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Field notes, from dawn to close.
Francesco writes through the day. Day notes capture signals as they happen; night notes close the day — market wraps, end-of-day reads and what to sleep on. One journal, two rhythms.
Morning View · Markets
June 26, 2026
The AI Reckoning Begins
Markets are repricing the winners before the economy does. The era when almost any AI narrative earned a valuation premium is ending — and a more disciplined market is taking its place.
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08:30 · Morning ViewThe Great AI Shakeout
Why capital is no longer rewarding AI exposure — it is rewarding AI economics. From enthusiasm to discipline.
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08:00 · Today’s EditionThe Deflationary Rotation
Why the next phase of the AI supercycle will be about lower costs, higher margins and rising profits — not bigger models.
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