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Welcome to yet another insightful edition of Market Mosaic.
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Now, let's dive into this week’s insights.
— Insights Team, Rwazi
Technology
Economy
Consumer Universe
Supply Chain
India is offering Big Tech its most generous data centre incentives ever
India's world-leading 6.2% GDP growth is fueling unprecedented incentives for Big Tech data centers. Data visualization: Rwazi Insights
India launched an unprecedented tax holiday for foreign cloud providers last month, an aggressive pitch to every hyperscaler evaluating where to build next-generation AI infrastructure.
Google and Microsoft both have multibillion-dollar projects under construction that are now facing escalating backlash. Farming communities are pushing back over opaque land acquisition, inadequate compensation, and the strain large-scale data centres place on already scarce water resources.
The strategic logic is sound. India has the power, the workforce, and the political motivation to become a major AI hub. But the execution gap between the incentives offered to trillion-dollar companies and the process experienced by displaced farmers creates compounding risk that turns fast projects into expensive delays.
Key Insights 💡
The projects that move fastest at the start frequently face the most expensive delays in the middle. Hyperscalers building in emerging markets without genuine community engagement are not being bold as they are deferring costs they will pay later, with interest.
Jet fuel is surging as airlines are cutting flights, raising fees
Delta became the latest US carrier to raise checked baggage fees. Air India and Air New Zealand have both cut schedules.
The driver is jet fuel, which has surged with oil prices following Middle East supply disruptions. When fuel spikes, it accounts for 20–30% of airline operating costs; margin compression is immediate and non-negotiable.
Asian carriers have passed costs on to passengers so far, but a J.P. Morgan analyst noted they have cautioned that this resilience is unsustainable if fuel remains elevated.
The US also faces a structural air traffic controller shortage, and the CEOs of both Air Canada and Air India have recently resigned amid leadership uncertainty at a time when the industry is at its busiest.
Key Insights 💡
When airlines raise fees and cut schedules simultaneously, the consumer pass-through phase has begun. For travel-dependent businesses, the demand compression that follows sustained airfare increases typically arrives six to eight weeks after initial pricing moves. That window is now open.
March CPI in the U.S. had its worst monthly jump in four years: +0.9%
February's 0.3% monthly CPI suggested a cooling economy. March erased it. The CPI rose 0.9%, the largest monthly jump in nearly four years, and 3.3% year over year. Gas surged 21.2% in a month, crossing $4 a gallon. Fuel oil jumped 30.7%. The total energy index climbed 10.9%.
Core CPI stripped of food and energy was just 0.2%, a figure that looks stable until you remember energy is embedded in the price of everything that moves.
Food was flat overall in March, with egg prices down 3.4%. But fertiliser price spikes and a forecast Super El Niño could quickly reverse that relief.
High gas prices are already changing grocery habits, pushing consumers toward online shopping to avoid the cost of driving.
Key Insights 💡
A 0.9% monthly CPI jump and the lowest consumer sentiment ever recorded is a consumer crisis in formation. The consumer entering Q2 is more financially stressed, more psychologically pessimistic, and more behaviourally cautious than at any point in recent memory.
Brands maintaining pre-war operating assumptions will lose share to those that acknowledge this in their pricing and channel strategy.
Amazon is testing 30-minute delivery where the model has failed
On March 17, Amazon began testing 30-minute delivery across select US locations. It is a push into quick commerce, a model that raised $11.3 billion globally at its 2021 peak, collapsed to $1.92 billion in 2025, and shut down more than 40 companies globally.
Gopuff, Fridge No More, and Buyk all closed in the US in 2022 after the unit economics of rapid urban delivery proved unsustainable.
Amazon enters with advantages none of them had: existing infrastructure, Prime loyalty, and a balance sheet that can absorb losses against profitability across AWS, advertising, and third-party services.
It has also been running 10-minute delivery in India since 2025 and 15-minute delivery in the UAE since October, operational learning before the US launch.
But quick commerce thrives in dense cities with low labour costs and fragmented retail. The US has neither low labour costs nor inconvenient supermarkets.
Key Insights 💡
Amazon's quick commerce push is a customer retention mechanism, not a logistics product. For retail competitors, competing on delivery speed without an equivalent ecosystem to subsidise the loss is a trap.
The durable competitive response is to compete where Amazon is weakest: local knowledge, community and the physical experience no algorithm can replicate.
Sena just got a lot more useful
Meet Sena, your AI copilot for turning insight into execution
Rwazi's AI agent, Sena, can now integrate with 29 additional third-party platforms, bringing the total number of connected tools to 33.
That means Sena can now pull context from you or your team’s CRM, inbox, docs, support queue, financials and more integrations, not just Rwazi's proprietary data and decision intelligence. The new integrations include Salesforce, HubSpot, Slack, Gmail, Google Drive, Google Sheets, Notion, Airtable, Jira, Intercom, Shopify, Stripe, LinkedIn, and more.
In practice, questions that used to require jumping between three different tabs can now be handled in a single conversation with Sena.
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94% of Institutional Investors Are in Private Credit.
A 2025 Nuveen survey found 94% of institutional investors now allocate to private credit. Pension funds, sovereign wealth funds, endowments — it's about as close to unanimous as institutional finance gets. What they know: T. Rowe Price research shows a 10% private credit allocation has historically cut portfolio volatility and improved risk-adjusted returns. $592.8 billion deployed globally in 2024, up 78% from the year before. Accredited investors on Percent get direct access to private credit, starting at $500: · 16.72% current weighted average coupon rate · Terms as short as 3 months · Full borrower financials before you invest $1.82B funded. 0.58% lifetime charge-off rate. 97.33% of all principal returned or currently performing. New investors can receive up to $500 on their first investment.
Alternative investments are speculative. Past performance not indicative of future results. Terms apply.
Wall Street Just Named the Most Crowded Trades of 2026
AI stocks. Metals. Crypto.
Surprise, surprise; gold crashed 16%. Silver plunged 34%. Bitcoin dropped to 1 year lows.
All supposedly "uncorrelated" assets moving in lockstep largely because of overleveraged margin.
JPM strategists warn that the same leverage is still a risk.
Those markets may be recovering now, but cascading liquidations could trigger quickly across several asset classes simultaneously.
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