Focus
Oil Under Siege
Brent at $91 tells only part of the story: the real crisis is playing out along shipping lanes, insurance markets and contract frameworks, while exports from the region…
Focus
ASML, AI Enters the Factories
ASML closes the second quarter of 2026 with revenues of €9.3 billion and raises its full-year guidance. The AI boom is converting orders into production capacity…
Hormuz Back in the Spotlight for Markets
The Strait of Hormuz is back at the centre of market attention: amid increasingly hawkish rhetoric and indirect diplomatic contacts, global energy risk is reasserting itself…
Nvidia, the Infinite Premium the Market Has Stopped Paying
Nvidia has shed nearly $800 billion in market capitalisation from its May peak, with the forward P/E collapsing from 72x to 21.7x. The market is drawing…
Microsoft, the Bill for Artificial Intelligence
Microsoft has corrected 24% year-to-date under the weight of $190 billion in AI investments. A technical, fundamental and scenario analysis ahead of the Q3 earnings release…
The true leverage of artificial intelligence is human capital
AI is not merely a technology: it is a lever on human capital. With 83.6% of Italian businesses still on the sidelines, the competitive window is…
Part 3 | Anthropic Between Geopolitics and Markets: The Risks Behind the $965 Billion Valuation
Anthropic operates within a network in which investors, suppliers, and public authorities overlap. A $965 billion valuation makes it essential to distinguish commercial growth from return…
Part 2 | Anthropic, the Physical Cost of AI: Compute, Memory and Energy
Anthropic's growth rests on a complex financial architecture: chips, HBM memory, energy, and multi-year contracts define the real constraints on its business model's scalability.
Part 1 | Anthropic Toward Wall Street: Valuation, IPO, and Demand
Anthropic has reached a valuation of $96.5 billion and has confidentially filed a Form S-1 with the SEC. An analysis of valuation multiples, enterprise demand, and…
PCE USA: Is the Market Pricing In Too Many Rate Hikes?
May's PCE confirms persistent price pressures in services and energy, but not a broad-based re-acceleration of inflation. Hawkish pricing is partially justified, yet two or three…