Ludovic Subran discusses the market's pricing of a potential US-Iran deal, noting equity markets have already rallied on AI and fundamentals, but bond markets may see a relief rally. He expects the ECB to hike twice but warns of recession risks in Europe later in the year, and highlights the risk of a 'cliff effect' from concentrated AI-driven market gains.

Richard Clode views Dell's earnings as the next leg of the AI trade, driven by demand for AI servers and CPUs. He argues the AI market is not zero-sum but expanding exponentially, and investors should own leaders across all vectors (GPUs, CPUs, storage). He is confident in the monetization of AI, citing Anthropic's rapid revenue ramp, and sees Nvidia's new shareholder return program as a key inflection point.

Venu Krishna notes European allocators are now re-engaging with the US equity rally. He argues the AI narrative has broadened beyond hyperscalers to include memory, storage, and industrials. He is not worried about mega IPOs crowding out other investments, as history shows no meaningful impact. His main concern is what could break the AI narrative, and he flags rising 10-year yields (approaching 5%) as a risk to valuations.

Catherine Neiss is more concerned about growth than inflation in the Eurozone. She expects inflation to peak at 3.5% this summer, but sees the energy shock as primarily an economic activity shock. She believes the ECB will hike 25bps in June but in a dovish way, giving themselves room to cut if the economy deteriorates. She warns that political uncertainty in the UK is extending uncertainty for the rest of the year.

Mark Cranfield believes markets have headline fatigue on Iran and are moving past it, driven by the dominant AI story. He sees the dollar starting a downtrend, as it failed to rally on higher Treasury yields. The benefit of higher oil prices for the US is fading, and seasonality (June-July) is typically negative for the dollar.