The consensus capex for the four largest hyperscalers, $750 billion in aggregate, is currently greater than the market capitalization of ExxonMobil and is approaching that of JP Morgan Chase.
Agentic AI threatened to disrupt the software industry by reducing legacy moats, threatening the number of subscriptions necessary, and introducing the narrative that software may ultimately be custom-built instead of bought.
A loss of confidence in asset-light business models coincided with a focus on Heavy Assets, Low Obsolescence companies in an effort to avoid disruption from artificial intelligence.
Miller/Howard Income-Equity portfolios outperformed both the Russell 1000 Value and the S&P 500 Indices in the first quarter of 2026.
The instability in the Middle East supports the case for North American energy, as the region provides more secure sources of hydrocarbons available for export to the rest of the world.
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Valuation in an Age of Disruption - How much future growth are you paying for?
The First Quarter of 2026 Marked a turning point in how the market has approached artificial intelligence (AI). Previously, the market's focus was
