2026 Sohn Monaco – Michela Ferrulli Makes On The Hidden Hyperscaler of the AI Infrastructure Boom

At the 2026 Sohn Monaco Conference, Michela Ferrulli, Co-Founder and Head of Distribution at Calibrate Management cut directly to the point. With more than two decades running Global Emerging Markets equity distribution at Citigroup and Bank of America Merrill Lynch before co-founding Calibrate in 2021 alongside CIO John White, Ferrulli brought a practitioner’s eye to a stock she argues most investors are systematically mispricing. Her thesis was blunt: while Nvidia captures the AI narrative and the passive flows that follow it, one company is quietly collecting the actual purchase orders that make the AI buildout physically possible.

Nvidia Gets the Headlines, ABB Gets the Purchase Orders

Calibrate runs two strategies out of London, with Ferrulli based in Dubai: a flagship European equity long/short fund and a global discretionary macro strategy run with CIO John White. The firm crossed $1 billion in AUM in 2025. Ferrulli noted that whether alpha exists in large-cap European names is a recurring question from her clients. Her previous large-cap pitch on Lloyds performed well. This time she turned to one large-cap, a $190 billion market cap Swiss-listed industrial conglomerate trading over $245 million per day in average daily volume.