The Rise of the Commercial Space Economy For decades, access to space was the preserve of governments. Today, a rapidly evolving commercial ecosystem is reshaping the industry, driven by falling launch costs, advances in satellite technology, increasing demand for connectivity and data, and a more supportive regulatory environment. In his latest paper, William Jeffrey explores the forces underpinning the growth of the global space economy and examines where value may ultimate

Breakthrough technologies are often born in laboratories and research centres, but far fewer ever translate into durable commercial success. The gap between technical promise and real-world value creation remains one of the most persistent challenges in technology investing. While innovation is frequently equated with novelty or scientific advancement, commercial innovation requires something more: a clear customer need, a viable route to adoption, and an ecosystem capable of

Quantum computing has spent the past decade living comfortably in the world of bold forecasts, elegant physics and ambitious capital raising. Promised breakthroughs span chemistry, cryptography, logistics and national security, yet the uncomfortable question has largely been deferred: can any of today’s quantum architectures ever become economically useful at an industrial scale? As Matthew Gould, Portfolio Manager of the ICM HPQC Fund, notes, DARPA’s Quantum Benchmarking Ini

Will the AI bubble burst? Is there even an AI bubble? Are bubbles good or bad for early-stage tech investors? We get a lot of questions asked of us at the HPQC Fund. We do try to answer them all. Investors are rightly fascinated by the explosive growth of AI, but beneath the rapid shifts in software and public-market sentiment lies a far more durable transformation. As Matthew Gould, Portfolio Manager of the ICM HPQC Fund, notes, the real opportunity is not in chasing the nex

At the ICM HPQC Fund we seek out early-stage investments in technologies that can radically improve the way compute can be generated and...

ICM’s recent whitepaper on the economics of quantum computing argues that most approaches to building a quantum computer are likely to be...

By Oliver Campbell │ ICM HPQC Fund │ June 2026 “Written by humans, please don’t blame the robots for our typos” Rod fishing is precise. You choose your lure, read the water, understand your quarry, and cast with intent. It demands skill, patience and knowledge and sometimes you come home empty-handed. Net fishing is the opposite: cast wide, catch everything, sort later. Volume over judgement. The haul might include bluefin tuna, but it might include an old boot. At HPQC,

By Oliver Campbell │ ICM HPQC Fund │ June 2026 “Written by humans, please don’t blame the robots for our typos” This year marked 20 years since my first Computex event in Taipei, and so much had changed that the event itself was barely recognisable versus 2006. Reflecting on the past 20 years is relevant because analysing — or guessing — where compute and the tech industry will be 20 years from now is a fool's errand. A far more valuable pursuit is to understand companies

By Matt Gould │ ICM HPQC Fund │ June 2026 “Written by humans, please don’t blame the robots for our typos” We have been getting inbound enquiries about the recent news from portfolio company Diraq. They have certainly been making headlines. Thank you everybody for your interest – here is our brief attempt to give a sense of just how impactful the news is. Diraq strikes $53m agreement with US Government – and is eyeing up to $420m more… Read the full story here. At the ICM

Markets continue to demonstrate remarkable resilience in 2026. Despite heightened geopolitical tensions, persistent inflation concerns and renewed volatility earlier in the year, equity markets have rebounded strongly, with both the S&P 500 and NASDAQ reaching fresh all-time highs. Investors appear increasingly willing to look through macro uncertainty, supported by resilient corporate earnings, accelerating AI investment and expectations that policymakers will continue to fa

As AI infrastructure spending accelerates, the greatest opportunities may lie not in building faster processors, but in the technologies that remove the bottlenecks around them. From photonics and advanced interconnects to novel chip architectures and quantum computing, we explore why the “roads” of computing may prove as valuable as the engines themselves.

Global markets have continued to navigate a complex and often contradictory environment in 2026, where strong headline index performance has coexisted with heightened volatility, geopolitical tension, and shifting policy expectations. This latest insight by ICM Limited explores how equities have reached new highs – including the MSCI World’s recent peak in April – despite material intra-period drawdowns and an evolving macro backdrop shaped by energy market disruption, renewe

The New Tin Silicon, TSMC, and the Oldest Supply-Chain Crisis in History By Matt Gould │ HPQC │ April 2026 “Written by humans, please don’t blame the robots for our typos” When the great palace civilisations of the Bronze Age ran out of tin, empires fell and four centuries of darkness followed. Today, artificial intelligence runs on a different critical material — advanced silicon wafers from a single company in Taiwan. The bottleneck looks uncomfortably familiar. The rec

The escalation of conflict in the Middle East is now the dominant force shaping global markets, with energy supply disruption feeding directly into inflation expectations, bond yields and investor positioning. In this edition, we examine the implications of a sustained oil price shock, the strategic importance of the Strait of Hormuz, and how markets are recalibrating in response. We also outline our current thinking on inflation versus growth, policy constraints, and the con

ICM HPQC Fund (ICM HPQC) continues to see accelerating momentum across next-generation computing and AI infrastructure. In this newsflash, we cover: The accelerating global build-out of AI and data centre infrastructure, alongside rising power and cooling demands Key market trends shaping hyperscaler investment, semiconductor innovation and capital allocation The growing importance of enabling hardware and infrastructure as AI deployment scales Continued progress in quantum c

January 2026 opens against a backdrop of resilient markets, persistent geopolitical noise and powerful structural forces shaping the global economy. Equity markets have extended last year’s momentum, commodities have rallied sharply, and enthusiasm around AI-driven investment and productivity continues to build. While headlines remain dominated by politics, tariffs and fiscal concerns, market behaviour suggests investors are increasingly focused on fundamentals: earnings grow

As we reach the close of 2025, this edition of the ICM Monthly Outlook reflects on a year defined by strong equity market returns, accelerating AI adoption and periodic bouts of volatility that tested investor conviction. From record highs in U.S. equities and a powerful AI-driven rally, to currency shifts, softer oil prices and changing central bank priorities, the past twelve months have reinforced familiar investment lessons while introducing new dynamics that will shape t

ICM HPQC Fund (“ICM HPQC”) continues to see excitement in the next-generation computing space. In this newsflash, we cover: A look back at an exceptional year for compute and AI infrastructure: Market trends shaping hyperscaler investment, data-centre expansion and energy constraints The rise of agentic AI, productivity tools and record valuations across the sector A breakout year for quantum computing, government initiatives and strategic momentum How these shifts position I

The latest market insight from ICM reports that October brought another month of gains for U.S. equities, supported by solid earnings and a widely anticipated rate cut from the Federal Reserve. The tone shifted in early November, with markets giving back some ground as investors reassessed valuations and the policy path. Some recent risks have eased, including a pause in U.S.-China trade tensions and the resolution of the federal shutdown. Others persist. Inflation remains ab

ICM HPQC Fund (“ICM HPQC”) continues to see excitement in the next-generation computing space. In this newsflash, we cover: AI Capital Surge and Bubble Concerns Space-Based Data Centres Move from Concept to Testing Google Claims “Quantum Advantage” – But Critics Disagree DARPA's Quantum Benchmarking Initiative Nvidia Expands its Quantum Ecosystem Portfolio updates and what we’re seeing across global tech markets Market Overview Demand for AI services grows, money continues to

The latest market insight from ICM reports that markets paused for breath in October after months of new highs. The S&P 500 and NASDAQ moved sideways, oil prices fell, and volatility edged higher as investors weighed mixed data and policy uncertainty. Gold, however, continued to rise - a sign of cautious sentiment amid ongoing geopolitical and macroeconomic crosswinds. In this month’s market review, ICM's Senior Analyst Conor Spencer reflects on the backdrop shaping sentiment

ICM HPQC Fund (“ICM HPQC”) continues to see excitement in the next-generation computing space. In this newsflash, we cover: Growing...

The latest market insight from ICM reports that U.S. equity indices continue to climb, reaching multiple new all-time highs since July....

ICM’s recent opinion piece by Kate Prebble comments on how quantum progress demands careful capital and time, not inflated price tags. ...

ICM HPQC Fund (“ICM HPQC”) continues to see excitement in the next-generation computing space. In this newsflash, we cover: An overview...

Financial markets experienced a significant upswing in July, driven by robust corporate earnings, particularly from large-cap and tech...

ICM HPQC Fund (“ICM HPQC”) continues to see excitement in the next-generation computing space, with Big Tech pouring massive capital into...

The first half of 2025 presented a tumultuous journey for U.S. equities, with seemingly insurmountable challenges that tested the...

Liquid cooling is going mainstream—and Nvidia is leading the charge Written By Real People (all the typos and poor grammar are ours....

Written By Real People (all the typos and poor grammar are ours. Don’t blame the robots). By Matthew Gould Our High Performance Compute...

It’s been a big month for compute infrastructure with a continued focus from governments on building sovereign capabilities. Read more...

Written By Real People (all the typos and poor grammar are ours. Don’t blame the robots). By Matthew Gould We talk deep-tech for data...

May 2025 saw a strong recovery in U.S. equity markets, with the S&P 500 up 6.7% and the Nasdaq soaring 10%, driven by solid earnings and...

Read the June update from HPQC as we uncover trends and developments in the High Performance & Quantum Computing (HPQC) universe. In our...

Where, in 2025, should one build a profitable artificial intelligence (AI) data centre? The simplest and most strategic answer is no...

Equity markets have continued their snapback since our last update. The U.S. equity market has recovered all ground since April 2nd,...

We uncover trends and developments in the High Performance & Quantum Computing (HPQC) universe. In our latest issue of our News Flash, we...

Liberation Day has usurped all that went before it this year. Uncertain U.S. policy around tariffs has whipped up strong economic...

We uncover the latest trends and developments in the High Performance & Quantum Computing (HPQC) universe. In our latest issue, we have…...

February and March have been tumultuous months. It is all President Trump’s doing, as far as we are concerned. Investors can’t make head...

We are pleased to share our latest News Flash - follow as we uncover the latest trends and developments in High Performance & Quantum...

Financial markets have enjoyed a decent start to 2025. Year to date, in rank order, the Euro Stoxx 50 is up 10.0%, the Dow Jones is up...

Happy New Year, everyone. 2024 was another prosperous year for anyone who went long and stayed long risk assets, just like in 2023. The...

Investors will look back on the 2024 US presidential election as a turning point for financial markets. Some sectors of the US financial...

Singapore (December 17, 2024) - ICM Global Funds has announced the first closing of its ICM HPQC Fund (ICM HPQC or fund). The fund, with...

The US equity market turned full risk-on as soon as the election result became clear. Initially, we saw a relief rally due to the...