To The Moon

On March 13, software giant $Adobe(ADBE)$ (ADBE.US) delivered a bit of a "shocker." The company announced that Shantanu Narayen, its CEO of 18 years, will step down once a successor is found. The news sent shockwaves through the market, with $Adobe(ADBE)$ stock falling close to 8% in pre-market Friday trading immediately following the announcement.

Energy stocks are the most underappreciated beneficiaries of this AI cycle. Nuclear power (CEG, OKLO, TLN) is highly sought after by data centers for its reliable baseload electricity. GE Vernova's power equipment orders are also accelerating.

Thursday — Futures Market Monitor price fluctuations in energy, precious metals, and agricultural futures. International oil prices resumed their upward trend. On the New York Mercantile Exchange, light sweet crude oil futures for April delivery rose $3.80 to settle at $87.25 a barrel, a gain of 4.55%; Brent crude oil futures for May delivery rose $4.18 to settle at $91.98 a barrel, a gain of 4.76%.

The geopolitical risk premium has just been re-priced for the AI era. On March 11, Iran’s state media and the IRGC-affiliated Tasnim News Agency published a chilling manifesto titled "Iran’s New Targets."

Wall Street (Goldman Sachs / Josh Brown) proposed HALO (Heavy Assets, Low Obsolescence). The core idea: when algorithms can replicate all software, physical assets that cannot be algorithmically copied become the rarest and most valuable.

Price Volatility & Reversal: Crude prices retreated from a peak of $119.50 to $88.17 (WTI) and $89.79 (Brent) following de-escalation signals and the potential release of reserves. Unprecedented Strategic Release: The G7 and IEA are coordinating a massive deployment of 1.8 billion barrels in global reserves to offset the 16 million bpd supply gap triggered by the blockade. Chokepoint Constraints: While reserves offer short-term relief, the restoration of the Strait of Hormuz, which handles 20% of global oil, remains the critical factor for long-term market stability.

Singapore stocks opened sharply higher on Tuesday, with the STI surging 1.52%. ProNex, SATS, Keppel, CityDev and DBS rose around 2%, while OCBC, Genting Singapore and SIA gained over 1%.

The main catalyst for Tencent’s surge today was the launch of its new all-scenario AI agent, WorkBuddy, dubbed the “Tencent version of OpenClaw” by the industry. According to Citigroup, this marks China’s AI industry moving from “just chat” to actually helping users get work done. Leveraging its all-scenario ecosystem, Tencent has become the fastest “harvester” for OpenClaw adoption.

Despite share price pressure, are Singapore banks’ fundamentals really shaken? Let’s review 4Q25 results: OCBC Shines: The only local bank with year-on-year net profit growth (+3.4%) in 4Q25. Non-interest income performed well, and net interest margin (NIM) also rebounded. DBS Under Pressure: Net profit fell 10.5% YoY, mainly due to margin compression and a one-off real estate loan provision.

The Strait of Hormuz — carrying roughly 20% of global oil and LNG supply — is effectively shut. Goldman Sachs estimates the total hit to Persian Gulf flows at 17mb/d, a disruption 17 times larger than the peak April 2022 hit to Russian oil production.