Concord Wealth Partners boosted its stake in Avantis Emerging Markets Equity ETF (NYSEARCA:AVEM – Free Report) by 32.1% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 228,740 shares of the company’s stock after purchasing an additional 55,595 shares during the [...]
Infrastructure beats applications: Tradeweb (60% EBITDA margin, electronification runway) and Cboe (67% operating margin, SPX monopoly) demonstrate platform power—earning fees on every trade with zero inventory risk while application layer struggles with 4-5% margins
Financial infrastructure winners validated picks-and-shovels thesis: Tradeweb's 26th record year (+10% stock), Cboe's 67% margins on 0DTE explosion, both profit FROM volatility while Big Tech wrestles with AI capex ROI. Infrastructure commands premium over applications
Big Tech's AI spending ($185B Alphabet, $200B Amazon) without proportional revenue guidance triggered selloffs despite beats—Cloud +48% and AWS strength insufficient. Markets shifted from tolerating massive capex to demanding depreciation math and margin expansion proof
The $650B AI capex question emerged as Alphabet/Amazon posted strong results but fell on guidance: Google Cloud +48% ignored amid $185B capex shock, AWS deceleration despite "monetizing capacity as fast as we can," markets demanding ROI proof not spending promises
