Enterprise IT: Cash Flow Over AI Promises

Buy established enterprise software, services and infrastructure businesses rather than cash-burning AI capacity financed by fresh capital. Salesforce's 8% and Accenture's 7.7% free-cash-flow yields anchor the basket, while Adobe adds 10.3%; the hardware holdings offer less demanding forward earnings valuations than speculative infrastructure suppliers. This is relative value, not a claim of liquidation-value protection: the sheet does not establish EV/EBIT, balance-sheet strength or net insider buying, and weaker enterprise spending remains the principal downside risk. Launch basket (equal weight): CRM, ACN, IBM, CSCO, DELL, ADBE, HPE Rules: 1. No inverse, leveraged or volatility ETFs. 2. Only names tradable at the enrolled brokers (Moomoo): no OTC listings, no dead tickers, nothing on the refused list.