The daily briefing

Briefing date: 10 September 2026. Information cutoff: 06:47 Europe/London. Morning View The overnight picture is constructive for AI infrastructure demand but increasingly discriminating on value capture. SailPoint’s fiscal Q2 provides one of the clearest software datapoints that agentic AI is already creating a monetizable identity-security workload: AI-driven products contributed more than 30% of net-new ARR, while SaaS ARR grew 36%. In hardware, the pressure point has moved to memory. Chinese…

Morning View The market is beginning to separate AI demand from AI economics. Qualcomm’s new Amazon collaboration is the clearest fresh example: custom inference silicon and 1.6T optical connectivity are moving beyond the Broadcom/Marvell duopoly, but the associated warrant structure shows how commercial commitments and strategic equity incentives are becoming intertwined. At the same time, ServiceTitan and Braze both delivered better-than-expected quarterly growth and materially stronger cash generation, yet their…

Morning View — The dominant change this morning is that AI infrastructure demand is broadening geographically and deeper into the supply chain even as investors become more selective about who actually earns attractive returns on that build-out. OpenAI has signed Firmus as a Malaysian compute provider, taking Firmus above 900 MW of contracted capacity, while Nvidia supplier Wistron is raising nearly $1.5bn of fresh equity largely to fund raw-material and…