Prof G Markets Why So Bullish? Markets Cling to Iran Hopes
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Apr 2, 2026 
Alex Heath, a Silicon Valley tech journalist and newsletter writer, joins John Mowrey, NFJ’s CIO and market strategist, for a fast-moving chat on why stocks are rallying on Iran de-escalation hopes. They also dig into tech’s shaky pricing, AI-fueled market confusion, OpenAI’s record funding round, volatile AI IPO prospects, and Trump’s stalled ballroom saga.
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Why Mowrey Thinks The Selloff Created Opportunity
- John Mowrey argues the market selloff created valuation support, especially in tech, where multiples fell below 20x despite faster earnings growth.
- He says investors have now moved past the earlier "Liberation Day" multiple compression and should stay optimistic as long-term equity holders.
Tech Moves Look More Like Repricing Than Geopolitics
- The tech rebound on Iran headlines likely reflects sentiment and rate fears more than any direct Middle East link to software or semiconductors.
- Mowrey says earnings and margins for large software names have not changed yet, so the move looks like repricing and reshuffling.
AI Stocks Show A Market That Cannot Price Certainty
- Investors look unanchored because AI-linked earnings are exploding while valuations imply deep uncertainty about how durable those profits are.
- Mowrey cites Micron at 739% forward earnings growth and five times earnings, and NVIDIA at 80% growth below 20 times earnings.