Eric van Nostrand argues the Iran conflict represents a major supply shock, not a demand shock, and markets are underestimating the inflation risk. With inventories drawn down, any further disruption will have a bigger impact. He sees bond markets pricing in persistent inflation, but equities are too optimistic. The Fed's toolkit is limited for supply shocks, and monetary policy will explain less of market variance. AI valuations are based on speculation, making them vulnerable to bad news.

Mandeep Singh explains that the recent pause in AI enthusiasm is a breather, not a fundamental shift. Micron's results surprised on the upside, and the key bottleneck is memory supply, which won't ease before 2027-2028. Government backing for SK Hynix and Samsung capacity expansion is crucial, as sovereigns want their own AI capabilities. The demand for memory remains strong even with open-source models.

Ethan Devitt sees the South Korea news as a precursor to what could happen with concentrated markets. He advises staying diversified and not trying to call a bottom. The rotation out of tech is real, but flows may not leave tech unless demand fractures. Consumers are feeling the pinch, especially at the low end, and are deal-shopping. Oil and rising tech prices (like Apple) are acting as implicit rate hikes, impacting inflation and the consumer.