David Savage sees the rotation out of chipmakers as a healthy consolidation after a one-way AI rally. He notes resilient US growth, a pullback in oil helping cyclicals, and a positive setup ahead of jobs data, though Middle East risks remain.

Enda Curran expects solid US jobs data, with the three-month average potentially the strongest in a year. He notes a dramatic shift from rate-cut to rate-hike narratives but says a near-term hike is unlikely without a big upside surprise in both jobs and inflation.

Hock Tan discusses Broadcom's AI chip partnerships with Google and OpenAI, calling the Anthropic bet a 'leap of faith' that paid off. He sees insatiable AI compute demand, downplays M&A, and says Broadcom focuses on out-engineering competition rather than worrying about customer-owned tooling.

George Boubouras sees a broadening out of the AI trade into mid-caps and other sectors. He prefers Nikkei, KOSPI on retracement, Singapore, and Australia. He is short Indonesia and underweight India. He expects structural yen weakness with intermittent intervention.