Closing Bell Closing Bell Overtime: Credit Worries, AI Anxiety Fears Weigh on Markets 2/27/26
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Feb 27, 2026 
Warren Pies, founder of 314 Research and market strategist, offers a cautious read on markets and AI's labor effects. He discusses how AI may be slowing hiring, risks from private credit and potential spillovers to equities. He also outlines where oil prices might head next and highlights signals in rates and software valuations.
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Microsoft Has Runway But Adoption Unproven
- Microsoft's large installed base gives it runway, but Copilot adoption hasn't proven a per-seat fix yet.
- Malcolm hasn't bought Microsoft yet, citing uncertainty around where bleeding stops despite partnerships with Anthropic.
AI Is Starting To Show Up In Labor Data
- Warren Pies finds early signs AI is affecting hiring: initial slowdown in hiring followed by sporadic layoffs in AI-exposed industries.
- He split BLS data into 30 most and least AI-exposed industries and sees nascent but clear divergence.
AI As A Modest Labor Headwind Not Apocalypse
- AI likely acts as a modest headwind to labor and inflation rather than an outright jobless depression.
- Warren expects productivity gains but believes contained defaults are key to avoiding broader macro damage.