Signal over Noise
New episodes available on Mondays before 6:00 a.m. ET
19 Oct 2026
Signal Over Noise: Amid neocloud noise, AI demand remains the signal
Rising interest rates are testing the balance sheets of highly levered AI infrastructure providers, but are they weakening the underlying demand for compute? This episode separates financing risk from demand growth and examines why compute pricing remains a critical signal for cloud infrastructure and semiconductor stocks.
12 Oct 2026
Signal over Noise: S&P 500 earnings are tethered to private fund flows
Over the past few years, markets have looked beyond a shifting economic backdrop and focused on the prospect of exceptional earnings growth. This episode explores why AI investment has become a key driver of corporate profits, how private capital is fueling demand for compute, and whether the current earnings outlook can be sustained.
05 Oct 2026
Signal over Noise: The 1999 analogue through the fixed income lens
As long-term US Treasury yields have climbed to levels not seen in more than two decades and today's AI investment boom draws comparisons with the internet buildout, the 1999 cycle increasingly offers a useful point of reference. This episode explores the parallels and key differences between the two periods, and examines what rising term premiums and fiscal dynamics could mean for rates and portfolio positioning.
28 Sep 2026
Signal over Noise: The real-world constraints to scaling AI
AI is advancing quickly, but turning that progress into profits depends on more than better models, with infrastructure availability and business adoption increasingly shaping the investment outlook. This episode explores why strong demand alone may not determine the leaders, how bottlenecks could redirect spending, and where we see the largest opportunities across compute, power, and applications.
21 Sep 2026
Signal over Noise: Three takeaways from three days in Silicon Valley
AI is giving robots new capabilities and attracting larger funding rounds, but rapid progress is also making tomorrow's leaders harder to identify. This episode draws on observations from Silicon Valley to explore the investment opportunities and disruption AI is creating, and the case for physical assets, cybersecurity, and diversification in portfolios.
What’s the signal, and what’s just noise? It’s the question I hear most often from clients and colleagues alike. With headlines multiplying by the minute, staying focused on what moves markets has never been more important.
Ulrike Hoffmann-Burchardi
CIO Americas and Head of Global Equities
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