Asks about small caps and AI trade rotation.
Scarlet Fu
Neel Mukherjee
AI trade is transforming from momentum to dispersion trade; investors now demanding monetization.
Asks if software overreaction logic applies to other sectors like insurance/wealth management.
Scarlet Fu
Neel Mukherjee
Entering age of disruption where structured/repetitive work will be disrupted, but AI is force multiplier not creative destruction.
Asks about weak retail sales data and consumer strength reassessment.
Katie Greifeld
Neel Mukherjee
Secular (AI) and cyclical forces colliding; consumer spending resilient due to wealth effects, tax refunds, and AI investments adding to GDP.
Asks about market positioning ahead of jobs report with weak whisper number.
Katie Greifeld
Neel Mukherjee
Bond yield reaction reflects administration signals of weaker jobs number and other weak data like retail sales, delinquencies.