This week's megacap tech earnings suggest that the AI trade remains intact, according to Anshul Sehgal, global co-head of Fixed Income, Currency and Commodities in Goldman Sachs Global Banking & Markets:

Today is MegaApp Day! Mega and our apps are going on @therollupco. Expect hours of Mafia founders pitching themselves, their product, their ideology, and future plans. IMHO, we have two types of apps: Left: fun, engaging, entertainment ( or someone call it arcade) app Right: rwa, stables, new financial primitives It will take people a few more glances to understand each app, and how they all fit in together Can't wait

META MAY BE THE MOST MISUNDERSTOOD MEGACAP. - Has been growing 33% on advertising. AI is accelerating the ad stack. And the street keeps selling it off. - Amazon, Google, Microsoft sell their compute. Meta uses it all in house. That's why the street gets nervous. - Daily active people ticked down 20M. Russia banned WhatsApp. Iran is at war. Without those Meta was up.

Market open: Memory and chip equipment names climb while the software megacaps slide. The AI trade is paying for hardware, not platforms. Follow @tokens for real-time market coverage.

Most portfolios with AI exposure look the same right now. Heavy on the megacaps. Concentrated in semiconductor names that led the last cycle. Built around the assumption that compute is still the constraint. It isn't.

✍️ I’ve had a working thesis for years now that society is undergoing a massive structural shift: the most powerful entities, in many ways are no longer governments, but megacap technology corporations. • More than 4 billion people use $GOOG regularly • more than 3 billion use $META products • $AAPL has more than 2.5 billion active devices These companies transcend any one government admin or any collection of countries. They have tentacles reaching into the daily lives of humans, globally, on with scale + depth that governments could only dream of. And they are not bogged down by bureaucracy - on the contrary, they are supercharged by capitalism. In order for government entities to function at all today, they are entirely reliant on big tech. And now, we have further confirmation of my thesis becoming all too clear on the bond market: Alphabet issued 100-year bonds with a 6.125% coupon, maturing in 2126! They have the structural integrity to earn investor confidence doing so. If they are the more powerful or more reliable entity compared to governments, then their bonds are more favorable to investors, and governments (the previous standard of reliability) have no choice but to raise rates to keep up. Supply and demand at work here. But this is just a recently surfaced example of the wide-reaching implications that this generational shift in global society structure will bring (and has already brought). Thank you for listening to my Ted Talk

STOCKS ROSE THE MOST IN A MONTH AS FEDERAL RESERVE GOVERNOR CHRISTOPHER WALLER SAID HE'D BE WILLING TO SUPPORT HOLDING RATES STEADY IF PRICE PRESSURES CONTINUE TO SHOW SIGNS OF EASING, WITH THE S&P 500 ADDING 1.1% AS MEGACAPS RALLIED, THE DOLLAR HITTING ITS LOWEST SINCE MAY, BITCOIN TOPPING $80,000 AND THE YEN JUMPING AS TRADERS BOOSTED WAGERS ON JAPANESE RATE INCREASES.