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    <loc>https://www.oakleighfs.com/insights/july26-aicompanies</loc>
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      <image:title>Insights - Are AI Companies in a Giant Race to the Bottom? - What’s the first thing that comes to mind when you think about the “AI technology revolution”?</image:title>
      <image:caption>Large hyperscalers? Applied AI leading to new medical breakthroughs? AI agents doing all your work for you, such as managing your diary, handling client relationships or booking your holidays? Let us tell you what we think. We think about… steam railroads. Darren Wilson, Analyst, Oakleigh Investment Management Tim Moffatt, Managing Director &amp; Portfolio Manager, Oakleigh</image:caption>
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      <image:title>Insights - Are AI Companies in a Giant Race to the Bottom? - If we go back to the 1840’s, we find Britain coming out of recession. But those difficult times were quickly overshadowed by news about Queen Victoria taking her first ever train trip on June 13th, 1842, from Slough railway station just outside London, arriving at her destination 25 minutes later at Paddington station. That 25-minute royal journey not only changed the prevailing attitude towards railways, but it also attracted private investors who were quick to seize upon the new popularity of the railways. By the mid-1840s, improving economic conditions, lower interest rates and a  favourable regulatory backdrop helped fuel a flood of new railway proposals (assisted by the 1844 Railway Act and then the subsequent 1844 Bank Charter Act).</image:title>
      <image:caption>PICTURE REFERENCE: Queen Victoria’s First Train Ride, 1842: 25 Minutes to London</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/69bae2291753277c2c37435c/bc065600-840d-4db7-9488-4f9dcc3cd97e/Micron.png</image:loc>
      <image:title>Insights - Are AI Companies in a Giant Race to the Bottom? - ‍Micron ($MU) posted massive year-over-year revenue growth of roughly 345% to 346% in the fiscal third quarter of 2026. ‍Net income rose by an astonishing 1,400%. But the stock still sold off. ‍ There have been plenty more related stocks behaving just like that since 2nd quarter earnings season began on July 14th, 2026. So, what on earth is happening? ‍ The answer to us is obvious. It’s all a hallucination. ‍ A collective hallucination is what brought down the British railway mania 180 years ago.</image:title>
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      <image:title>Insights - Are AI Companies in a Giant Race to the Bottom? - Is this where the AI tech boom ends up – a race to the bottom? The competition is undercutting each other, and that competition is now more likely to come from China. China's Moonshot dropped Kimi K3 a few days ago (July 2026), a cheap open model, media desks are calling a "DeepSeek 2.0" moment. And the fear it incites is simple: if good models get cheap, the trillions of dollars in buildout capex gets harder to justify. That lands hardest on the picks-and-shovels names in memory and AI hardware, where the spending must pay off for the investments to generate a sufficient return on capital. Is the railroad mania the blueprint for the AI tech boom? And are we seeing the first signs that big money is asking itself the same question in the performance of those stock prices today?</image:title>
      <image:caption>PICTURE REFERENCE: What is China’s Kimi K3 and why is the US so rattled by it? | CNN Business</image:caption>
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      <image:loc>https://images.squarespace-cdn.com/content/v1/69bae2291753277c2c37435c/b7774e67-84da-4342-a584-88d725483568/Bloomberg+S%26P+500+Ties+Longest+Streak.webp</image:loc>
      <image:title>Insights - Are AI Companies in a Giant Race to the Bottom? - Wall Street just raised its long-term earnings growth forecast for the S&amp;P 500 to +25% a year, the highest ever recorded. Analysts now assume chipmakers will keep 50cents of every revenue dollar as profit, more than triple the market's margin. T he solution to high prices, is high prices. All booms and bubbles eventually end, but market cycle dynamics endure. An edge that Oakleigh uses to its fullest.</image:title>
      <image:caption>Bloomberg: Traders work on the floor of the New York Stock Exchange. Photographer: Michael Nagle/Bloomberg</image:caption>
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      <image:title>Insights - Are AI Companies in a Giant Race to the Bottom? - Make it stand out</image:title>
      <image:caption>Whatever it is, the way you tell your story online can make all the difference.</image:caption>
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    <loc>https://www.oakleighfs.com/insights/july26-judosblackbeltbreakdown</loc>
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    <lastmod>2026-08-04</lastmod>
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      <image:title>Insights - Judo’s Black Belt Breakdown - At the end of June 2026, Judo Bank's shares fell around 40% following a surprise update that revealed a deterioration in credit quality and a downgrade to earnings guidance.</image:title>
      <image:caption>The reaction was severe, but perhaps more importantly, it raised a broader question. Was this simply an isolated event, or a sign that cracks in the Australian economy are beginning to appear?</image:caption>
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      <image:loc>https://images.squarespace-cdn.com/content/v1/69bae2291753277c2c37435c/76e80546-e18b-473f-9693-49605335aa3f/Australia_Bankruptcies-JudoBlog.png</image:loc>
      <image:title>Insights - Judo’s Black Belt Breakdown</image:title>
      <image:caption>Source: tradingeconomics.com | Australian Securities and Investment Commission</image:caption>
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      <image:title>Insights - Judo’s Black Belt Breakdown</image:title>
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      <image:title>Insights - Judo’s Black Belt Breakdown - Make it stand out</image:title>
      <image:caption>Whatever it is, the way you tell your story online can make all the difference.</image:caption>
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      <image:title>Projects</image:title>
    </image:image>
    <image:image>
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      <image:title>Projects</image:title>
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    <image:image>
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      <image:title>Projects</image:title>
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    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/69bae2291753277c2c37435c/1773855293943-7KS5Y3NBVCRB7PWZBJU0/unsplash-image-4QzsYY-7lKo.jpg</image:loc>
      <image:title>Projects</image:title>
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    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/69bae2291753277c2c37435c/1773855294040-RDNBLNNM5P3HMKJI6RKL/unsplash-image-bKGpAV4gFnc.jpg</image:loc>
      <image:title>Projects</image:title>
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    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/69bae2291753277c2c37435c/1773855293978-RNY1NMS0WUO4N9IHSZRD/unsplash-image-an8KAYg2nBo.jpg</image:loc>
      <image:title>Projects</image:title>
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      <image:title>Projects</image:title>
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      <image:caption>Whatever it is, the way you tell your story online can make all the difference.</image:caption>
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      <image:title>Contact</image:title>
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      <image:title>Oakleigh 18.6 Strategic Investment Portfolio / Fund</image:title>
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      <image:title>Oakleigh 18.6 Strategic Investment Portfolio / Fund</image:title>
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      <image:title>Oakleigh 18.6 Strategic Investment Portfolio / Fund</image:title>
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