Morning Call Oil shocks, IPO frenzy, and AI reshaping markets 3/26/26
Mar 26, 2026
Eric Mandel, Senior Managing Director at Guggenheim who covers tech and AI, joins to analyze software valuations and M&A trends. He discusses oil-driven market volatility and geopolitical risks. He highlights IPO hype and retail FOMO. He breaks down how AI is reshaping software-company pricing and the coming AI-software partnerships.
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Strait Of Hormuz Control Raises Oil Shock Risk
- Iran rejected the U.S. 15-point ceasefire and laid out conditions including control of the Strait of Hormuz, raising oil shock and geopolitical risk concerns.
- Dan Murphy warns Gulf states and troop deployments could escalate, making markets price in prolonged disruption to energy flows.
Sharpen Portfolios Instead Of Selling Themes Broadly
- Investors should dig into portfolios and separate companies that will survive the shock rather than selling broad themes indiscriminately.
- Mark Malik recommends sharpening focus on firms with durable growth and avoiding blanket theme bets.
AI Could Push Up Unemployment Despite Geopolitical Focus
- AI remains a structural risk and disinflationary force that could depress entry‑level labor demand, even as headlines focus on geopolitics.
- Stephanie Roth expects seasonal unemployment pressure this summer as graduates enter a labor market impacted by AI.