Every week, we tap into real conversations had by our pro investor community, the Curation Collective, recapping their high conviction themes, macro views and market sentiment, so that you can make more informed investment decisions.
Most Discussed.....
Tech Is Struggling – The Moat Test Has Begun
What was said:
The extended recent sell-off is being driven less by fundamentals, and, more by exaggerated AI positioning unwinds (Claude Security triggering a CyberSecurity sell-off on Friday). Where any incremental AI headline (e.g. new model or security releases) is triggering sector-wide rotations rather than stock-specific reactions, particularly across high-beta AI and cybersecurity themes.
The narrative is shifting from “AI hype and multiple expansion” to “AI utility and defensibility.” Investors are asking which platforms genuinely reduce workflow friction – and which are vulnerable to commoditised models.
Historically, markets price disruption early. Valuation compression can happen even while earnings remain intact. The key macro catalyst this week is Nvidia earnings, a confidence barometer for the broader AI complex.
Why we give a ****:
We’re entering the moat phase of the AI cycle.
In a software-heavy world, product features are easily replicated. What’s harder to copy is embedded advantage – brand trust, proprietary data layers, distribution, habitual workflows, switching costs and ecosystem integration.
Companies that sit inside customer workflows, own unique data, or operate in areas requiring deep expertise and regulatory friction are far more defensible. They can use AI to enhance productivity and margins.
Companies built purely on surface-level features risk margin compression as models commoditise.
The market is no longer rewarding “AI exposure.” It is rewarding structural defensibility. The next winners will be the platforms that AI strengthens – not the ones it displaces.
Relevant stocks: NASDAQ: EBAY, LSE: BUR, NYSE: FIG, NASDAQ: SHOP, NYSE: SPOT, NASDAQ: MMYT
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Stock Of The Week
Royalty Engine at Full Throttle
Gaztransport et Technigaz SA sits at the heart of the LNG value chain, licensing its membrane containment technology to shipyards building LNG and ethane carriers, FSRUs and FLNGs – a capital-light, royalty-driven model with powerful operating leverage.
FY25 revenues rose 25% to €803m ($867m), and EBITDA surged 40% to €542m ($585m) at a 67% margin, as prior order peaks converted into construction-phase revenues. The order book stands at 288 core units, with LNG ordering momentum re-accelerating into 2026.
New or Updated Showcases
Karoooo
- Karoooo operates a cloud-based mobility and fleet management platform that enables businesses to track, analyse and optimise vehicles, equipment and workforce performance in real time, positioning itself at the intersection of telematics, data analytics and operational efficiency as enterprises seek greater visibility, cost control and regulatory compliance across increasingly complex transport and logistics networks. Read the investment case.
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