Jul. 13th, 2026 Long - Research resultsSCCO*6+MP*19+VST*7+ETN*2+GEV+CENX*22+APD*3+CHRW*5+LYSCF*81+CEG*4BATS:SCCO*6+BATS:MP*19+BATS:VST*7+BATS:ETN*2+BATS:GEV+BATS:CENX*22+BATS:APD*3+BATS:CHRW*5+OTC_DLY:LYSCF*81+BATS:CEG*4pierre_radasThe market narrative is still "buy Al," but the binding constraint on Al has changed — and the tape already knows it. YTD: Energy +21%, Materials +17%, Industrials +12%, Technology flat. The thesis in one line: you no longer get paid for owning Al compute — you get paid for owning what Al compute cannot be built without: power, copper, grid equipment, and non-China critical materials.