AXIS Research Topic
Market Structure
Index mechanics, concentration and changing capital flows.
More research
Europe’s defense boom is real. Its defense capacity is not
The cancellation of Germany’s F126 frigate programme highlights a risk markets have largely ignored: budgets can be approved overnight, but industrial capability takes years to rebuild. The bottleneck in European rearmament is no longer political willingness — it is execution.
Macro · Credit
The Signal Library Problem
Buy-side alpha capture is being sold as a cheaper way to access trading talent. The deeper issue is what happens when the same ideas are bought, scored and executed by every large allocator at once.
Market Structure
The Most Crowded Trade in History
At a certain scale, tracking the market stops being neutral — it starts defining it.
Market Structure
New Grammar of AI Finance
AI is no longer behaving like a software cycle. It is becoming an infrastructure race where compute, power and capital access increasingly define the frontier.
AI Infrastructure · Market Structure
The Price Of Concentration
From Softbank to semiconductors, markets continue rewarding scale while quietly increasing dependency on a handful of assets
AI Infrastructure · Market Structure
Houston, We Have an Index Problem
Why the SpaceX IPO is not just an IPO story — and how index providers are bending the passive-investing rulebook.
Market Structure · Companies & Capital
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