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PDD: China Price, Temu Optionality.
When the world’s most uncomfortable market gives you an asset-light intelligence engine at 5x free cash flow.
 • Vasco Marques de Freitas
The Tech Rotation: Why We’re Selling a 238% Winner to Buy the AI Underdog
Weekly Update - Week 21
 • Vasco Marques de Freitas
The Index Is Expensive. The Opportunity Set Is Not.
The S&P 500 is expensive, but the opportunity set is not. Why market concentration is shifting the AI trade from crowded consensus to ignored quality.
 • Vasco Marques de Freitas
The Forgotten Application Layer
The hardware layer is priced in. The future belongs to deployment. Discover why China’s digital ecosystem is the ultimate AI application-layer play.
 • Vasco Marques de Freitas
The Visible Side of the AI Boom
As the market finally recognizes the physical infrastructure bottlenecks in semiconductors, memory, and power, the investment job shifts from finding…
 • Vasco Marques de Freitas
Inside VMF Research: April 2026, When Scarcity Moved
Intelligence is getting cheaper. Scarcity is moving. Here is how we adjusted the VMF Model Portfolios in April.
 • Vasco Marques de Freitas
Bottlenecks and outliers: How we are evolving the Debasement Trade for the AI Abundance Shock
VMF Research - Top 10 Positions – March 2026
 • Vasco Marques de Freitas
Where Scarcity Moves
Finding the tollbooths that AI can’t disrupt.
 • Vasco Marques de Freitas
The Abundance Shock
AI is slashing the cost of cognition, but abundance isn't a free lunch. Vasco Freitas explores why cheaper intelligence creates new scarcities and a…
 • Vasco Marques de Freitas

April 2026

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