Clear market notes built around the JSE, the rand, and what matters locally.

2026-07-18 18:30 • The Motley Fool Mixed Axe Cap view: Selective

Two Vanguard ETFs are outperforming the S&P 500 this year: the Information Technology ETF (VGT), up 21% driven by semiconductor companies benefiting from AI demand, and the Energy ETF (VDE), benefiting from Middle East conflicts and elevated energy prices. Both ETFs are concentrated in top holdings but positioned to finish ahead of the S&P 500.

Axe note: Vanguard’s tech and energy ETFs lead the US market, with clear implications for JSE investors and the rand.

2026-07-18 18:15 • The Motley Fool Positive Axe Cap view: Selective

Pershing Square USA, Bill Ackman's closed-end fund, is trading at a 20% discount to its net asset value (NAV) since its IPO. Unlike Berkshire Hathaway, which is an operating company, Pershing Square USA is a closed-end fund that trades on exchanges based on supply and demand. While the discount may seem attractive, investors should understand that closed-end funds often trade at discounts for extended periods, and the discount alone shouldn't be the sole reason for investment.

Axe note: Pershing Square USA trades 20% below NAV, but is it a Berkshire clone or a cautionary signal?

2026-07-18 17:33 • The Motley Fool Positive Axe Cap view: Selective

Nvidia remains the dominant AI chipmaker under CEO Jensen Huang's visionary leadership. The company has strategically positioned itself across the entire AI infrastructure stack through key acquisitions (Mellanox, Groq assets) and product development, including GPUs, CPUs, and LPUs. Trading at 16x fiscal 2028 earnings estimates with strong growth, Nvidia is well-positioned for future AI markets including inference and agentic AI workloads.

Axe note: Nvidia’s dominance in AI chips keeps it a compelling buy, with strong implications for South African investors through the rand and tech exposure.