Infrastructure spend accelerates as application-layer SaaS multiples face structural reset.
Capital is visibly rotating out of enterprise software seat licenses and into the hardware and cloud infrastructure stack that actually runs AI workloads, and today's tape made that rotation legible across sectors.
Breadth was narrow — only five of twelve sectors closed higher — as energy fell sharply on Iran ceasefire headlines unwinding geopolitical risk premiums, while consumer discretionary and staples led the gainers on rotation into defensive consumption and value channels.
Since the last briefing
Yesterday's verdict held that quality dispersion was widening — own the top of the quality stack in semiconductors, avoid input-cost-exposed retail — and today's session sharpened rather than contradicted that call.
What drove the session and how it transmitted, the exposure table by persistence grade, where the committee disagreed, its verdict and weighting, and the falsifiers that would prove it wrong.