What If the AI Theme Is Actually a Nothingburger?: Macro Man

It’s a Friday, which is often a good time to take a step back from the frenetic pace of high-frequency price action and consider broader themes, or even the nature of the modern market ecosystem. After all, next week will offer plenty of fodder for fast-changing narratives, given the key BOJ and FOMC meetings that litter the docket. It’s been four-and-a-half months since the November Fed announcement that sort of kick-started the everything rally, and nearly a year since the Nvidia earnings release that unleashed the AI frenzy that has powered explosive returns for a large but narrow cohort of ...