James Whelan and Heath Moss of HLM Investments are back after a big conference month. It’s been a wild week to return to.
Wall Street had its best day since April 2025 after the Democrats’ midterm win, then its worst day since April 2025 a day later. The blue wave set off a backlash against data centres: 40 of 41 data-centre ballot measures went against server farms, and Texas and Virginia have flagged pauses on new approvals. Heath explains why he still sees this as a speed bump rather than the end of the AI trade, and where the build-out could move next.
At home, NextDC jumped more than 50% after Goodman Group and Digital Realty swooped on a 9.9% stake. The RBA lifted rates to 4.85%, the highest since 2008, but the board split 6–3. NAB fell 7% after painting a grim picture of the Australian economy, and Heath asks whether rates have now peaked. James shares his street interview with the ABC on the collapse of David Jones.
Plus the SmallCaps headlines: Skylark Minerals, Viridis, Cobalt Blue, IODM, SciDev, Rox Resources, Aldoro, Caprice, Impact Minerals and Metal Powder Works. Heath closes with the charts. He looks at the S&P 500 and Nasdaq, falling yields and copper’s link to the AI trade, and explains why gold may be the place to hide as the US dollar softens.
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