We came across a bullish thesis on Advanced Micro Devices, Inc. on Investment Ideas by Antonio’s Substack by Antonio Linares. In this article, we will summarize the bulls’ thesis on AMD. Advanced Micro Devices, Inc.'s share was trading at $252.74 as of January 28th. AMD’s trailing and forward P/E were 131.95 and 39.68 respectively according to Yahoo Finance. Advanced Micro Devices, Inc. operates a...
We came across a bullish thesis on Advanced Micro Devices, Inc. on Investment Ideas by Antonio’s Substack by Antonio Linares. In this article, we will summarize the bulls’ thesis on AMD. Advanced Micro Devices, Inc.'s share was trading at $252.74 as of January 28th. AMD’s trailing and forward P/E were 131.95 and 39.68 respectively according to Yahoo Finance. Advanced Micro Devices, Inc. operates as a semiconductor company worldwide. AMD’s free cash flow per share is continuing to accelerate, driven by its ability to deliver personalized compute at marginal cost, giving customers a compelling total cost of ownership advantage across an expanding range of workloads. The company’s chiplet platform, which allows compute engines to be mixed and matched, underpins this reaccelerating growth, particularly in datacenter and client segments. Datacenter revenue, up 22% year-over-year, is fueled by the MI family’s outsized memory capacity, while client revenue benefits from AMD’s ability to combine CPUs with FPGAs—capabilities that are only possible through chiplets. The ongoing expansion of AI workloads, which demand highly versatile and distributed compute, positions AMD to capture substantial incremental value, with free cash flow per share expected to eclipse previous highs over the next one to two years. CEO Lisa Su highlighted strong progress with ROCm and ongoing investments in AI infrastructure, signaling the company’s commitment to a seamless customer development experience and the continued convergence of training, inference, and reinforcement learning. Market opportunity is expanding rapidly, with AMD viewing the AI compute total addressable market as materially larger than prior estimates, implying non-linear growth potential. Even if stock prices experience short-term volatility, the underlying fundamentals—scaling AI compute, growing earning power, and incremental value creation for end customers—remain robust. With AI capabilities doubling every six months and a...
We came across a bullish thesis on Advanced Micro Devices, Inc. on Investment Ideas by Antonio’s Substack by Antonio Linares. In this article, we will summarize the bulls’ thesis on AMD. Advanced Micro Devices, Inc.'s share was trading at $252.74 as of January 28th. AMD’s trailing and forward P/E were 131.95 and 39.68 respectively according to Yahoo Finance. Advanced Micro Devices, Inc. operates a...
We came across a bullish thesis on Advanced Micro Devices, Inc. on Investment Ideas by Antonio’s Substack by Antonio Linares. In this article, we will summarize the bulls’ thesis on AMD. Advanced Micro Devices, Inc.'s share was trading at $252.74 as of January 28th. AMD’s trailing and forward P/E were 131.95 and 39.68 respectively according to Yahoo Finance. Advanced Micro Devices, Inc. operates as a semiconductor company worldwide. AMD’s free cash flow per share is continuing to accelerate, driven by its ability to deliver personalized compute at marginal cost, giving customers a compelling total cost of ownership advantage across an expanding range of workloads. The company’s chiplet platform, which allows compute engines to be mixed and matched, underpins this reaccelerating growth, particularly in datacenter and client segments. Datacenter revenue, up 22% year-over-year, is fueled by the MI family’s outsized memory capacity, while client revenue benefits from AMD’s ability to combine CPUs with FPGAs—capabilities that are only possible through chiplets. The ongoing expansion of AI workloads, which demand highly versatile and distributed compute, positions AMD to capture substantial incremental value, with free cash flow per share expected to eclipse previous highs over the next one to two years. CEO Lisa Su highlighted strong progress with ROCm and ongoing investments in AI infrastructure, signaling the company’s commitment to a seamless customer development experience and the continued convergence of training, inference, and reinforcement learning. Market opportunity is expanding rapidly, with AMD viewing the AI compute total addressable market as materially larger than prior estimates, implying non-linear growth potential. Even if stock prices experience short-term volatility, the underlying fundamentals—scaling AI compute, growing earning power, and incremental value creation for end customers—remain robust. With AI capabilities doubling every six months and a...
We came across a bullish thesis on Tower Semiconductor Ltd. on stocks subreddit by Confident-Cell-2549. In this article, we will summarize the bulls’ thesis on TSEM. Tower Semiconductor Ltd.'s share was trading at $138.93 as of January 28th. TSEM’s trailing and forward P/E were 76.66 and 51.28 respectively according to Yahoo Finance. Photo by Umberto on Unsplash Tower Semiconductor Ltd., an indepe...
We came across a bullish thesis on Tower Semiconductor Ltd. on stocks subreddit by Confident-Cell-2549. In this article, we will summarize the bulls’ thesis on TSEM. Tower Semiconductor Ltd.'s share was trading at $138.93 as of January 28th. TSEM’s trailing and forward P/E were 76.66 and 51.28 respectively according to Yahoo Finance. Photo by Umberto on Unsplash Tower Semiconductor Ltd., an independent semiconductor foundry, provides technology, development, and process platforms for integrated circuits in the United States and internationally. TSEM is often mischaracterized as just another foundry, but this view misses its increasingly strategic role in the AI data center supply chain as physical limits emerge in data transmission. As AI workloads scale, copper interconnects are approaching their limits, and while co-packaged optics (CPO) remain a longer-term solution, industry leaders like Broadcom have reaffirmed that pluggable optics will dominate the next phase. This shift directly benefits Tower, which supplies the specialty silicon—particularly silicon photonics and analog/power components—that enables pluggable optical modules at scale. Tower sits at a critical layer beneath hyperscalers, supplying over 50 silicon photonics customers, including 7 of the top 11 datacom transceiver makers that sell into cloud giants such as Amazon, Microsoft, Google, and Meta. The company’s relevance is demonstrated by partnerships such as InnoLight, which uses Tower’s PH18 silicon photonics platform to build high-speed transceivers for hyperscalers. Beyond volume optics, Tower’s technological edge is reinforced by its work with Anello Photonics on ultra-low-loss silicon nitride waveguides, a capability that is difficult to replicate and essential for precision photonics applications. This process has received validation through U.S. Navy-backed programs and is extensible across other customers. Third-party recognition from Coherent and Northrop Grumman further supports Tower’...
We came across a bullish thesis on NVIDIA Corporation on Investment Ideas by Antonio’s Substack by Antonio Linares. In this article, we will summarize the bulls’ thesis on NVDA. NVIDIA Corporation's share was trading at $191.52 as of January 28th. NVDA’s trailing and forward P/E were 46.66 and 24.63, respectively according to Yahoo Finance. NVIDIA Corporation, a computing infrastructure company, p...
We came across a bullish thesis on NVIDIA Corporation on Investment Ideas by Antonio’s Substack by Antonio Linares. In this article, we will summarize the bulls’ thesis on NVDA. NVIDIA Corporation's share was trading at $191.52 as of January 28th. NVDA’s trailing and forward P/E were 46.66 and 24.63, respectively according to Yahoo Finance. NVIDIA Corporation, a computing infrastructure company, provides graphics and compute, and networking solutions in the United States and internationally. NVDA free cash flow per share has surged 15x since 2023, driven primarily by persistent AI scaling laws, which link increased compute to higher intelligence and adoption. The company’s Blackwell and Rubin platforms alone are expected to generate $0.5 trillion in revenue from 2025 through 2026, underscoring the massive market opportunity. Management highlights that the three AI scaling laws—pre-training, post-training, and inference—remain intact, creating a virtuous cycle where improved AI intelligence drives broader adoption and further profit growth. This dynamic is evident across the tech ecosystem, with Singularity Scalers like Microsoft, Palantir, and Meta seeing tangible top-line and bottom-line improvements. Microsoft’s 365 Copilot adoption, for instance, grew 50% quarter-over-quarter, reflecting the rapid integration of AI into enterprise workflows, code assistance, and productivity tools. Despite enormous CapEx, Nvidia’s free cash flow per share continues to rise, reflecting the non-linear value creation enabled by AI, rather than financial engineering. The analogy to the U.S. railroad infrastructure highlights the point: well-managed companies that deploy infrastructure to deliver incremental value—whether railroads in the 19th century or AI compute today—tend to compound free cash flow and shareholder returns over time. Union Pacific’s 6.25x free cash flow per share growth since 2010 exemplifies this pattern. For investors, the implications are clear: companies that h...
Someone who lived with four-year-old Gus Lamont is now considered a suspect in his disappearance, SA police said on Thursday as they declared the case a major crime. Four-year-old Gus Lamont disappeared from his family’s outback home in South Australia more than four months ago, sparking what SA police called “one of the largest, most intensive and most protracted searches” they had ever undertake...
Someone who lived with four-year-old Gus Lamont is now considered a suspect in his disappearance, SA police said on Thursday as they declared the case a major crime. Four-year-old Gus Lamont disappeared from his family’s outback home in South Australia more than four months ago, sparking what SA police called “one of the largest, most intensive and most protracted searches” they had ever undertaken. Mounted police, police divers, defence and emergency services personnel, drones and trackers searched the 60,000 hectare Oak Park station, near Yunta, which is about 300km inland from Adelaide. Detective superintendent Darren Fielke, the officer in charge of major crime, said police had effectively ruled out Gus wandering off and Gus being abducted. He said they were now investigating someone in his household – but stressed the suspect was not one of his parents. Police had “identified a number of inconsistencies and discrepancies” in the information from the family members, Fielke said. Sign up: AU Breaking News email “As a result of these inconsistencies, and investigations into them, a person who resides at Oak Park station has withdrawn their support for the police and is no longer cooperating with us,” he said. “The person who has withdrawn their co-operation is now considered a suspect in the disappearance of Gus. I do want to stress, however, that Gus’s parents are not suspects in his disappearance. “You appreciate at this time I cannot make any further comment about the suspect, given that this is now a criminal investigation and a declared major crime. What I can say, however, is that we’ll continue to thoroughly and meticulously investigate the disappearance of Gus until we get an outcome.” Gus, who a family friend described as shy but adventurous, was playing outside the family sheep station at 5pm on Saturday 27 September. The blond, curly haired little boy was wearing a blue T-shirt with a yellow Minion on the front, a grey sun hat, light-grey long pants and...
Hong Kong commercial real estate is Asia-Pacific’s fifth most favoured investment destination for cross-border capital this year, underscoring an improved outlook for the city’s battered property market, according to a CBRE report. Hong Kong also recorded the second highest number of luxury residential property deals among 12 super-prime markets worldwide in the last quarter of 2025, sustaining a ...
Hong Kong commercial real estate is Asia-Pacific’s fifth most favoured investment destination for cross-border capital this year, underscoring an improved outlook for the city’s battered property market, according to a CBRE report. Hong Kong also recorded the second highest number of luxury residential property deals among 12 super-prime markets worldwide in the last quarter of 2025, sustaining a recovery that began in the second quarter, a report from Knight Frank showed. After a period outside the top 10, Hong Kong ranked fifth in CBRE’s 2026 Asia-Pacific investor intentions survey, with the improvement coming on the back of growing investor interest, particularly from mainland Chinese investors, according to the consultancy. Advertisement “The living and hotel sectors are top targets, with 2025 witnessing several deals for repurposing underutilised hotel assets into student accommodation for the growing student base, a trend expected to continue this year,” CBRE said. Compiled between November and December, the survey included 422 responses from investors such as private equity funds, developers, insurance companies, banks, sovereign wealth and pension funds, family offices and high-net-worth individuals in markets including Japan, Australia, Mainland China, Singapore, Taiwan, Korea and India. Advertisement Tokyo retained the top spot as the preferred market for cross-border investment for a seventh consecutive year, followed by Sydney, while Singapore and Seoul tied for third.
This isn't the first time a software stock has plunged over AI fears. Cloud software stocks have been big winners on the market historically, but lately, one of the surest bets in investing over the last decade has gone belly up. The iShares Expanded Tech-Software Sector ETF (IGV 1.81%), which tracks top software stocks like Microsoft, Palantir, and Salesforce, is down 22% year-to-date, and the cu...
This isn't the first time a software stock has plunged over AI fears. Cloud software stocks have been big winners on the market historically, but lately, one of the surest bets in investing over the last decade has gone belly up. The iShares Expanded Tech-Software Sector ETF (IGV 1.81%), which tracks top software stocks like Microsoft, Palantir, and Salesforce, is down 22% year-to-date, and the culprit is clear. Investors are panicked that new AI tools from companies like OpenAI and Anthropic could disrupt entrenched software-as-a-service (SaaS) models. That theory is leading to valuations in the historically expensive industry being dramatically compressed, even though there's no sign yet that AI is putting a significant dent in any major software businesses. This response from the market isn't unprecedented. The first software sell-off in response to AI fears came shortly after the launch of OpenAI's ChatGPT. Alphabet's "code red" When ChatGPT was launched on Nov. 30, 2022, investors immediately understood that it was a disruptive innovation -- the era of AI was here. Alphabet (GOOG 2.08%) (GOOGL 1.89%) and its investors also recognized the launch as the biggest challenge yet to Google Search. Scrambling to come up with a response to ChatGPT, Alphabet announced a "code red," and by February 2023, it introduced Bard, its own chatbot similar to ChatGPT. However, in its initial presentation, Bard gave some incorrect answers, and Alphabet stock plunged as a result, falling 8% in a single session. At the time, Alphabet looked weaker and more vulnerable than it had in a long time. A start-up that was little-known to most investors had kicked off the next technological revolution with the help of Microsoft, and the Google-parent had been left watching from the sidelines. It might have seemed risky to double down on Alphabet stock at that point, but that would have been the right move, and you only need to look at the stock chart over the last three years below to see why...
We came across a bullish thesis on Palantir Technologies Inc. on Investment Ideas by Antonio’s Substack by Antonio Linares. In this article, we will summarize the bulls’ thesis on PLTR. Palantir Technologies Inc.'s share was trading at $157.35 as of January 28th. PLTR’s trailing and forward P/E were 384.79 and 166.67 respectively according to Yahoo Finance. Amish Mehta SQN Investors Palantir Techn...
We came across a bullish thesis on Palantir Technologies Inc. on Investment Ideas by Antonio’s Substack by Antonio Linares. In this article, we will summarize the bulls’ thesis on PLTR. Palantir Technologies Inc.'s share was trading at $157.35 as of January 28th. PLTR’s trailing and forward P/E were 384.79 and 166.67 respectively according to Yahoo Finance. Amish Mehta SQN Investors Palantir Technologies Inc. builds and deploys software platforms for the intelligence community to assist in counterterrorism investigations and operations in the United States, the United Kingdom, and internationally. PLTR is positioned as one of the clearest beneficiaries of the emerging bifurcation between AI “haves” and “have-nots,” driven by accelerating AI scaling laws and enterprise adoption. Despite already delivering multi-bagger returns, the company continues to compound value as it scales, defying conventional expectations that growth must decelerate at larger size. Palantir’s core advantage lies in its ability to minimize time-to-value and maximize value delivered per dollar for customers, a dynamic that becomes more powerful as AI capabilities double roughly every six months. This acceleration is not constrained by technology but by human psychology, as many investors struggle to grasp the non-linear nature of AI-driven value creation. The inflection point began with the launch of AIP and has since expanded with the emergence of AI-driven Forward Deployed Engineer equivalents, which materially enhance productivity for both Palantir and its customers. The Ontology sits at the center of this thesis: it is increasingly productized, extensible, and difficult to replicate, effectively positioning Palantir as the dominant platform for enabling AI in complex organizations. As Ontologies become interconnected across enterprises, Palantir is evolving from a software provider into a network, unlocking non-linear operating leverage similar to what has been observed in other successful ...
We came across a bullish thesis on Palantir Technologies Inc. on Investment Ideas by Antonio’s Substack by Antonio Linares. In this article, we will summarize the bulls’ thesis on PLTR. Palantir Technologies Inc.'s share was trading at $157.35 as of January 28th. PLTR’s trailing and forward P/E were 384.79 and 166.67 respectively according to Yahoo Finance. Amish Mehta SQN Investors Palantir Techn...
We came across a bullish thesis on Palantir Technologies Inc. on Investment Ideas by Antonio’s Substack by Antonio Linares. In this article, we will summarize the bulls’ thesis on PLTR. Palantir Technologies Inc.'s share was trading at $157.35 as of January 28th. PLTR’s trailing and forward P/E were 384.79 and 166.67 respectively according to Yahoo Finance. Amish Mehta SQN Investors Palantir Technologies Inc. builds and deploys software platforms for the intelligence community to assist in counterterrorism investigations and operations in the United States, the United Kingdom, and internationally. PLTR is positioned as one of the clearest beneficiaries of the emerging bifurcation between AI “haves” and “have-nots,” driven by accelerating AI scaling laws and enterprise adoption. Despite already delivering multi-bagger returns, the company continues to compound value as it scales, defying conventional expectations that growth must decelerate at larger size. Palantir’s core advantage lies in its ability to minimize time-to-value and maximize value delivered per dollar for customers, a dynamic that becomes more powerful as AI capabilities double roughly every six months. This acceleration is not constrained by technology but by human psychology, as many investors struggle to grasp the non-linear nature of AI-driven value creation. The inflection point began with the launch of AIP and has since expanded with the emergence of AI-driven Forward Deployed Engineer equivalents, which materially enhance productivity for both Palantir and its customers. The Ontology sits at the center of this thesis: it is increasingly productized, extensible, and difficult to replicate, effectively positioning Palantir as the dominant platform for enabling AI in complex organizations. As Ontologies become interconnected across enterprises, Palantir is evolving from a software provider into a network, unlocking non-linear operating leverage similar to what has been observed in other successful ...
We came across a bullish thesis on Palantir Technologies Inc. on Investment Ideas by Antonio’s Substack by Antonio Linares. In this article, we will summarize the bulls’ thesis on PLTR. Palantir Technologies Inc.'s share was trading at $157.35 as of January 28th. PLTR’s trailing and forward P/E were 384.79 and 166.67 respectively according to Yahoo Finance. Amish Mehta SQN Investors Palantir Techn...
We came across a bullish thesis on Palantir Technologies Inc. on Investment Ideas by Antonio’s Substack by Antonio Linares. In this article, we will summarize the bulls’ thesis on PLTR. Palantir Technologies Inc.'s share was trading at $157.35 as of January 28th. PLTR’s trailing and forward P/E were 384.79 and 166.67 respectively according to Yahoo Finance. Amish Mehta SQN Investors Palantir Technologies Inc. builds and deploys software platforms for the intelligence community to assist in counterterrorism investigations and operations in the United States, the United Kingdom, and internationally. PLTR is positioned as one of the clearest beneficiaries of the emerging bifurcation between AI “haves” and “have-nots,” driven by accelerating AI scaling laws and enterprise adoption. Despite already delivering multi-bagger returns, the company continues to compound value as it scales, defying conventional expectations that growth must decelerate at larger size. Palantir’s core advantage lies in its ability to minimize time-to-value and maximize value delivered per dollar for customers, a dynamic that becomes more powerful as AI capabilities double roughly every six months. This acceleration is not constrained by technology but by human psychology, as many investors struggle to grasp the non-linear nature of AI-driven value creation. The inflection point began with the launch of AIP and has since expanded with the emergence of AI-driven Forward Deployed Engineer equivalents, which materially enhance productivity for both Palantir and its customers. The Ontology sits at the center of this thesis: it is increasingly productized, extensible, and difficult to replicate, effectively positioning Palantir as the dominant platform for enabling AI in complex organizations. As Ontologies become interconnected across enterprises, Palantir is evolving from a software provider into a network, unlocking non-linear operating leverage similar to what has been observed in other successful ...
We came across a bullish thesis on NVIDIA Corporation on Investment Ideas by Antonio’s Substack by Antonio Linares. In this article, we will summarize the bulls’ thesis on NVDA. NVIDIA Corporation's share was trading at $191.52 as of January 28th. NVDA’s trailing and forward P/E were 46.66 and 24.63, respectively according to Yahoo Finance. NVIDIA (NVDA)'s Latest AI GPUs Sustain Analyst Optimism N...
We came across a bullish thesis on NVIDIA Corporation on Investment Ideas by Antonio’s Substack by Antonio Linares. In this article, we will summarize the bulls’ thesis on NVDA. NVIDIA Corporation's share was trading at $191.52 as of January 28th. NVDA’s trailing and forward P/E were 46.66 and 24.63, respectively according to Yahoo Finance. NVIDIA (NVDA)'s Latest AI GPUs Sustain Analyst Optimism NVIDIA Corporation, a computing infrastructure company, provides graphics and compute, and networking solutions in the United States and internationally. NVDA free cash flow per share has surged 15x since 2023, driven primarily by persistent AI scaling laws, which link increased compute to higher intelligence and adoption. The company’s Blackwell and Rubin platforms alone are expected to generate $0.5 trillion in revenue from 2025 through 2026, underscoring the massive market opportunity. Management highlights that the three AI scaling laws—pre-training, post-training, and inference—remain intact, creating a virtuous cycle where improved AI intelligence drives broader adoption and further profit growth. This dynamic is evident across the tech ecosystem, with Singularity Scalers like Microsoft, Palantir, and Meta seeing tangible top-line and bottom-line improvements. Microsoft’s 365 Copilot adoption, for instance, grew 50% quarter-over-quarter, reflecting the rapid integration of AI into enterprise workflows, code assistance, and productivity tools. Despite enormous CapEx, Nvidia’s free cash flow per share continues to rise, reflecting the non-linear value creation enabled by AI, rather than financial engineering. The analogy to the U.S. railroad infrastructure highlights the point: well-managed companies that deploy infrastructure to deliver incremental value—whether railroads in the 19th century or AI compute today—tend to compound free cash flow and shareholder returns over time. Union Pacific’s 6.25x free cash flow per share growth since 2010 exemplifies this pattern. For...
(RTTNews) - Fluence Energy, Inc. (FLNC) revealed Loss for its first quarter of -$45.07 million The company's earnings came in at -$45.07 million, or -$0.34 per share. This compares with -$41.47 million, or -$0.32 per share, last year. The company's revenue for the period rose 154.4% to $475.23 million from $186.79 million last year. Fluence Energy, Inc. earnings at a glance (GAAP) : -Earnings: -$4...
(RTTNews) - Fluence Energy, Inc. (FLNC) revealed Loss for its first quarter of -$45.07 million The company's earnings came in at -$45.07 million, or -$0.34 per share. This compares with -$41.47 million, or -$0.32 per share, last year. The company's revenue for the period rose 154.4% to $475.23 million from $186.79 million last year. Fluence Energy, Inc. earnings at a glance (GAAP) : -Earnings: -$45.07 Mln. vs. -$41.47 Mln. last year. -EPS: -$0.34 vs. -$0.32 last year. -Revenue: $475.23 Mln vs. $186.79 Mln last year. -Guidance: Full year revenue guidance: $ 3.20 B To $ 3.60 B The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
We came across a bullish thesis on NVIDIA Corporation on Investment Ideas by Antonio’s Substack by Antonio Linares. In this article, we will summarize the bulls’ thesis on NVDA. NVIDIA Corporation's share was trading at $191.52 as of January 28th. NVDA’s trailing and forward P/E were 46.66 and 24.63, respectively according to Yahoo Finance. NVIDIA (NVDA)'s Latest AI GPUs Sustain Analyst Optimism N...
We came across a bullish thesis on NVIDIA Corporation on Investment Ideas by Antonio’s Substack by Antonio Linares. In this article, we will summarize the bulls’ thesis on NVDA. NVIDIA Corporation's share was trading at $191.52 as of January 28th. NVDA’s trailing and forward P/E were 46.66 and 24.63, respectively according to Yahoo Finance. NVIDIA (NVDA)'s Latest AI GPUs Sustain Analyst Optimism NVIDIA Corporation, a computing infrastructure company, provides graphics and compute, and networking solutions in the United States and internationally. NVDA free cash flow per share has surged 15x since 2023, driven primarily by persistent AI scaling laws, which link increased compute to higher intelligence and adoption. The company’s Blackwell and Rubin platforms alone are expected to generate $0.5 trillion in revenue from 2025 through 2026, underscoring the massive market opportunity. Management highlights that the three AI scaling laws—pre-training, post-training, and inference—remain intact, creating a virtuous cycle where improved AI intelligence drives broader adoption and further profit growth. This dynamic is evident across the tech ecosystem, with Singularity Scalers like Microsoft, Palantir, and Meta seeing tangible top-line and bottom-line improvements. Microsoft’s 365 Copilot adoption, for instance, grew 50% quarter-over-quarter, reflecting the rapid integration of AI into enterprise workflows, code assistance, and productivity tools. Despite enormous CapEx, Nvidia’s free cash flow per share continues to rise, reflecting the non-linear value creation enabled by AI, rather than financial engineering. The analogy to the U.S. railroad infrastructure highlights the point: well-managed companies that deploy infrastructure to deliver incremental value—whether railroads in the 19th century or AI compute today—tend to compound free cash flow and shareholder returns over time. Union Pacific’s 6.25x free cash flow per share growth since 2010 exemplifies this pattern. For...