Good afternoon and welcome to Markets Desk.
The global capital expenditure cycle is reshaping where money flows across every sector. Fortune reports that nearly five trillion dollars in capex is expected by decade's end, and it is not just AI driving the surge. The Iran conflict and Strait of Hormuz disruptions have thrown energy infrastructure spending into sharp relief, with hyperscalers like Alphabet, Amazon, Meta, and Microsoft now competing for capital attention alongside an accelerating energy buildout.
Turning to semiconductors, AMD has posted a three hundred twenty percent gain over the past twelve months, and investors are asking whether the runway remains. The answer may hinge on its upcoming data center AI chips, which are set to ship later this year. If those products gain traction with enterprise and cloud customers, the valuation argument becomes considerably easier to defend at current levels.
On the real estate side, Waterfall Asset Management made two notable moves in the first quarter. The fund bought roughly one hundred sixty five thousand shares of InvenTrust Properties for approximately five million dollars, while separately placing a six point six million dollar stake in Millrose Properties, a signal that the asset-light homebuilder model still commands institutional conviction even as housing affordability remains under pressure.
That's the tape. Markets Desk, signing off the floor.
