Johannesburg is a mess. Power and water supplies are sporadic; potholes can be the size of craters. Helen Zille, who was born in the city, says that fixing it is “the hardest job in South Africa” https://t.co/LLh3rkvOYy ...

Analysts reckon $2.9trn will be spent on data centres and related infrastructure by the end of 2028. But like a bad party at a good restaurant, nobody is quite sure who will pick up the tab https://t.co/mS8tcKDv63Illustration: @brett.ryder.illustration https://t.co/Hef6fI86Qq ...

This year companies will spend $400bn on the infrastructure needed to run artificial-intelligence models. Predictions of the final bill are uniformly enormous https://t.co/iIZT6SDp74 ...

Silicon Valley’s mantra is no longer “Move fast and break things.” We have entered the infrastructure era, writes WSJ’s Christopher @Mims, where the giants move slow and build things. https://t.co/XAAfjmX7Cq ...

On-Chain Asset Transformation - JPMorgan built a bridge to convert rewards into USDC, transforming their points system into on-chain assets [1] - The largest bank in America is turning its points system into on-chain assets [1] Market Focus - Traders are actively involved in base yields [1] - The market is primarily focused on fee revenue [1] Infrastructure Importance - Infrastructure development is considered a winning strategy [1]

watching hyperliquid flip the script from "just another dex" to full infrastructure play• own chain instead of arbitrum dependency• hyperEVM running on alchemy• 3 major infra integrations in 2 weeksthis is what protocol maturation actually looks like ...

Technology & Infrastructure Development - Arbitrum's technology stack is evolving beyond basic scaling, focusing on infrastructure development [1] - The focus is shifting from transactions per second (TPS) to building a robust infrastructure [1] - Development of a universal intents engine enabling 3-second cross-chain transactions [1] - Over 100 Orbit chains are currently in development [1] - Permissionless Layer 3 (L3) deployment is supported [1]

BREAKING: The Boring Company is coming to the State of Tennessee. https://t.co/8BlPFHstXz ...

Our next guest says the rally makes sense. Thinks the S&P could hit 6,700 by year end. Joining us here at Post 9 is UBS Global Wealth senior portfolio manager Alan Rexavan.Allan, welcome back. Good to see you. >> Good to see you, Carl.>> We do have a couple year-end targets with a seven handle. Do you think you might get there. >> Look, uh I think that what we've seen is this rally represents the the prices catching up with policy.People now have faith in the tariff negotiation strategy of the president. An ...

Financial Data and Key Metrics Changes - The company reported GAAP net income for the quarter of $1.6 billion, with distributable earnings also at $1.6 billion or $1.21 per common share, reflecting a 25% year-over-year increase [5][6] - Fee-related earnings grew 31% year-over-year, contributing to a total fee revenue of $2.5 billion, up 27% year-over-year [30][32] - Total assets under management (AUM) increased 13% year-over-year to a record $1.2 trillion, supported by inflows of $52 billion in the second quarter and $212 billion over the last twelve months [7][30] Business Line Data and Key Metrics Changes - The private credit platform has seen significant growth, with AUM increasing threefold over the past five years to $484 billion, and revenue from this platform has increased more than fourfold [16][18] - The private wealth channel has grown AUM to nearly $280 billion, with revenue from flagship vehicles exceeding $700 million in the second quarter alone, compared to approximately $50 million five years ago [21][22] - Infrastructure AUM rose 32% year-over-year to $64 billion, supported by strong investment performance [25] Market Data and Key Metrics Changes - The company noted a favorable economic backdrop with resilient growth and declining inflation, which may allow the Federal Reserve to lower interest rates over time, positively impacting asset values [10][11] - The U.S. stock market is at record levels, with M&A activity accelerating and the IPO market reopening, indicating a more conducive environment for transactions [12][28] Company Strategy and Development Direction - The company is focusing on expanding its platforms in private wealth, credit, and insurance, along with launching multiple new funds [6][7] - The firm aims to capitalize on the $12 trillion U.S. defined contribution channel, which could provide significant growth opportunities [7] - The company is well-positioned to navigate the current dynamic environment, with a strong portfolio concentrated in compelling sectors and $181 billion of dry powder available for investment [13] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the recovery in transaction activity, citing a favorable regulatory environment and pent-up demand for M&A and IPOs [28][90] - The company anticipates an acceleration in net realizations as the market stabilizes and transaction activity increases [38][39] - Management highlighted the importance of investment performance, noting that the second quarter represented the highest amount of overall fund appreciation in nearly four years [7][33] Other Important Information - The company has launched BMAX, a multi-asset credit product aimed at expanding access to the private credit universe for individual investors [101] - The firm is targeting significant growth in its insurance channel, managing over $250 billion on behalf of insurers, up 20% year-over-year [18][19] Q&A Session Summary Question: Credit market dynamics and demand - Management noted that demand for private credit remains robust, with clients focused on the enduring premium between liquid markets and private credit, which is expected to continue driving growth [43][45] Question: Real estate market recovery - Management indicated that the recovery in real estate is a matter of timing, with new supply declining and cost of capital improving, leading to a more favorable supply-demand dynamic [52][54] Question: Strategic partners and secondary fund outlook - Management highlighted strong returns in the secondary fund driven by significant new purchases and good appreciation in underlying funds, with a positive outlook for fundraising [61][64] Question: Retirement opportunity set - Management discussed the potential for alternatives in defined contribution plans, particularly in target date funds, emphasizing the need for patience regarding regulatory developments [70][72] Question: Forward-looking guidance on FRE margin - Management expressed confidence in maintaining strong FRE margins, driven by healthy management fee growth and performance revenues, while noting some variability based on fund mix [78][80] Question: Confidence in deal-making activity - Management conveyed increased confidence in transaction activity resuming, supported by favorable market conditions and a busy IPO pipeline [86][90] Question: Real estate performance and accrued fees - Management indicated that a significant portion of real estate AUM is above hurdle rates, suggesting a favorable trajectory for accrued performance fees as the market normalizes [93][95]