2025 Year-End Letter: Vibe Code Check

In Vibe Code Check, I dive into the current market fear of artificial intelligence disintermediation in businesses that are otherwise performing exceptionally well; I believe that tension is creating selective opportunities to invest additional capital. Next, I offer a glimpse into the current state of the market by juxtaposing Amazon and Walmart. In short, "old school" is being heavily favored over "new school." Finally, I try to make some sense of the staggering $600 billion in planned capital expenditures from the four Magnificent Seven "hyperscalers." Time will tell if it will ultimately pay off.

  As always, I look forward to hearing your thoughts, comments, and criticisms.

Please feel free to share this letter or reach out to me for further discussion by replying to this email or reaching out on Twitter: @conover_ab.

Thank you,

Andrew C. Burns, Jr.

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