A recent podcast covered a few different stock market topics. They talked about return on invested capital. Coca-Cola has high ROIC but limited ways to reinvest, so it mostly pays dividends. Waste Management and S&P Global have more reinvestment options, which is why their long-term returns have been much higher. Buybacks are helpful if funded by free cash flow, but not if they are funded by taking on debt. For the AI power bottleneck, Bloom Energy is solving the immediate power generation issue. They have a $20 billion backlog and the stock is up 500% over the last year, trading at 80 times forward earnings. Enphase Energy is trying to pivot into data center voltage conversion. That is a 2028 goal, but their core business revenue recently dropped 20%. Eaton and Schneider Electric were mentioned as broader infrastructure plays that don't rely on specific tech winning out. On the IPO front, the recent SpaceX IPO caused Rocket Lab to drop due to sector rotation. Anthropic is reportedly targeting a $2 trillion valuation. Alphabet and Amazon own stakes in Anthropic, so their stocks might see some temporary selling pressure as funds rotate capital into the new IPO. The take was to treat any weakness as a buying opportunity instead of trying to time the market.