Jones Financial Companies Lllp boosted its stake in shares of Hartford Large Cap Growth ETF (BATS:HFGO – Free Report) by 87.1% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 170,119 shares of the company’s stock after purchasing an additional [...]
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
