We’re Tracking 28 Signals Across 9 Pro Portfolio Investment Themes
Let’s scan through the headlines for the stories of the week that speak to our Pro Portfolio holdings.
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Philly cops are using AI to help communicate with non-English speakers. Businesses are grappling with an ageing America and so is the housing market. And more voters appear likely to be swayed by higher prices when they hit the polls in November. These are just a few of the more than 25 signals we spotted over the week that speak to our portfolio investment themes. After reading this collection, you’ll walk away with a greater understanding and conviction for the Portfolio’s holdings.
If you’ve come across a signal we should know about, be sure to drop a link in the Comment section below.
Aging Population
Put simply, America is graying—and the implications for business are profound. “The United States is aging rapidly, and that’s going to affect everything, from the workforce to the economy to the way communities function,” said William H. Frey, senior fellow at the Brookings Institution and one of the country’s leading authorities on population trends. Read more here
Demand for 55+ active adult communities continues to rise as older Americans prioritize housing that supports independence, social connection, and long-term financial stability. Read more here
Much of the country has a limited supply of small, reasonably priced homes, and a growing wave of senior housing investments is expected to offer alternatives outside of traditional retirement communities. The demand is there. Senior housing occupancy hit 92% in 2025, a figure roughly 10 percentage points higher than it was in 2020, and growth is expected to continue as the population ages. According to real estate financing experts, the sector absorbed an average of 30,000 units per year over the last four years, while only about 10,000 new units reached the market annually during the same period. The opportunity hasn’t gone unnoticed. Read more here
Position: Labcorp (LH), Welltower (WELL)
Artificial Intelligence
65% of financial services and insurance firms use AI for revenue recognition and accounting close. That’s the highest adoption rate listed for the sector and reflects AI’s role in helping firms manage finance functions that require accuracy, consistency and speed. 60% use AI for credit risk assessment and scoring, and 60% use it for sales forecasting and pipeline optimization… 85% of financial services and insurance firms are increasing AI budgets over the next 12 months. Read more here
Increasing output is the top reason for adopting AI, according to 34% of CFOs, while 24% focus on staying competitive, and 19% prioritize better decision-making through data. Half of CFOs expect AI to create new roles requiring new skills, even as 47% anticipate headcount reductions. Overall, 60% of CFOs said their firms are at least somewhat prepared for AI-driven workforce changes, but only 12% said they consider themselves very prepared. Read more here
Artificial intelligence is the leading reason companies cite for layoffs for the second straight month, accounting for more than one in four job cuts in April, according to a new report from outplacement firm Challenger, Gray & Christmas. The report found 21,490 AI-related cuts last month, or 26% of the 88,387 total, marking the second straight month the technology has been the top driver of layoffs. Read more here
Airbnb CEO Brian Chesky revealed that AI now accounts for nearly 60% of the code his engineers write, and warned that managers unwilling to engage in hands-on technical work have no place at the company… On the customer service side, Chesky noted that the company’s AI support tool now closes out 40% of inquiries on its own — meaning no handoff to a human agent — a jump from the roughly 33% rate recorded earlier in the year. Read more here
Private fleets are rapidly embracing generative AI, but poor data quality and integration issues are preventing many from unlocking its full operational value, according to a new survey from Fleet Advantage. The company released findings from its latest Use of AI in Fleets survey during the National Private Truck Council’s 2026 annual conference. Read more here
OpenAI Chief Revenue Officer Denise Dresser said Monday that we’re at a “tipping point” in enterprise artificial intelligence adoption, and the startup’s new Deployment Company will help with the push to get more companies on board. Read more here
Position: Alphabet (GOOGL), Amazon (AMZN), Axon (AXON), Meta (META), Microsoft (MSFT), SuRo Capital (SSSS)
Cash-Strapped Consumer
Prices are rising at a time when Americans are already frustrated by the high cost of living. Affordability is likely to be a key issue when voters go to the polls Nov. 3 to determine whether President Donald Trump’s Republican Party maintains control of the U.S. Senate and House of Representatives. Read more here
Even with record investment and highs set on Wall Street, two thirds of consumers in a new CNN poll saying their wages are not keeping up with expenses… it means people will likely worry about groceries, gas, cars, mortgage, rent — impacting other facets of the economy. Read more here
Earnings for American workers grew by less than expected in April, a report Friday showed, which means that, pending the release of inflation numbers next week, we’ll probably discover that consumer prices are now going up faster than wages… again. Read more here
A recent report indicates many consumers are done trading down products at the supermarket. They’re instead ready to trade out to lower-priced retailers. Read more here
Position: Amazon, Costco (COST), TJX Companies (TJX)
Cybersecurity, Data Privacy & Digital Identity
The Iran-linked hacking group MuddyWater (a.k.a. Seedworm, Static Kitten) launched a broad cyber-espionage campaign targeting at least nine high-profile organizations across multiple sectors and countries. Among the victims are a major South Korean electronics manufacturer, government agencies, an international airport in the Middle East, industrial manufacturers in Asia, and educational institutions. Read more here
West Pharmaceutical Services disclosed that it was the target of a cyberattack that resulted in data exfiltration and system encryption… The firm says it has restored its core enterprise systems that support shipping and manufacturing operations, and manufacturing has been partially restarted. Complete restoration of all systems has not yet been achieved, and no timeline for finalizing this restoration was provided at this time. Read more here
Taiwanese electronics manufacturing giant Foxconn has confirmed that some of its North American factories have been hit by a cyberattack… he hackers claim to have stolen 8TB of data representing more than 11 million files, including confidential documents and schematics related to major customers such as Intel, Apple, Google, Dell, and Nvidia. Read more here
Position: Alphabet, First Trust Nasdaq Cybersecurity ETF (CIBR), Microsoft
Digital Infrastructure
Samsung is working on new ideas for 6G wireless networks that could make high-speed home internet more widely available and reliable. The company sees fixed wireless access, or FWA, as one of the most important uses for the next-generation technology. FWA delivers broadband to homes and offices using radio waves instead of underground fiber cables. This approach can be much cheaper and faster to set up, especially in rural areas, hilly regions, or places where laying cables is difficult… Read more here
Global network traffic is surging, driven by changes in consumer behaviors, enterprise processes and AI. But while it’s tempting to simply think about an explosion of data, our Global network traffic report shows that, more critically, AI is changing the nature of traffic and requires connectivity to advance in parallel… Moderate estimates suggest that about 70% of global WAN traffic will still come from non-AI sources by 2034. Yet AI traffic will represent the biggest area of growth (23% vs. 15% CAGR) during this time. Read more here
Position: Alphabet, Amazon, Apple (AAPL), Arista Networks (ANET), Broadcom (AVGO), Eaton (ETN), Marvell (MRVL), Meta (META), Nvidia (NVDA)
Digital Lifestyle
Amazon has introduced Amazon Now, an ultra-fast delivery option that brings thousands of fresh groceries, household essentials, and other everyday items to customers’ doors in 30 minutes or less. The service became available to millions of customers in the United States on May 12, 2026, with plans for rapid expansion to reach tens of millions more by the end of the year. This rollout represents the latest step in the company’s efforts to accelerate delivery times for time-sensitive purchases. Read more here
During advertising upfronts Wednesday, Netflix shared that its ad-supported tier now has 250 million monthly active users, along with announcing that the tier will be expanding to 15 more countries. Starting next year, the ad-supported tier with expand to 15 new countries, including Austria, Belgium, Colombia, Denmark, Indonesia, Ireland, the Netherlands, New Zealand, Norway, Peru, Philippines, Poland, Sweden, Switzerland and Thailand. Also coming in 2027 is more opportunity for advertisers to reach audiences. Next year, Netflix will offer ad inventory for podcasts and vertical video. Read more here
Position: Alphabet, Amazon, Apple, Meta, Netflix, SuRo Capital
Energy Pain Point
U.S. power consumption, which hit its second straight annual record high in 2025, will rise further in 2026 and 2027, the Energy Information Administration said in its Short-Term Energy Outlook on Tuesday. The EIA projected power demand will rise from a record 4,195 billion kilowatt-hours (kWh) in 2025 to 4,248 billion kWh in 2026 and 4,379 billion kWh in 2027. Demand is surging due in large part to data centers dedicated to artificial intelligence and cryptocurrency, and as homes and businesses use more electricity and less fossil fuels for heat and transportation. Read more here
Annual U.S. electricity consumption will grow more than 55% by 2050, “with the steepest growth concentrated in the current decade,” the National Electrical Manufacturers Association said in a forecast published Thursday. The pace of potential growth is quickening as data center expansion plans continue to be announced. Read more here
Consolidated Edison, Inc. is planning to spend more than $29 billion over the next five years on substations and other grid upgrades to meet rising electrification in its territory covering New York City and parts of its suburbs. Unlike some peer utilities, buildings and transportation — not data centers — are Con Edison’s primary demand drivers. Read more here
Position: Eaton
Homebuilding & Materials
According to the Zillow April Market Report, increasing mortgage rates held homebuyers back in April. And for the first month in 2026, year-over-year new home listings outpaced home sales. When supply is higher than demand, there is a significant impact on both buyers and sellers. Read more here
Mortgage rates moved up once again this week, with the 30-year fixed rate averaging 6.46%, up from 6.43% last week, according to Bankrate’s latest lender survey. Read more here
Oil prices and war developments will be the main drivers of mortgage rate fluctuations in the near term, according to Chen Zhao, head of economics research at Redfin. If the geopolitical situation continues to deteriorate, the Federal Reserve may be more inclined to hike rather than cut short-term interest rates in an effort to combat inflation… “Consumers who feel squeezed at the gas pump and uncertain about the future of the economy tend to pull back from making housing decisions with confidence.” Read more here
Safety & Security
America’s allies now outspend it in purchasing power-adjusted defense budgets, a new analysis by the Economist shows. Using data on global defense budgets collected annually by the Stockholm International Peace Research Institute, SIPRI, the London-based weekly calculated that American allies in the North Atlantic and Indo-Pacific spent 111% of what the U.S. did on its own defense in 2025. Read more here
To help break down language barriers, the East Lansdowne Police Department has begun to use new artificial intelligence technology, writes Madeleine Wright for CBS News Philadelphia. The department is utilizing body cameras that translate conversations in real time using AI. Officers can now communicate more clearly with witnesses, suspects, and victims who can’t speak English. Read more here
Position: Axon, Palantir (PLTR)
The Strategies Behind Our Thematic Models
Aging of the Population – Capturing the demographic wave of the aging population and the changing demands it brings.
Artificial Intelligence – Software, chips, and related companies that facilitate the collection and analysis of large data sets and the autonomous generation of solutions given non-machine language prompts.
Cash-Strapped Consumer – Companies poised to benefit as consumers stretch the disposable spending dollars they do have.
Cybersecurity – Companies that focus on protecting against the penetration of digital networks and the theft, ransom, corruption, or destruction of data.
Data Privacy & Digital Identity – Companies providing the tools and services that verify authorized users and safeguard personal data privacy.
Digital Infrastructure & Connectivity -The buildout and upgrading of our Networks, Data Storage Facilities, and Equipment.
Digital Lifestyle – The companies behind our increasingly connected lives.
Digital Payments – This model focuses on companies benefiting from the accelerating structural adoption of digital payments and financial technology (FinTech).
Energy Pain Point – Companies poised to prosper from rising power demand.
EV Transition – Capturing the transition to EVs and related infrastructure from combustion engine vehicles.
Guilty Pleasure – Companies that produce/provide food and drink products that consumers tend to enjoy regardless of the economic environment and potential long-term health hazards associated with excessive consumption.
Homebuilding & Materials – Ranging from homebuilders to key building product companies that serve the housing market, this model looks to capture the rising demand for housing, one that should benefit as the Fed returns monetary policy to more normalized levels.
Luxury Buying Boom – Tapping into aspirational buying and affluent buyers amid rising global wealth.
Rebuilding America – Turning the focused spending on rebuilding US infrastructure into revenue and profits.
Safety & Security – Targeted exposure to companies that provide goods and services primarily to the Defense and security sectors of the economy.
