Big Tech Off-Balance Sheet Concerns
Big Tech’s $3 trillion AI commitments are disclosed and largely long-dated, with nearly 60% of Amazon’s $650 billion commitments falling after 2030.
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FIS is framed as a deep-value payments opportunity amid an anticipated rotation out of semiconductor and mega-cap AI momentum names.
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Netflix's 200-day support sits near $70, with hosting costs and World Cup viewership pressure driving near-term negative momentum.
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Micron and Sandisk rely on large-cap tech’s rising equity, creating a circular spending trade vulnerable to capex cuts.
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ELF, CAVA, Shake Shack and Birkenstock surged 30% to 60% within weeks despite weak sales or lower outlooks, raising questions about rate, oil and short-squeeze driven retail rallies.
Investor Letters
All letters- Royce Investment Partners Year-to-Date Through 6/30/26 +13.7%
- Palm Harbour Capital second quarter of 2023
- Patient Capital Management 2Q25 +15.3%
- Patient Capital Management 3Q25 +14.1%
- Palm Harbour Capital third quarter
- Intrepid Capital 2Q 2026 +6.6%
- First Eagle Investments 3Q 2025 +9.2%
- Bireme Capital 2Q22 -1.4%
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