Reading List – 7th of May

This week’s reading list centres on a familiar investing question in a new form: when the world changes quickly, where does durable value actually accrue? The rise of AI is forcing investors to reassess old assumptions about platforms, infrastructure, software economics and competitive advantage, while also raising the risk that today’s obvious winners may not capture tomorrow’s best returns. At the same time, private credit, international equities and geopolitics are reminding markets that the opportunity set is broader and more fragile than the dominant US technology narrative suggests. Leadership transitions, supply constraints and capital cycles all point to the same lesson: growth is rarely linear, and market leadership is never permanent. For investors, the challenge is not simply identifying powerful trends, but understanding who benefits, who pays, and what expectations are already embedded in prices. These articles examine the tension between innovation and valuation, concentration and diversification, optimism and risk. Together, they offer a useful framework for thinking about capital allocation in a market shaped by technological disruption, political uncertainty and shifting global momentum.