🟢 [E1195] Lyn Alden suggests AI's massive capex requirements and weak network effects favour equal-weight S&P 500 over mega-caps. Equal-weight has sharply outperformed since November 2025. AI is yet another revolution eating its own children.

🔴 [E1222] Alden notes key risk: competition from Canva (entry-level) and Figma (UI/UX) could relegate Adobe to 'last mile' professional tool rather than full design stack. Many software companies still expensive despite selloffs.