Introduces guest and frames discussion around Supreme Court tariff ruling impact
speaker1
speaker2
Tariff ruling likely a wash for economy - Trump will try to maintain tariff revenue through other means
Asks for overall market outlook
speaker1
speaker2
Markets are very high relative to history with S&P trading sideways despite underlying disruption
Counters that earnings have been good
speaker1
speaker2
Earnings overall good but seeing more bifurcation under surface with AI disruption ahead
Asks if more downside expected in software
speaker1
speaker2
A lot more downside in software - many companies trading at 40-100x forward earnings with dramatic downside if terminal value at risk
Asks what this means for overall Nasdaq and tech trade
speaker1
speaker2
Nasdaq depends on semiconductors/memory vs software - data center spending remains strong near-term but software has significant downside
speaker2
AI-driven layoffs in software/tech companies could create negative economic impact