Executive Summary In the second half of 2025, the conversation around AI began to shift away from model capabilities and application competition toward concerns about power and infrastructure. As a result, the idea that AI growth will be constrained by electricity has quickly taken hold as a narrative that feels both reasonable and intuitive. However, from the perspective of on the ground deployment and operations, as well as from the upstream supply side, the most

Executive Summary A common intuition in market discussions is that a company’s narrative succeeds as long as its financial performance meets market expectations, and management communicates convincingly, or its products align with the right trends. In practice, however, whether a narrative is accepted by the market is rarely determined by the company alone. For a narrative to have real impact, it must first enter a state in which the market can act on it. Understanding

Key Events of the Week: What Happened Last week, the second week of January 2026, the US technology sector saw no single event powerful enough to redefine market direction. Even as CES 2026 opened on January 6 and ran through January 9, discussion largely focused on extensions of existing technologies and strategies rather than any new narrative shift. Across the show and related public appearances, many technology companies shared updates on their AI products and

Executive Summary Following CES, NVIDIA’s Vera Rubin platform did not introduce a dramatic shift in specifications. Instead, it clarified a broader direction. In the era of AI inference, the core challenge is shifting away from pure compute performance toward how context is managed. What the Vera Rubin platform reveals is not merely a next generation GPU, but a moment in which the platform itself begins to assume responsibility for memory. As long context and multi

Key Events of the Week: What Happened Last week, 2026 Week 1, the US technology sector once again saw no single event powerful enough to dominate market sentiment. The period around the year end typically brings lighter news flow. Yet several actions across different layers of the industry showed an unusual level of narrative alignment. First, the discussion around AI continued to shift from technical progress toward practical load bearing. In year end and early

Key Events of the Week: What Happened Last week, during the fourth week of December, the U.S. technology sector did not produce a single explosive event that dominated market sentiment. Instead, several seemingly disconnected developments gradually came together at the narrative level to form a coherent picture. Notably, the observation signals in the fourth week showed little substantive difference from those of the third week. First, the relationship between AI and infrastructure became more concrete.

Key Events of the Week: What Happened Last week, during the third week of December, the tone of the U.S. technology sector revealed several developments that moved in the same direction and are worth examining together. First, the U.S. government moved more explicitly to place AI within a framework of national coordination. The U.S. Department of Energy announced partnerships with major technology companies to support the long term use of AI across energy, scientific research,

Key Events of the Week: What Happened In the second week of December, the tone of the U.S. tech industry began to shift. In the news, we saw debates between the federal government and the state of California over the scope of AI executive orders. In earnings calls, Adobe, Broadcom, and Oracle all emphasized words like “governance” and “discipline.” In the markets, investors focused on “efficiency” and “cash flow,” leading to a pullback in major

Executive Summary This week’s earnings calls from Adobe, Broadcom, and Oracle each revealed a different facet of the AI industry’s transition: trust, pressure, and time. At the application layer, Adobe is rebuilding the value system of generative AI around trust. Through Content Credentials and emerging AI search standards, it is creating a verifiable and licensable framework for content governance, turning trust from an abstract ideal into an economic asset. At the hardware layer, as cloud

Executive Summary For more than a decade, Apple has stood as one of the most stable symbols in the technology industry, embodying order, control, and perfect integration. Yet the wave of unprecedented executive departures since 2025 has revealed fractures in this once-reliable formula. This is not merely a shift in personnel but a philosophical turning point. Behind this transformation lies the intersection of three long-term curves: the technological, the organizational, and the external. On the