The Trend Sled

2026-06-29: Settle, wager, reprice, arm

2026-06-22: AI leverage, convergence, exits, alpha, governance

AI infrastructure gets underwritten like leveraged credit | Tokenization, stablecoins, and agent wallets converge on one settlement rail | The Fed turns hawkish as the BoJ hits a 31-year high | PE exits

2026-06-15: Bears, deposits, continuations, stagflation, models

A bear case for the AI-infrastructure trade | Tokenized deposits become the banks' answer to stablecoins | Single-asset continuation vehicles become the exit LPs actually want | A higher-for-longer, stagflation-shaped regime is

2026-06-08: AI financing, ROI, tokens, stablecoins, wrappers

AI infrastructure financing is now a public-market asset class | The AI ROI gap gets a number | Tokenization joins public-market plumbing | Banks now treat stablecoin rails as 24/7 revenue | Wrapper

2026-06-01: Anthropic, tokenization, distributions, headcount

Anthropic now leads institutional finance distribution | Tokenized settlement rails go operational in Europe and APAC | DPI displaces IRR as the binding LP discipline | AI-attributed headcount cuts hit the headlines 1.

2025-05-25: Mega-IPOs, compute, rates

The mega-IPO pipeline opens and resets private-mark discipline | Compute consolidates into a financeable asset class | GPs publicly redesign vehicles around the distributions-to-paid-in (DPI) problem | Tokenized institutional plumbing moves onshore with