We recently published an article titled 10 Best Affordable Housing Stocks to Buy. On January 9, RBC Capital lowered its price target on Tri Pointe Homes, Inc. (NYSE:TPH) to $31 from $37 while maintaining a Sector Perform rating, reflecting a cautious outlook for the homebuilding sector heading into early 2026. The firm pointed to persistent [...]
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
