Ella Gude sees higher inflation as the key risk for markets in coming quarters. She is cautious on bonds, running lower risk in portfolios, and maintains a structural short on the US dollar. She believes the Fed won't hike but shouldn't cut either.

Matt Bockhorst discusses the sustainability of the AI-driven memory chip boom. He notes that Micron's low valuation multiples depend on sustained demand, which is uncertain beyond a 2-3 year cycle. He also comments on Nvidia chip smuggling investigations.