We're seeing the end of free money and companies questioning AI spending after initial euphoria

Belt-tightening happening everywhere - companies will shrink budgets rather than grow full scale

If AI slows down without other economic sectors picking up, we'll see potential slowdown if not recession

My favorite trade is underweight Nasdaq and like S&P 500 equal weight for rebalancing away from AI concentration

Stuck on belly of curve 5-7 years, see 10-year yields staying around 4% even with Fed funds at 3%

Expect Fed to get to 3% by middle of summer regardless of December cut timing