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stephanie aliaga

T3 · host / generalist

Investment strategist at J.P. Morgan Asset Management focusing on Chinese equities, AI infrastructure, and hyperscaler fundamentals.

1 call·1 name·100% bull·last heard 2 months ago·Bloomberg Tech
track record

no scored calls yet — needs a stated position or a categorical verdict, with a matured window vs SPY

top calls

highest conviction · one per company
1stmedium conviction
$GOOGLAlphabetposition

Alphabet earnings kick off hyperscaler season; valuations at pre-AI boom levels

Hyperscaler valuations have compressed to lowest levels since early 2023 before AI boom, with operating cash flows nearing $1T; digestion period may be ending with upward free cash flow margin guidance ahead.

Bloomberg Tech2026-07episode →

most discussed · click a bar to filter

  • $GOOGL

recurring themes

  • AI Infrastructure1
  • AI Economics & Business Models1
1 total
$GOOGL
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Alphabet
MEDstephanie aliaga·Bloomberg Tech·2 months ago·Nvidia Ships New AI Chips as Washington Eyes China | Bloomberg Tech 7/21/2026· position
Alphabet earnings kick off hyperscaler season; valuations at pre-AI boom levels
Hyperscaler valuations have compressed to lowest levels since early 2023 before AI boom, with operating cash flows nearing $1T; digestion period may be ending with upward free cash flow margin guidance ahead.
"EVERY EARNINGS SEASON IS BIG, BUT IT STARTS IN EARNEST WITH ALPHABET MY FROM THE HYPERSCALER PERSPECTIVE, TEST LAB... EVALUATION FOR THE HYPERSCALERS THAT HAVE BEEN SINGLED OUT, A…"
11:07
8
AI Infrastructuretailwind
Jevons paradox drives AI infrastructure bull case: efficiency expands total compute demand
AI efficiency gains (like Kimi K3) expand total addressable demand faster than supply can respond, making efficiency a bullish not bearish signal for AI infrastructure — demand growing faster than reliable service capacity.
7
AI Economics & Business Modelstailwind
Aliaga: Jevons paradox drives AI infrastructure bull case as efficiency expands total demand
Falling token costs from efficient models like Kimi K3 increase total compute demand (Jevons paradox), making infrastructure providers the durable winners while model-layer margins compress.