Citrini Research

Our goal at Citrini is to identify trends that are going to sustain longer than a few good earnings reports. And while the collective attention of market participants has been fixated on building out compute, capital cycles where the duration and magnitud

Nuance has not been an especially strong suit of the AI Trade to date.Ask anyone over the past two months about what the rise of agentic coding agents means for cybersecurity and they'll likely tell you it's going to result in an explosion of demand. And

Bob Dylan wasn't musing about artificial intelligence related capital expenditures when he wrote "All Along the Watchtower". Still, he managed to summarize the AI value-accrual debate pretty well…"Businessmen, they drink my wine, plowmen dig my earth. Non

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Attention TaxDid you know that compute, power, HBM, NAND, the concrete, and transformers it takes to stand up a data center, the special kind of Taiwanese glass, and the alphabet soup that turns light into data, are all in short supply?Yes. Of course you

The UpshotWe remain medium-term bullish on the US economy and US equities. The US economy is strong but not overheating, and inflation concerns are likely to ease. Recent labor market data overstate the strength of the US economy. We believe that the US s

Since it's been a bit over three years since the inception of the Citrindex, we think it's a good opportunity to zoom out and take stock of the thematic universes we track - or as we call it, a State of The Themes.Our last State of the Themes was in Augus

IntroductionFor the first innings of the AI Infrastructure trade, it was simple enough just to know the basics. Large Language Models run on GPUs, buy Nvidia. AI compute will lift optics out of the telecom doghouse and cause significant growth for interco

Citrini Research provides insights on thematic equity investing and global macro trading-with cross-asset, lateral thinking. Our promise: you'll never have to ask

We have long spoken about how power is the most obvious intersection between our two largest themes of the decade. This is a brief update on the longstanding trend.As a reminder, those themes are Fiscal Primacy and Artificial Intelligence. Fiscal Primacy