Today, a look at everyone attempting to put on the "AI overlay" trade and whether this unsettles confidence in the market more broadly, or just deepens recent and very remarkable dispersion in the performance of many sectors. We also note the intense new focus on Walmart, which reports earnings later this week. Elsewhere, a rundown of macro and FX developments after soft US CPI data reported Friday and much more. Today's pod was hosted by Saxo Global Head of Macro Strategy John J. Hardy.
A reminder to have a look at Friday's John J. Hardy substack post with some great additional links.
Other links discussed on today's pod:
Izabella Kaminska continues to provide some great thought leadership on the implications of widespread disruption from AI and how it can undermine its own future if we don't think through this carefully - particularly this post and her own response to a comment on that post are worth reading.
As mentioned, Michael Every appeared on Adam Taggart's Thoughtful Money podcast with his latest thoughts. The overall uncertainty is very important to absorb from the conversation, in addition to the key points.
US Secretary of State Marco Rubio delivered an important speech to the Munich Security Conference.
Two or three times per week, you will also find links discussed on the podcast and a chart-of-the-day over at the John J. Hardy substack.
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