Marco Argenti argues AI does not have a cost problem if spending is tied to productivity gains. Goldman sees a clear positive ROI, especially in developer productivity. He notes the industry is moving from a maximization phase to an optimization phase, which will lower average token prices but not necessarily frontier token prices. Data quality is the most critical factor for AI success.

Matthew Amos sees a dovish tilt from the ECB, creating opportunities in European sovereign debt, especially at the front end of the gilt curve. He believes the Bank of England is mispriced and could sit on hands for the rest of the year, potentially cutting rates in 2027. On UK politics, he thinks Burnham sticking to fiscal rules buys time, but a willingness to tackle day-to-day spending is key for gilt market confidence.

Sonja Marten discusses UK political uncertainty under Andy Burnham, noting he inherits the same fiscal constraints as Starmer and that changing fiscal rules is risky. On the yen, she expects further intervention but doubts its lasting impact without BOJ hiking or Fed dovish turn. She argues Europe does not need a weaker euro, and believes the Fed will not hike because the labor market is weaker than headline data suggests and inflation will come down.

Mark Dowding views the tech selloff as a healthy correction from speculative excess, noting high-multiple stocks are long-duration assets sensitive to rising discount rates. On the yen, he expects intervention but sees limited impact without rate differential closing. He advises staying away from gilts due to political risk from a left-leaning Burnham government. He sees the ECB as dovish and the Fed as uncertain, with every meeting now live.

Neil Campling identifies a South Korean press report about Hynix moving capacity to commodity DRAM from high-value HBM4 chips as a key catalyst for the tech selloff. This raises questions about AI trade momentum and cost dynamics. He sees this as a potential 'canary in the AI chip mine' and expects more pressure on Micron earnings.