Morning Call

The AI flywheel is starting to operate in a meaningful way. Meanwhile, Christopher Hodge, Chief U.S. Economist at Natixis CIB Americas, warns that a prolonged shutdown could hurt growth into 2026, deepen inequality, and reignite inflation. CNBC’s Frank Holland reports top executives are selling millions in shares as insider selling surges. Berkshire’s discipline and value focus remain its strength, with record cash positioning it for big moves once markets rotate. And Robert Schein, Chief Investment Officer at Blanke Schein Wealth Management, says not to go against seasonality.  Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

The action in ETF flows this week. Why Agilent is a good way to play the health care sector. This growth fund looks far beyond the Mag 7 to profit from AI. Big takeaways from Apple and Amazon’s earnings, and the expectations for continued massive spending on AI. Yale School of Management’s Jeff Sonnenfeld discusses the pros & cons from President Trump’s meeting with Chinese president Xi Jinping. WisdomTree global CIO Jeremy Schwartz discusses this week’s action in the mega-cap tech names following earnings, and why he still sees opportunity in Japan. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

XPO CEO Mario Harik on earnings and the AI impact on trucking operations. Joe Lonsdale, the founder of venture firm 8VC, says that top executives in artificial intelligence are underselling the resources they need to meet their ambitious goals. Alphabet stock jumps 4% after company posts strong earnings results and boosts AI spend. Big takeaways from President Trump’s meeting with Chinese president Xi Jinping. Earnings from Microsoft, Meta and Alphabet, plus reports OpenAI is targeting an IPO. Plus, the biggest takeaways from the Fed’s latest rate cut. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

The key pressure points in Alphabet’s earnings, from rising AI spend to growing scrutiny on search. Sarat Sethi, Managing Partner at DCLA, highlights opportunities in undervalued sectors like healthcare and diagnostics, says trade clarity could boost growth, and calls Thermo Fisher “a world-class compounder.” Nvidia’s $5T milestone, Microsoft’s OpenAI edge, Alphabet’s AI pivot, and Meta’s massive AI spending strategy. Daniel Zhao, Chief Economist at Glassdoor, says we’re moving into a low hire, some fire job market. AI is alive and well and continues to power the market. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

President Trump holds his first meeting with Japan’s new Prime Minister, announcing new trade deals as investors await Thursday’s highly anticipated sit-down with China’s Xi Jinping. From trade to tech, add Cathie Wood’s name to the growing chorus of investors throwing cold water on the idea of a bubble in the AI trade. Plus, gold does something for the first time since the 1990s as the shiny metal pulls back from all-time highs.  Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

U.S. and Chinese trade officials pave the way for this week’s highly anticipated face-to-face meeting between the nations’ leaders — one that the Treasury Secretary says could help avoid the 100% tariffs coming November 1st. Plus, Wall Street cheers the progress, with U.S. stock futures broadly higher after the Dow closed above 47,000 for the first time ever. And later, it’s not just trade talks — a huge week for earnings as mega-cap tech dominates the calendar. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

The action in ETFs this week. Earnings are the main driver of the equity markets right now, says Stephanie Link, Chief Investment Strategist and Portfolio Manager at Hightower. The legalized gaming market. Peter Oppenheimer, Chief Global Equity Strategist at Goldman Sachs, says tech’s rally is grounded in fundamentals, not speculation, though rising excitement could eventually form a bubble. A look into Intel’s rebound. Veronica Clark, Economist at Citi, says the Fed will likely cut rates despite limited data, warning that U.S. growth is narrow and vulnerable. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

 On AI, Clare Pleydell-Bouverie, Co-Head of Global Innovation Team at Liontrust, says growth is real, not a bubble, while X. Eyeé, CEO at Malo Santo, warns that its rapid evolution poses real dangers. Tesla’s high valuation reflects its tech potential, not profits. Gene Goldman, CIO at Cetera, says “markets are a little jittery right now;” overvalued, but not at risk of a bear market. Strong manufacturing and chip investments are boosting growth.  Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Wall Street tries to extend its record run after the Dow does something for the first time, while gold sees its biggest one-day drop since 2013. Plus, Warner Bros. Discovery’s saga goes on—the media giant reportedly rejects a nearly $60 billion bid. And later, why Fitch says regional banks may not be out of the woods yet when it comes to questionable loans. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Big report today on Netflix and whether it still belongs among the Magnificent Seven. Plus, Apple hits a record high on iPhone 17 hype. And later, AWS is back online after a costly outage. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.