AJ Harrow, Singapore (2026)

18/06/2026

At AJ Harrow, we spend considerable time studying technological platforms rather than individual products.

History shows that platform technologies create the greatest long-term value.

Semiconductors enabled personal computing.
Cloud computing enabled software-as-a-service.
Artificial intelligence is enabling a new generation of digital businesses.

The next platform technology may be advanced energy storage.

QuantumScape’s latest agreement with Honda is noteworthy because it represents another step in the industrial validation of solid-state battery technology.

While markets often react to headline announcements, the deeper story is the growing alignment between technology developers and global manufacturing leaders.

The critical bottleneck is no longer scientific proof-of-concept.

The critical bottleneck is scaling production while maintaining performance, reliability and economics.

If QuantumScape successfully commercializes its technology, the impact could extend well beyond the automotive sector.

Lower charging times, greater energy density and improved safety have the potential to influence transportation, logistics, robotics, healthcare equipment, distributed energy systems and future smart-city infrastructure.

From a capital allocation perspective, the most attractive opportunities often emerge when transformative technologies are transitioning from research to commercialization.

That transition remains uncertain, but it is precisely where the greatest asymmetry can exist between current expectations and future outcomes.

The future may not belong to companies that simply manufacture products. It may belong to companies that own the enabling technologies behind entire industries.

15/06/2026

U.S.–Iran Peace Agreement Could Improve the Global Economic Outlook

Financial markets welcomed reports of a framework peace agreement between the United States and Iran, which includes an extended ceasefire and the reopening of the Strait of Hormuz.

The significance extends far beyond the Middle East.

The Strait of Hormuz is a critical global energy route. Reduced disruption risk has already contributed to lower oil prices and easing inflation expectations. Markets have also reduced the probability of future U.S. interest rate hikes.

From a macroeconomic perspective, several themes are emerging:

• Lower energy costs support global growth
• Softer inflation improves financial conditions
• Reduced geopolitical uncertainty supports business investment
• Central banks gain more flexibility in monetary policy

Despite ongoing economic and political risks, the outlook for the second half of 2026 remains constructive. Corporate earnings have exceeded expectations, and several major investment institutions continue to forecast positive returns for U.S. equities over the coming year.

Our current view:

📈 Global growth remains resilient
📈 U.S. equities retain an upward bias
📈 Artificial intelligence investment continues to be a major economic driver
📈 Interest rates are more likely to remain stable or trend lower than move materially higher

While risks remain, the macro environment today appears more supportive than many investors anticipated at the beginning of the year.

23/04/2026

QuantumScape’s latest quarterly report was a strong reminder of why this company continues to stand out as a serious growth name.

What mattered was not just the headline numbers, but the operating progress underneath them. In Q1 2026, QuantumScape completed installation of its Eagle Line, commenced start-up operations, and began producing initial volumes of QSE-5 cells. That matters because it moves the company further away from laboratory promise and closer to repeatable, scalable manufacturing ex*****on.

Commercially, the report also showed that engagement is becoming more tangible. QuantumScape recorded US$11.0 million of customer billings in Q1 while continuing work with Volkswagen’s PowerCo, other automotive JDA partners, and a newly advanced Top-10 global automotive OEM relationship. That is the kind of signal we watch closely: not hype, but customers and industrial partners continuing to lean in.

What is also interesting is that the opportunity is broadening. Management highlighted activity not only in EVs, but also in AI data centers, defense, aerospace, and government applications. Whether every one of these verticals converts immediately is beside the point. What matters is that the technology appears versatile enough to attract attention across multiple large and strategically important markets.

Financially, this remains an early-stage scale-up story, so discipline still matters. But the balance sheet remains meaningful, with QuantumScape ending Q1 with US$904.7 million in liquidity and reiterating full-year 2026 guidance.

For growth investors, that is the setup worth paying attention to: differentiated technology, measurable production progress, rising customer activity, and enough liquidity to continue executing.

We identified QuantumScape because the upside was always going to depend on whether the company could convert deep-tech promise into real industrial progress. This quarter suggests that transition is becoming more credible.

31/03/2026

Has the market bottomed?

We do not think that can be called with confidence yet.

The recent selloff has made valuations more reasonable and improved forward return potential. But a durable bottom usually needs more than cheaper prices. It needs stabilization in the variables that caused the drawdown in the first place.

Right now, those variables still matter:
1. Elevated energy prices;
2. Inflation risk;
3. Rate uncertainty;
4. Questions around the quality and durability of earnings.

Our stance is straightforward. This is a market for measured accumulation, not aggressive heroics.

When volatility rises and narratives break, discipline matters more than conviction theater. If the macro stabilizes, buyers at these levels may look smart. If it does not, preserving flexibility will matter just as much as being early.

Capital allocation is not about guessing the exact bottom. It is about buying mispriced durability without losing the ability to act if conditions worsen.

18/03/2026

CoreWeave: downgrade deserved, but not for the lazy reason

The issue is not whether AI demand exists. It does.

The issue is whether CoreWeave is building a durable infrastructure business, or financing a very expensive stopgap for hyperscalers.

A company with massive backlog and hypergrowth can still be fragile if:
1. capex runs far ahead of internally funded returns,
2. a few counterparties dominate revenue,
3. customers ultimately insource the highest-value workloads.

That is why the market is focusing on customer concentration, delivery risk, and funding intensity.

For CoreWeave, the path forward is clear:
1. reduce dependence on any single customer,
2. convert backlog into dependable cash generation,
3. deepen switching costs through software, orchestration, and operational excellence,
4. prove it remains relevant even as hyperscalers expand their own AI infrastructure.

The downgrade is warranted unless CoreWeave can show it is becoming a strategic layer, not just rented capacity during a supply crunch.

07/03/2026

BYD’s 2nd generation Blade Battery is a major reminder that the battery race will not be won by science alone, but by commercialization.

BYD has unveiled its 2nd generation Blade Battery together with FLASH Charging technology, claiming 10% to 70% charging in 5 minutes, 10% to 97% in 9 minutes, better low-temperature charging, a 5% energy-density gain over the prior generation, and plans for 20,000 FLASH Charging stations in China by the end of 2026. In other words, BYD is not merely improving battery chemistry; it is integrating battery design, vehicle engineering, and charging infrastructure into one coordinated push. That is how incumbents defend their lead.

For QuantumScape, this does not make solid-state batteries irrelevant. QuantumScape’s latest disclosures still point to strong theoretical upside: lithium-metal solid-state cells, QSE-5 B-samples targeting over 800 Wh/L, under-15-minute fast charging, and manufacturing progress through its Cobra process and newly inaugurated Eagle line. If successfully industrialized, that could still be highly disruptive. But the key phrase is “if successfully industrialized.” The market is now watching whether solid-state can beat not yesterday’s lithium-ion, but a rapidly advancing, already scaled, commercially deployed alternative.

Our take: BYD’s latest move is not an existential blow to QuantumScape, but it is a strategic compression of time. It reduces the room for delay, raises the performance baseline for the entire industry, and increases the burden on solid-state players to prove that their advantage is not incremental, but decisive. In technology transitions, the future does not automatically win. It has to be enough better to displace what is already good, cheap, and scaled. Right now, BYD has made that hurdle much higher.

03/03/2026

Macro update: Strait of Hormuz disruption raises the “inflation re-acceleration” risk.
Iran has stated the Strait of Hormuz is closed and shipping activity is being disrupted, with tankers stranded/damaged and insurance costs rising.

Investment implications (high level):
1. Energy → inflation impulse: Higher crude/gas flows into transport, utilities, and input costs, lifting inflation expectations.
2. Rates path gets harder: An oil-driven inflation shock can delay or reduce the magnitude of expected rate cuts — even if growth cools.
3. Risk assets reprice quickly: Equities can de-rate on higher discount rates + margin pressure, while safe-havens (USD, gold) and select defensives can outperform in risk-off regimes.

Positioning principle (not advice): prioritize resilience — liquidity, balance sheet strength, and scenario-based sizing. In shock-driven markets, survival > heroics.

28/02/2026

NVIDIA sold off after earnings — is the market right?

NVIDIA delivered record Q4 FY2026 revenue of $68.1B and guided Q1 to ~$76.4B–$79.6B.
Yet shares fell sharply post-print, reflecting a familiar reality in “consensus darling” compounders:

Why the market can punish great results
1. Expectations were priced for perfection
2. Ramp transition risk (product cycles can compress margins temporarily)
3. Capex durability concerns among hyperscalers and the broader AI buildout

Our view (capital allocation lens):
1. This looks like a de-rating / sentiment shakeout, not a demand collapse.
2. For long-duration investors, the key question isn’t the day-after move — it’s whether NVIDIA sustains through-cycle pricing power + platform dominance while customers keep AI infrastructure spend elevated.

We focus on position sizing, drawdown tolerance, and time horizon — because the best businesses often come with the worst volatility.

23/02/2026

Cybertruck at ~$59k is a classic move: widen the funnel, reset the conversation, and test elasticity — especially when the market is crowded and buyers have options.

But here’s the capital allocation lens: pricing is only one lever. If the product is polarizing or the buyer experience is noisy, discounting can become a treadmill. Reports suggest Cybertruck demand has been softer than expected, which is exactly when promotions show up.

Competitive reality:
1. Mainstream EV trucks are anchoring lower (e.g., Chevrolet’s Silverado EV starting at $55,895).
2. Premium EV trucks still sit higher (e.g., **Rivian R1T starting at $72,990), so Cybertruck’s new price can position it as “more truck for less” — on paper.

Our view: This price point improves competitiveness, but “saving the model” requires operational follow-through: stable build quality, predictable delivery timelines, and a trim strategy that converts interest into repeatable volume — without compressing margins.

19/02/2026

NY just slowed robotaxi expansion.
That’s not “anti-innovation.” It’s a reminder that autonomy scales politically, not just technically.

For Tesla’s CyberCab (and every AV operator), this is the real constraint:
1. A patchwork of state-by-state rules
2. Local safety standards + public trust
3. Labor and city-level stakeholder pushback
4. Liability and enforcement clarity

Does NY threaten CyberCab expansion?
Not immediately. New York is a “hard mode” market and was never going to be the first domino. But it does signal something bigger: large, dense cities will likely be late-stage deployments, after operators prove reliability in simpler geographies.

The winners won’t just build better autonomy.
They’ll build:
1. compliance + operational rigor,
2. incident transparency,
3. and city-ready service design.

At AJ Harrow, we see the same pattern across industries: technology adoption follows governance. The companies that thrive are the ones that treat regulation as a product requirement — not an afterthought.

AJ Harrow

18/06/2026

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