Last week’s market price action defied the traditional playbook. Normally, a “double beat” of robust employment and cooling inflation provides a “Goldilocks” tailwind for equities. Yet, despite a significantly stronger-than-expected jobs report and in-line/softer CPI data, US stocks faced selling pressure while Treasury yields retreated to multi-month lows. The culprit? A shifting narrative. The “limitless potential of AI” that fueled 2025’s stock surge has been replaced this year by somewhat of an “Anti-AI” top-down sentiment that is certainly not as powerful, and is less sustainable. We have also been seeing ... (full story)