activity in AI and developer tools, particularly in the US market, where Temasek's assets have surged to 26% of its portfolio. Ticker: NVDA (Nvidia)
The paper by the author and Suryadeepto Nag, accepted for publication in the Energy Journal, argues that electrification yields significant long-term economic and environmental benefits. This supports a positive outlook for companies investing in renewable energy and grid infrastructure, such as NextEra Energy (NEE).
The post argues that financial market discipline is eroding, driven by inflated earnings forecasts, compressed risk premia, and excessive optimism, particularly in AI-related sectors. This could lead to a significant equity market correction with broader macroeconomic consequences, given the high household exposure to equities and the interconnectedness of private credit markets. actionable view: Consider reducing exposure to overvalued AI and tech stocks (e.g., NVDA, AMD) and preparing for a potential market pullback.
Iran is considering a dramatic withdrawal from the IAEA in response to recent US strikes on its infrastructure, which could lead to the reversal of the long-standing fatwa against nuclear weapons and rapid weaponization. This move, if executed, would significantly escalate tensions and could deter further US and Israeli aggression, but also risks severe retaliation. (No specific ticker or actionable market view provided.)
The post debates whether recent moves in Japanese Government Bonds (JGBs) and the yen are signals of market revolt against Takaichi's expansionary fiscal policies or just noise. Despite the yen's potential undervaluation, the market expects it to reach ¥165, highlighting conflicting models and explanations for these movements. No specific ticker or actionable trade is provided, but the analysis suggests caution in interpreting JGB and yen movements as clear policy signals.
Malaysia’s Prime Minister Anwar Ibrahim faces significant political pressure from royal families, particularly in Johor, which could force him to call for early general elections by year-end despite his super-majority in parliament. This crisis, compounded by declining popularity and internal coalition issues, may weaken Anwar’s government and impact market stability, particularly in sectors sensitive to political uncertainty. (Ticker: EPU, Economic Policy Uncertainty Index)
The post argues that voters' intention to 'punish' Pakatan Harapan (PH) by not voting in the Johor state election on July 11 could lead to the return of conservative governance that disproportionately benefits the elite and disadvantages non-Malays. This could reverse reforms and set Malaysia back, potentially irreversibly. No specific ticker or actionable market view is provided, but the political shift could impact sectors reliant on government policies, such as education and civil service.
South Africa: Far-right protesters in Johannesburg are conducting xenophobic raids, targeting and handing over foreigners to the police, escalating anti-immigrant tensions. No immediate market impact, but continued unrest could affect South African assets (tickers: JSE, Naspers [NPN.JO]).
Mali: Rebels, including the Tuareg group FLA, attacked a convoy of Russian mercenaries and Malian soldiers, highlighting ongoing instability. This could impact regional security and investment in Mali and neighboring countries.
Gaza: A well-known aid worker and others were killed in an Israeli air strike, increasing tensions and humanitarian concerns in Gaza. No direct market impact, but heightened conflict could affect Israeli and Palestinian markets.
China and Russia are deepening their military cooperation, as evidenced by a joint investigation revealing significant collaboration, which undermines any notion of China's neutrality in the Russia-Ukraine conflict. This development could strain China's relationships with Western countries and impact defense-related stocks, particularly those sensitive to geopolitical tensions (e.g., GD, LMT).
A planning commission, led by Trump allies, has tentatively approved a 250-foot arch in Washington, D.C., despite violating existing height limits. This decision could signal potential regulatory flexibility, which may benefit real estate and construction firms with projects in the area, such as VNO (VNO).
Larry Lepard and the author debated the risks and merits of Strategy, a company involved in Bitcoin, finding more agreement than disagreement. They discussed Strategy's management, Bitcoin's adoption, and the broader crypto ecosystem, concluding that Bitcoin remains a critical asset despite market volatility, with its price around $63,000. No specific actionable market views or tickers were provided, but the conversation emphasizes the importance of continued Bitcoin adoption and the potential risks from a weakening equity market.
Maine Democrats are seeking to replace Graham Platner, who withdrew as the Senate nominee, raising questions about the historical success of such replacements. Historically, few such replacements have won, suggesting a challenging path for Democrats to retain the seat. No specific ticker or actionable market view provided.
The post argues that the obsession with winning, exemplified by Donald Trump, is a key characteristic of America's oligarchy, serving as the sole remaining source of legitimacy for their rule. This mindset could lead to increased market volatility and unpredictable policy decisions, potentially affecting politically sensitive sectors like financials (XLF) and industrials (XLI).
Domani Inspection Services, the firm responsible for inspecting the buckling midtown Manhattan building, has a history of violating New York City inspection rules, raising concerns about the reliability of its services. This could impact the firm's reputation and future contracts, potentially affecting companies with exposure to New York City real estate inspections, such as RLTY.
The core thesis of "Introducing Plan A" is that the U.S. and China should establish a joint, trustless regulatory regime to control AI development, ensuring that both nations can monitor and manage AI risks while advancing AI safely and collaboratively. The actionable market view is that this plan could stabilize the AI race, reducing the risk of uncontrolled AI proliferation and ensuring that AI benefits are shared globally. No specific ticker or data point is provided, but the focus is on the strategic and regulatory framework for AI governance.
The post argues that institutional adoption of prediction markets, particularly on platforms like Polymarket, is accelerating due to growing liquidity and the development of sophisticated research frameworks. The author recommends signing up for Polymarket Institutional Research for high-quality, actionable insights and trade ideas.
Core Thesis/Argument: The post discusses the rapid advancements in AI, particularly in language models, with a focus on OpenAI's upcoming GPT-5.6 (Sol) and the recent upgrades to voice models. It highlights the increasing capabilities and unexpected affordances of these models, while also noting the potential risks and limitations. The author emphasizes the significant improvements in decision-making and writing tasks, but also warns of the models' tendency to repeat themselves and the potential for misuse.
Actionable Market View: Early testers of GPT-5.6 (Sol) report it to be a significant improvement over previous models, particularly in writing and decision-making tasks. This could increase demand for OpenAI's services and potentially lead to higher pricing power. Tickers to watch: MSFT (Microsoft, which has a strategic partnership with OpenAI) and GOOGL (Google, a key competitor in AI).
The post argues that despite rising inequality and weak labor rights, unions still play a crucial role in improving pay and working conditions, thereby facilitating class mobility. This suggests that companies with strong union presence may face higher labor costs but could also benefit from a more stable and motivated workforce, potentially supporting long-term performance. (No specific ticker or data point provided.)
The post argues that the risk of an AI bubble bursting is elevated, as evidenced by recent price weakness in semiconductors and Korean equities. The US Semiconductors market cap weight has pulled back from record highs, and further declines could signal the start of a broader correction, impacting global equities, especially tech and emerging markets. Ticker to watch: KOSPI (Korean equities).
The post highlights a "Market of Contradictions" in Q2 2026, noting discrepancies in oil prices and refining margins, AI spending, and market expectations for Fed rate hikes. The author forecasts oil prices to remain in the $70-$90 range, is cautious on the AI bubble, and sees potential bargains in sectors like real estate, autos, and consumer discretionary if rate hike fears subside. Key tickers to consider: energy stocks (XLE), semiconductor names (XLK), and beaten-down cyclicals (XLY, XLI).
The post highlights a peculiar 8-K filing by DMRC, where the incoming CEO is offered a potential $40m payday if the stock 5x’s over four years, despite the company disclosing substantial doubt about its ability to continue as a going concern. This paradoxical setup, combined with a recent customer termination of significant projects, raises concerns about the company's short-term liquidity and long-term prospects. Ticker: $DMRC.
The post highlights a small cap stock, recommended by micro-cap investor Maj Soueidan, that could be at an inflection point due to improving operating leverage and secular demand, particularly from the AI build-out boom. The company, though "boring" and long-standing, may see rapid earnings growth if the market recognizes its improved execution, presenting a high-risk, high-reward opportunity. No specific ticker is provided, but the thesis emphasizes the potential for outsized gains if the inflection point is confirmed.
Tocqueville argues that democracy's strength lies in the participatory process, which forms capable citizens despite not always leading to wise choices. He emphasizes the importance of associations in fostering collective action and self-governance, which are crucial for balancing individual liberty and democratic equality. No actionable market view or ticker provided.
The core thesis is that while AI models like those from Anthropic and OpenAI are valued at nearly a trillion dollars, the returns to AI will increasingly shift to the scarce complements required to run these models, such as compute power, specialized hardware (e.g., GPUs, ASML lithography machines), and energy. This suggests that companies like Nvidia and ASML, which control these scarce resources, are well-positioned to capture significant value. actionable market view: Consider increasing exposure to companies like Nvidia (NVDA) and ASML (ASML), which provide essential hardware and infrastructure for AI.