🛢️ Oil fell more than 6%. Nvidia fell 5%.
The lesson is not that risk disappeared. Risk changed addresses.
Monday’s ceasefire optimism pushed crude sharply lower and lifted the Dow, but the Nasdaq weakened and Japanese semiconductor stocks sold off hard Tuesday. Public markets are becoming less charitable toward AI businesses that consume capital without controlling scarce infrastructure.
🏗️ The real capital story is the $40 billion acquisition of Aligned Data Centers, supported by another $5 billion of growth capital. Institutional and sovereign capital is buying power, land, cooling, operating systems, customer access, and the…
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