Markets tend to move quickly when a shock hits. Prices adjust, headlines follow, and the first round of winners is usually obvious. But every so often an event reshapes prices, and positioning. The escalation of tensions in the Middle East…

For much of the past two years, the artificial intelligence boom has been defined by software – chatbots, LLMs, and the companies building them. Investors have crowded into names tied to AI applications, betting on productivity gains and new revenue…