Signal over Noise
New episodes available on Mondays before 6:00 a.m. ET
09 Nov 2026
Signal Over Noise: The three math problems AI still needs to solve
The scale of AI investment is raising three critical questions: how quickly revenues can justify the infrastructure build-out, whether those revenues can translate into sustainable profits, and who will ultimately capture them. This episode explores the constraints that could shape AI's growth trajectory, the economics of intelligence, and what the evolving competitive landscape could mean for investors.
02 Nov 2026
Signal over Noise: Finding quality beyond AI
AI disruption is leading investors to look beyond the technology leaders themselves and rethink quality in an AI-driven market. This episode explores why businesses built around essential human needs, physical infrastructure, and durable barriers to entry may offer a resilient complement to AI exposure.
26 Oct 2026
Signal Over Noise: Venture capital is the main driver of AI demand
The AI boom is being financed very differently on each side of the market. This episode examines the contrasting funding models behind AI supply and demand, the role of private capital in sustaining compute consumption, and the implications for investors as spending continues to expand.
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.
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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