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      <image:title>The AGI Tech Stack — illustrated cross-section of the $650B capex pyramid, from AI labs at the top down through chips, TSMC fabs, ASML and the 134 GW grid</image:title>
      <image:caption>$650B of annual capex, nine layers, one question — who actually wins?</image:caption>
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    <loc>https://www.bearbull.io/blog/Deep-Dive/AI-IPO-Race-2026</loc>
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      <image:title>The AI IPO Race — Anthropic, xAI and OpenAI logos on a clean white cover</image:title>
      <image:caption>Anthropic, OpenAI, xAI — the IPO timelines, valuations and risks, side by side.</image:caption>
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    <loc>https://www.bearbull.io/blog/Deep-Dive/Anthropic-IPO-2026</loc>
    <lastmod>2026-05-22T17:08:23.589Z</lastmod>
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      <image:title>Anthropic CEO Dario Amodei speaking at a press conference</image:title>
      <image:caption>Triangulating a private AI valuation from public disclosures and secondary prints.</image:caption>
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    <loc>https://www.bearbull.io/blog/Deep-Dive/On-Holding-ONON</loc>
    <lastmod>2026-05-22T17:08:23.589Z</lastmod>
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      <image:title>Roger Federer sitting on concrete steps surrounded by On Running The Roger sneakers in multiple colorways — On Holding brand campaign</image:title>
      <image:caption>A deep dive into the Zurich shoe brand — founders, culture, product, athletes, governance, and the FX line that runs under every number.</image:caption>
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    <loc>https://www.bearbull.io/blog/Deep-Dive/The-Silicon-to-Software-Shift</loc>
    <lastmod>2026-05-22T17:08:23.589Z</lastmod>
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      <image:caption>Why the next AI rotation is from chips to software — and what&apos;s still mispriced.</image:caption>
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    <loc>https://www.bearbull.io/blog/Guide/How-To-Analyze-A-Company</loc>
    <lastmod>2026-05-22T17:08:23.589Z</lastmod>
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      <image:loc>https://www.bearbull.io/blog/How-To-Analyze-A-Company/hero.jpg</image:loc>
      <image:title>Woman typing on a laptop at a wooden table set with breakfast items, representing focused investment research and company analysis.</image:title>
      <image:caption>A six-step workflow for separating compounders from value traps.</image:caption>
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    <loc>https://www.bearbull.io/blog/Guide/How-To-Read-A-Balance-Sheet</loc>
    <lastmod>2026-05-22T17:08:23.589Z</lastmod>
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      <image:loc>https://www.bearbull.io/blog/How-To-Read-A-Balance-Sheet/hero.jpg</image:loc>
      <image:title>Close-up of a Coca-Cola bottle cap on a teal background</image:title>
      <image:caption>Twelve line items, five ratios, three red flags — the lines that actually matter.</image:caption>
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    <loc>https://www.bearbull.io/blog/Guide/Research-With-Claude-AI</loc>
    <lastmod>2026-05-22T17:08:23.589Z</lastmod>
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      <image:loc>https://www.bearbull.io/blog/Research-With-Claude-AI/hero.jpg</image:loc>
      <image:title>Digital workspace showing a website interface with text and abstract drawing on screen, evoking AI-assisted research and analysis.</image:title>
      <image:caption>A nine-step framework that compounds conviction with every reread.</image:caption>
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    <loc>https://www.bearbull.io/blog/Guide/Warren-Buffett-Intrinsic-Value</loc>
    <lastmod>2026-05-22T17:08:23.589Z</lastmod>
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      <image:title>Warren Buffett reading a newspaper at his desk in Berkshire Hathaway&apos;s Omaha office</image:title>
      <image:caption>The definition, the math, and how to apply it without faking a crystal ball.</image:caption>
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