Julien Bittel, CFA

Latest positions

• JBJulien Bittel, CFAStrongly bullish on AI Expects the AI buildout to keep running with capacity tight through 2027, with any speculative bubble only at the end of the cycle, not now. “There will be a speculative bubble eventually, there always is... but it comes at the end of the cycle, not here.” Open the post A follow-up to last Friday's post. Last weekend… · 2 Oct
• JBJulien Bittel, CFAStrongly bullish on compute Expects demand for compute to keep growing, with capacity staying tight through 2027 and agents becoming the biggest users. “capacity expected to stay tight through 2027” Open the post A follow-up to last Friday's post. Last weekend… · 2 Oct
• JBJulien Bittel, CFAStrongly for on US Supports Washington continuing to fund and back the AI buildout rather than tightening the taps. “nobody in Washington is going to tighten the taps significantly because asset prices look stretched” Open the post A follow-up to last Friday's post. Last weekend… · 2 Oct
• JBJulien Bittel, CFABullish on data centers Expects data center capacity to remain scarce and in demand, so rivals would fight over any that came free. “every rival would be fighting over its data centers, because that's capacity you simply can't buy anywhere else” Open the post A follow-up to last Friday's post. Last weekend… · 2 Oct
• JBJulien Bittel, CFABullish on cloud Expects cloud demand to stay ahead of supply, pointing to over $2 trillion of contracted backlog across big cloud providers. “more than $2 trillion of contracted backlog across the big cloud providers” Open the post A follow-up to last Friday's post. Last weekend… · 2 Oct
• JBJulien Bittel, CFAImproving on China Expects Beijing to keep backing its own AI race just as hard, so China's push continues. “not while Beijing is backing its own race just as hard” Open the post A follow-up to last Friday's post. Last weekend… · 2 Oct
• JBJulien Bittel, CFAStrongly bullish on AI Expects the AI capex boom to keep accelerating, with hyperscaler spending already above 2% of US GDP. “And that boom is only just getting started.” Open the post Jeff Gundlach laid out the Fed's dilemma this we… · 25 Sept
• JBJulien Bittel, CFAStrongly bullish on gold Expects a weaker dollar to let gold run. “A weaker dollar lets gold run.” Open the post Jeff Gundlach laid out the Fed's dilemma this we… · 25 Sept
• JBJulien Bittel, CFAStrongly dovish on Federal Reserve System Expects the Fed to stop hiking and then reverse course once oil comes out of the inflation picture. “Take oil out of the picture and he has room to stop hiking, then reverse course.” Open the post Jeff Gundlach laid out the Fed's dilemma this we… · 25 Sept
• JBJulien Bittel, CFAStrongly bullish on Robotics Expects robotics to be the next decade's productivity engine, dwarfing what the internet did. “the productivity engine is AI and robotics, and it will dwarf what the internet did.” Open the post Jeff Gundlach laid out the Fed's dilemma this we… · 25 Sept
• JBJulien Bittel, CFAStrongly bearish on oil Expects oil to move lower if a Strait of Hormuz deal lands before the midterms. “Act one: a Strait deal lands before the midterms, oil moves lower” Open the post Jeff Gundlach laid out the Fed's dilemma this we… · 25 Sept
• JBJulien Bittel, CFAFalling on core CPI Expects core CPI, at 2.4%, to keep edging lower. “Core CPI is at 2.4% and still edging lower.” Open the post Jeff Gundlach laid out the Fed's dilemma this we… · 25 Sept