Buy APO by Jul 25, 2026.

Everyone is obsessing over the obvious AI trade: semis, data centres, software names, and anything with “AI” slapped into the investor deck. But I heard a pretty interesting take on Prof G Markets that the better trade might be the stuff getting unfairly punished by AI panic and private credit fear. The argument was basically this: A lot of the market is trading off narrative right now, not fundamentals. Some random AI doom narrative hits the internet, people start extrapolating …