Podcasts about Semis

Fewer companies have been driving equity market gains in 2026. Our CIO and Chief U.S. Equity Strategist Mike Wilson looks at what investors should make of the narrowing rally as the year enters its final stretch. Read more insights from Morgan Stanley.----- Transcript -----Mike Wilson: Welcome to Thoughts on the Market. I'm Mike Wilson, Morgan Stanley's CIO and Chief U.S. Equity Strategist. Today on the podcast I'll be discussing the Market's Bad Breadth.It's Monday, September 28th at 11:30 am in New York. So, let's get after it.The market is up this year. That's the good news. But over the last six weeks, I've been watching something that's giving me pause. This rally has been carried by a shrinking group of stocks.More than half of the Russell 3000 is at least 20 percent below its June highs and the S&P 500 forward multiple has fallen to 19 times, close to a new low for the year. Meanwhile, earnings growth is still running in the mid-teens for the median stock and revisions breadth is approaching cycle highs for the S&P 500. That is not complacency. It is a market that has already done a lot of work to price higher energy costs, a tighter Fed, AI disruption, questions around returns on capital, and geopolitical risk. Last week on the podcast, I noted that this is classic mid-cycle behavior. Earnings are absorbing lower valuations, and quality is taking the baton from the early-cycle winners. Groups that have led powerfully from the rolling-recession trough have been among the weakest areas recently: Autos, Semis, and short-cycle Industrials. That is what tends to happen when the cycle matures and the Fed turns less friendly. The market stops paying for high beta. And starts rewarding free cash flow, stable margins, operating efficiency, and earnings that are still being revised higher. That is why I continue to favor large-cap quality, particularly asset-light, services-oriented, and fee-based businesses.Having said that, there is still one problem to resolve. Breadth improved through most of the summer even as crude and yields moved higher. The deterioration came after Jackson Hole. That's when markets began discounting a more hawkish Fed reaction function. The percentage of S&P 500 stocks above their 200-day moving average fell from roughly 75 percent to below 50 percent, while the index held up much better. That divergence cannot persist forever. Either breadth catches up to price, or the index comes down to meet breadth. If bond volatility does not settle down soon, it could spill over into equity vol and we would see the S&P 500 price come down about 5 or 10 percent. Frankly, I would welcome it. A final index-level correction is often how a multi-month correction beneath the surface ends.There has been a lot of focus on the Fed's recent pivot to rate hikes. However, the two-year yield is already above the level implied by the Fed's projections. To me this suggests the bond market has been leaning too hawkish in the near term. The bigger uncertainty is how the new Fed Chairman approaches liquidity and the balance sheet. He is more of a monetarist than his predecessors, and markets are still trying to understand what that means in practice. My expectation is that the Fed ultimately provides liquidity if financial conditions tighten too far. But markets may test that resolve first. Bond volatility, funding stress, and whether equity volatility follows are the key signals. If those pressures ease, breadth can catch up and drive the market higher. If they do not, the index probably has more correcting to do.There is also a new, constructive story developing for investors: AI adoption is moving from promise to practice. Companies with higher AI adoption are seeing stronger margins and earnings trends, but consensus still assumes many of those benefits fade in the out-years. We think that's too conservative. Productivity gains tend to compound, not immediately disappear. Earnings momentum is broadening from enablers to adopters, while adopter valuations have reset to more attractive levels. That supports a barbell approach – own select enablers where earnings durability justifies the premium, but increasingly own adopters where improving fundamentals are not yet fully reflected in expectations.Bottom line, the market is not ignoring risk. It has priced the risks through lower valuations, weaker breadth, and major leadership rotations. What remains unresolved is the gap between a resilient index and a much weaker average stock. The answer is that we probably see breadth improve and the index level come in before a surge to new all time highs. That's why, I still want to overweight large-cap quality, but use October weakness to add to riskier stocks. The market may need one more uncomfortable adjustment. But that may be exactly what sets up a stronger finish to the year. I will be here to guide you. Thanks for tuning in; I hope you found it informative and useful. Let us know what you think by leaving us a review. And if you find Thoughts on the Market worthwhile, tell a friend or colleague to try it out!

Wall St finished higher on Friday and closed near the day's highs. The Dow was up 484 points (up 0.94%), the S&P 500 was up 39 points (up 0.51%) and the NASDAQ was up 129 points (up 0.48%). The Russell 2000 was up 0.07%. The indexes were briefly in the red early after University of Michigan Consumer Sentiment fell to a four-month low of 48.1. Most of the gains came after the New York Times reported that Iran had given the US terms for reopening the Strait of Hormuz. Iran quickly denied it. Semis, tech hardware, airlines, banks, builders and autos did best. Energy, cable, food, cybersecurity, software and REITs lagged. For the week the Nasdaq was up 2.06%, the S&P 500 was up 1.21% and the Russell 2000 was down 0.80%. The VIX was unchanged.SPI up 3 - Gold slightly better - Oil eases - RBA in focus tomorrow.Marcus Today – Daily Market Insights Marcus Today provides clear, practical commentary for self-directed investors – covering markets, portfolios, education, and decision-making without the noise. If you'd like to go further: Start a free 14-day trial of Marcus Today http://bit.ly/mt-trial-podcast Join Marcus Today Use code MTPODCAST for 10% off http://bit.ly/mt-join-podcast-offer MT20 – Managed ETF Portfolio A professionally managed portfolio run by Marcus Padley and the team, using ASX-listed ETFs with active market timing. http://bit.ly/mt20-podcast Principles – How We Think About Investing A short video series on timing, behaviour, and decision-making. No stock tips. http://bit.ly/mt-principles-podcast — Disclaimer This podcast is general information only and does not consider your personal circumstances. It is not personal financial advice. 

BENTLEY UNVEILS TORCAL EV WITH UP TO 876 HPBentley has unveiled its first EV, the Crewe-built Torcal SUV, with a 113 kWh net 800V battery, up to 375 miles of WLTP range and 400 kW peak DC charging; the standard model produces 810 hp, while the Torcal S makes 876 hp and reaches 60 mph in 2.8 seconds. Bentley quotes conflicting 10–80% charging times of 16 minutes and “just under 20 minutes”, while pricing, deliveries and EPA range remain unannounced.VOLKSWAGEN ID. POLO WINS 2027 GERMAN COTY AWARDVolkswagen's €24,995 ID. Polo has won the Budget category of the German Car of the Year 2027 awards, beating seven rivals including the second-placed Renault Twingo and scoring higher in four of five main judging criteria. It joins the Kia PV5, Mercedes-Benz GLC EV, Xpeng X9 and Hyundai Ioniq 6 N in an all-electric five-car final for the overall title.AVERAGE NEW-EV TRANSACTION PRICE FALLS TO $54,813The average US new-EV transaction price fell 2.7% year on year to $54,813 in August, narrowing its premium over the wider new-car average of $50,089 even as EV incentives declined from 14.6% to 12% of transaction prices. Tesla averaged $52,616, and the figures suggest underlying EV prices are falling rather than manufacturers simply relying on increasingly large discounts.PORSCHE BOXSTER EV PROTOTYPE CHARGES DIRECTLY AT TESLA SUPERCHARGERA forthcoming electric Porsche Boxster prototype has been photographed plugged directly into a Tesla Supercharger in California using a centrally mounted NACS inlet, suggesting Porsche may be testing a single port for both AC and DC charging rather than the dual-port arrangement used on its current EVs. The production configuration and launch timing remain unknown, but the sighting adds further evidence that development continues after CEO Michael Leiters confirmed in August that Porsche still intends to build the electric sports car.TESLA LEADS REPORTED 2,500-TRUCK ZET SCALE ORDERTesla has been named primary supplier for a reported 2,500-truck battery-electric Class 8 order organised through ZET SCALE, although the number of Tesla Semis within the order is undisclosed because Kenworth, Volvo and RIDE are also suppliers. The programme aims to aggregate fleet demand, reduce residual-value risk through leasing and eventually arrange more than 10,000 trucks, while Tesla has separately opened its 50,000-unit-a-year Nevada Semi plant and IMC Logistics has ordered 50 Semis.CARWOW'S MAT WATSON SAYS BUY A BYD OVER A TESLACarwow's Mat Watson argues that a top-spec dual-motor BYD Seal Excellence is particularly compelling on its current £297-a-month lease, compared with £405 for the more comparable Tesla Model 3 Long Range AWD, while offering 530 hp and a 3.9-second 0–60 mph time. The comparison reverses for cash buyers, where Carwow prefers the cheaper Model 3 for its range, space and technology, making the Seal's advantage primarily a consequence of its unusually aggressive lease pricing.UK BEV MODEL CHOICE DOUBLES TO 171UK buyers can now choose from 171 battery-electric models, twice as many as in 2023, after 85 new BEVs arrived in three years — roughly one every fortnight — while typical electric range has risen beyond 300 miles. SMMT figures show BEVs, plug-in hybrids and hybrids together now represent 76% of roughly 385 new-car models, suggesting vehicle choice itself is becoming a substantially smaller barrier to EV adoption.ZEEKR 9X MAY REACH AUSTRALIA IN Q1 2027Zeekr is aiming to bring its flagship 9X SUV to Australia potentially as early as Q1 2027, following the 7GT wagon and ahead of the smaller 8X, which is currently expected in the second half of 2027. Zeekr Australia has not confirmed either the 9X's timing or pricing, although managing director Frank Li says the company is trying to secure the Q1 launch.WEAKEST CELLS CAN CUT EV BATTERY PACK LIFE BY 22.8%Research using more than three years of real-world EV data found that a small number of faster-degrading cells can force an entire battery pack into retirement early, reducing estimated pack lifespan by 17.7% in passenger cars and 22.8% in buses. The study found cell-to-cell differences became substantially more pronounced beyond about 105,000 miles in passenger cars, suggesting tighter manufacturing consistency, better balancing and thermal management could extend usable battery life.

Começaram as Semis do Paulista Masculino com duas séries que pareciam ter tudo para serem muito disputadas e até agora não foram, com os favoritos controlando bem os jogos e mostrando porque eles são os favoritos. Além disso, temos de falar do Real Madrid levando a primeira Euroleague Super Cup. Abrimos, claro, falando do basquete nacional e das duas vitórias em 2 jogos do Mogi, que mesmo com uma segunda partida absurda do Elinho, venceu com tranquilidade os dois jogos e está a uma vitória da final. Como Franca é a cidade mais longe destas semis, o Franca e Paulistano tiveram apenas um jogo e, como falamos, vitória tranquila do Franca, que tem tudo para repetir o feito em São Paulo no ginásio do Paulistano e ir enfrentar o Mogi na final, na rivalidade enorme que parece estar se formando para esta temporada no basquete nacional. No feminino tivemos só dois jogos e os dois com o time de Guarulhos jogando, e levando dois chocolates. Claro, o time é novo, um trabalho em formação e que só se formou pouquinho antes do começo dos jogos do Paulista. E pior, um paulista feminino desidratado, contando só com 4 times, e 3 de LBF, e entre os grandes, não tinha como ser diferente esta primeira temporada para o time da grande São Paulo. Na Europa, a volta da Euroleague com a primeira semana trouxe ótimos jogos e times se mostrando mais preparados para alimentar bem a disputa pelos playoffs. Mas antes da primeira semana tivemos a estreia da Euroleague Super Cup com o Real Madrid se sagrando o primeiro campeão em cima do Olympiacos. O legal foi ver o quanto os jogos foram parelhos, com a maior diferença tendo sido na disputa de terceiro e quarto, e foi só de 8 pontos. O mais engraçado foi que o Real Madrid e o Olympiacos se enfrentaram na primeira partida da temporada regular da Euro e ai o Olympiacos ganhou por 1 ponto. Além disso tivemos a primeira rodada do classificatório da Euroleague feminina onde, com certeza, assassinamos algumas pronuncias. Tivemos também o final da temporada Regular da WNBA que em três dias já tem o começo dos playoffs. E claro, não podia faltar a NBA que chega com mais um capitulo da novela que você mais gosta de odiar, a novela Duren. Falamos disso, notícias diversas, respondemos as duvidas da galera da Live e fizemos o maior momento OK OK do podcast até agora. Então não perca tempo, clica no play e vem com a gente!

Welcome to this week's episode of Joshi'ing around WEEKLY! Eric and I are gonna cover the biggest shows, the best matches and the hottest topics in the world of Joshi on a weekly basis.Our Runsheet for this week:00:00:00 - Introduction and Chit-Chat00:18:48 - Interviews & Blogs - Ancham, YUNA, MIRAI, Rea Seto & Lady C00:46:06 - Marigold Dream Star Grand Prix Quarters, Semis & Finals Review02:14:44 - STARDOM Silver Week Tour 19 & 20 & 22 & 23 September Overall Thoughts02:51:40 - TJPW Ryogoku KFC Hall 22 September Review03:06:38 - Sendai Girls Sendai PIT 18 September & Shinjuku FACE 23 September ReviewCheck out the Social Suplex Newsletter!⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://www.socialsuplex.com/⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Join the Discord!https://discord.gg/hzhvFPcV2zFollow me!⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://bsky.app/profile/tim-hunter.bsky.social⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://x.com/Hunter_S_Timsen$Advertising Inquiries: https://redcircle.com/brandsPrivacy & Opt-Out: https://redcircle.com/privacy

Derek Moore is joined by Mike Snyder and Shane Skinner with the market pressing new all-time highs, semiconductors and hyperscalers ripping, and the dichotomy of bad soft data but positive hard data. Plus, is the Fed going to cause another yield curve inversion judging by the narrowing of spreads? Later, do we really need MLB baseball team etfs? All this and more this week including a contrarian indicator of bearish readings in the AAII investor surveys.     Warren Pies points out correlations between semis and hyperscalers at all-time lows If semis and hyperscalers get correlated and bullish, watch out all-time highs Why the Fed may have just caused a yield curve inversion The Fed mistake of raising rates? Coming soon major league baseball team ETFs to join NHL team ETFs Soft vs hard data contradictions Surveys and oversampling one group or another Contrarian indicators like surves AAII surveys get bearish so what does that mean for markets?     Mentioned in this Episode   Derek Moore's book Broken Pie Chart https://amzn.to/3S8ADNT   Jay Pestrichelli's book Buy and Hedge https://amzn.to/3jQYgMt   Derek's book on public speaking Effortless Public Speaking https://amzn.to/3hL1Mag   Contact Derek derek.moore@zegainvestments.com            

In today's episode, Tyler Herriage delivers a packed update covering the impressive start to the week for the markets, with major indexes and individual stocks showing strong performance. He also recaps how sentiment continues to show extreme bearishness, even as the NASDAQ and S&P 500 approach all-time highs. Tune into today's podcast to learn more.

A potential inflection point for semi stocks, as the group underperforms the software space this quarter. The divergence in the tech trade, and how it could set up the chip trade in Q4. Plus, an iPhone sales test for Ternus, how AI could take center stage at next week's Trump-Xi summit, and navigating an ‘expensive' market; how one money manager is putting cash to work amid the volatility. Fast Money Disclaimer Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

(0:00) Welcome Brad Gerstner! (1:01) Trump Accounts, Every Child a Capitalist & The CAC Scan (5:07) Can AI revenue pay for the CapEx? (8:53) The Build Out Issue: Gigawatts, TAM, Token Growth, and Margin Expansion (12:30) The risks: AI regulation, the nuclear precedent, power limits, and rising rates Thanks to our partners for making this possible! IREN is a vertically integrated AI Cloud platform, delivering data centers, compute and software for AI training and inference. https://iren.com Oracle connects the data, applications, and infrastructure that turn AI into business outcomes—with the flexibility, choice, and control to optimize as AI evolves. http://oracle.com/ai EY helps tech innovators scale from startup to exit to megacap. You build the future. We'll handle the rest. http://www.ey.com Meta believes the future is for everyone. We're focused on giving every person the tools to reach their full potential and making sure the benefits of technology are distributed to all. http://www.meta.com Keel Infrastructure owns the power, land, and connectivity that HPC and AI run on - backed by secured energy assets and established grid interconnections across North America. https://keelinfra.com/ Airwallex - Agentic Global Business Accounts. Open local accounts in 70+ countries to accept payments, earn yield, pay globally, and manage spend. http://airwallex.com PayPal has been revolutionizing commerce globally for more than 25 years. Creating innovative experiences that make moving money, selling, and shopping simple, personalized, and secure, PayPal empowers consumers and businesses in approximately 200 markets to join and thrive in the global economy. For more information, visit https://www.paypal.com Google for Startups connects founders with the right people, products, and best practices to help startups build faster and go further. https://startup.google.com/ Explore ideas, industries, and technologies worth understanding with Chamath every week on Learn with Me: https://research.socialcapital.com/allin   Follow the besties: https://x.com/chamath https://x.com/Jason https://x.com/DavidSacks https://x.com/friedberg   Follow on X: https://x.com/theallinpod Follow on Instagram: https://www.instagram.com/theallinpod Follow on TikTok: https://www.tiktok.com/@allin Follow on LinkedIn: https://www.linkedin.com/company/allinpod   Intro Music Credit: https://rb.gy/tppkzl https://x.com/yung_spielburg

Sports: Mike Bianchi is a sports columnist for The Orlando Sentinel and co-host of "Game On" weekday afternoons at 3 on FM 96.9 The Game See omnystudio.com/listener for privacy information.

Treaty Talk | 396 | Rathkeale & KP qualify; Lee leaves; Ladies quarters; Camogie semis; Crunch week in SHC by TretyTalk

Resumen de noticias de LA NACION de la tarde del 15 de septiembre de 2026

Iranian Foreign Ministry Spokesperson said that Saudi Arabia insisted that the meeting between Iran and Gulf nations in Oman not to take place and it will be postponed to another date due to the Yemen situation.US President Trump said he warned Ukraine to stop targeting Russian oil refineries, as strikes have shut down diesel refining and helped lift prices of the fuel to record levels.Anthropic CEO Amodei urged a slowdown in the development of the most advanced AI systems to prevent AI from slipping beyond human control.US equity futures fall, Semis hit the hardest on worries of less capex investment.DXY firms on Fed rate hike bets and higher energy prices; JPY underperforms.Fixed income benchmarks mixed despite higher energy prices (Brent +2.7%).Looking ahead, highlights include the Canadian CPI (Aug). Speakers include ECB's Cipollone & Lagarde.Read the full report covering Equities, Forex, Fixed Income, Commodites and more on Newsquawk

Saturday, September 12: WNBA The Putback - FIBA SEMIS by FiredUp Network

Em uma semana apenas tivemos a primeira fase, as quartas e chegamos na semifinais do mundial feminino de basquete. E claro, tivemos times que ficaram abaixo das expectativas e uma ou outra zebra, mas, salvo um time, os outros 3 semifinalistas são quem a gente imaginava. Mas começamos falando do cenário nacional, com o Paulista de basquete chegando ao fim das suas quartas de final. Gravamos durante o segundo jogo do Franca e Osasco imaginando que se desse a lógica, Franca passaria para enfrentar o Paulistano, enquanto Mogi e Corinthians fariam a outra semi. E apesar de nunca poder duvidar de Paulistano e Corinthians, a final tem tudo para ser Franca e Mogi, o que parece que será a tônica da temporada. No assunto principal do podcast, comentamos sobre a zebríssima vitória do Mali sobre a Espanha. Não atrapalhou a caminhada das espanholas para a semi, mas não deixou de ser uma surpresa, e uma surpresa agradável. Também foi muito interessante ver o jogo da Itália contra os Estados Unidos. As italianas conseguiram uma recuperação incrível no segundo tempo e passaram na frente, mas no final, acabaram perdendo por três pontos no detalhe. Entre times que decepcionaram, podemos contar a Turquia, uma Australia muito abaixo do histórico da seleção e, claro, a Bélgica, uma das prováveis semifinalistas e que perdeu para as donas da casa Alemanha. Semis no sábado, finais no domingo. Vale muito a pena ver. Além disso, falamos dos jogos do paulista feminino, de notícias da Euroleague e da WNBA, do Clippers voltando atrás na troca do Kawhi (vai acontecer? Não vai? Quem sabe?), a novela Duren que ninguém nem acredita que ainda continua e um novo dono de time. Então não perde tempo, clica no play e comece bem o seu final de semana!!!

La selección española se mete en las semifinales del Mundial tras ganar con firmeza a Australia (66-89) y se verá las caras contra Estados Unidos. Hablamos con Chente, director del equipo Movistar.

Güiri Güiri al Aire, viernes 11 de septiembre del 2026

Dave and Steve (@Ace_Previews) break down bets for Zverev/Khachanov and Shelton/Tiafoe. Join our Supercast for BONUS episodes of this podcast! https://mp9tennis.supercast.com/ Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Reaction to Elena Rybakina becoming world number one for the first time in her career and ending Aryna Sabalenka's 99 week reign at the top of the rankings. There's also reaction to another gripping victory for Coco Gauff meaning the top 4 women's seeds are all through the semis at the same Slam since Wimbledon 2009.Plus, after the latest finish in US Open history with Ben Shelton beating Carlos Alcaraz we discuss absurdly late finishes from a player welfare and fan experience point of view.Timecodes00'07: Reaction to Elena Rybakina becoming the new World Number One  02'10: Can you compare Rybakina to Sharapova? 02'34: How will Rybakina compare to Sabalenka as World No.1? 04'29: Is this significant change in the Women's game? 05'49: Is there an obligation to become more extroverted in a top position?  07'08: Coco Gauff speaks to the court after fighting back from a set down to make the semi-finals. 09'05: Reaction to Coco Gauff making the last four. 13'52: Reaction to the last four in the Women's semi finals.  15'22: Elena Rybakina speaking to the media after her victory. 18'33: Reflections on the dramatic night session between Carlos Alcaraz & Ben Shelton.  21'50: Ben Shelton speaking to the media after the match.  22'57: Is Ben Shelton the man to take the title? 25'16: Who are late matches worse for? 26:31: How can you change the schedule?

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O Palmeiras se classificou à semifinal da Copa do Brasil, pela 10ª vez, depois do empate com o Santos na Vila Belmiro. Agora, terá sequência de decisões pelo Brasileiro e na Libertadores. Como chega o time? O que precisa melhorar? Camila Alves e Felipe Zito analisam escolhas de Abel Ferreira, cobranças a Vitor Roque e os melhores do time em momento de "tudo ou nada" da temporada.

Jonathan Higgins and Eddie Hoare join Paul to dissect the action in round three of the Galway Senior Football Championship.This Podcast is brought to you by Hoare Chartered Accountants and Drone Works Ireland. Drone Works Ireland is your go to place when it comes to buying a drone, repairing your drone and also when you need professionals to carry any aerial work you may need ,check out their website www.droneworksireland.ieHoare Chartered Accountants based in Galway City are a leading provider of Audit, Accountancy and Taxation services. For more information, visit their website on www.hoarecharteredaccountants.ieIf you have any questions or thoughts for upcoming podcasts, email the maroonwhitepod@gmail.com

Driverless trucks may seem to be a thing of the future, but it's coming faster than we think, and it's being tested right in our backyard.What does it mean for a truck to have no driver? How does it work? Is it safe?Meta will soon be signing a very large check: a $16.7 billion check to be exact with money flowing to dozens of states, including $319 million to Ohio.The tech giant also pledged to make substantial changes to the platform to protect kids. So what exactly will be different?Are you looking to upgrade your old iPhone? It might be best to wait to save on deals. Apple typically releases its new models in September. This year it might include a foldable iPhone.And what if earbuds could listen and hear?We're discussing all of these topics on this week's edition of Tech Tuesday.Guests:Abbi Failla, chief administrative officer, EASEParesh Dave, senior writer, WIREDRussell Holly, director of commerce content, CNETphoto: Gene J. Puskar / AP

Driverless trucks may seem to be a thing of the future, but it's coming faster than we think, and it's being tested right in our backyard.What does it mean for a truck to have no driver? How does it work? Is it safe?Meta will soon be signing a very large check: a $16.7 billion check to be exact with money flowing to dozens of states, including $319 million to Ohio.The tech giant also pledged to make substantial changes to the platform to protect kids. So what exactly will be different?Are you looking to upgrade your old iPhone? It might be best to wait to save on deals. Apple typically releases its new models in September. This year it might include a foldable iPhone.And what if earbuds could listen and hear?We're discussing all of these topics on this week's edition of Tech Tuesday.Guests:Abbi Failla, chief administrative officer, EASEParesh Dave, senior writer, WIREDRussell Holly, director of commerce content, CNETphoto: Gene J. Puskar / AP

Alex King from Growth Investor Pro discusses the real difference in sentiment and attitude (0:35) Bitcoin and Ether (4:40) Rising gold - forget about the why (10:10) Warsh in Jackson Hole = volatility (13:40) Semis and software (16:25) Cybersecurity and agentic AI (20:40) Tech earnings season (33:50)Show Notes:Ice Cold, Zen-Like Investing With Alex KingEpisode transcriptsFor full access to analyst ratings, stock quant scores and dividend grades, subscribe to Seeking Alpha Premium at seekingalpha.com/subscriptions

Chip stocks under pressure ahead of Nvidia's closely-watched earnings due Wednesday. The traders debate what the weakness is signaling about the AI trade. Then, two-time Super Bowl champion Logan Ryan talks investing his $80 million NFL salary and how it helped him retire at age 33. Plus, bitcoin closes in on $80k, appetite for restaurant stocks and 76ers co-owner Josh Harris on LeBron James' move to Philly. Fast Money Disclaimer Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Welcome back to the VRA Investing Podcast with your host, Kip Herriage. In today's episode, Kip Herriage breaks down the latest market action during a quiet summer Monday, unpacks the ongoing geopolitical tensions with Iran and their impact on trading, and dives deep into Treasury Secretary Scott Bessent's bold new economic maneuvers. You'll hear Kip Herriage's high-conviction views on Trump's wartime leadership, the evolving role of the Treasury versus the Federal Reserve, and why he remains confident in U.S. markets even as headlines warn of rising debt and interest rates. Plus, get the latest insights on gold, silver, Bitcoin, and the all-important signals from the semiconductor and small cap sectors. Whether you're looking for macroeconomic perspective, sector playbook updates, or simply want to hear where Kip Herriage thinks opportunity is headed next, this episode is packed with real-time analysis and actionable takeaways for investors.

Welcome to the VRA Investing Podcast with your host, Kip Herriage. In today's episode, Kip Herriage recaps a dynamic start to the week in the markets, sharing "inside baseball" on the latest moves and major trends. While broader indexes took a breather with slight declines, key liquidity signals such as gold, silver, miners, semiconductors, and Bitcoin surged, providing important clues for investors. Kip Herriage breaks down the implications of extreme market sentiment, persistent bearishness even in the face of record corporate earnings, the impact of political narratives, and why he believes we're setting up for a potential market melt-up into the midterms. Stay tuned for a detailed analysis of technicals, sector performance, and macroeconomic drivers shaping the investing landscape right now.

Semis are in a bubble, according to Citi's indicator. Former Assistant AG Jonathan Kanter on prediction markets' legal hurdles. Plus, the disconnect between investors and developers when it comes to data center moratoriums.  Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Sara Awad from Tech Contrarians talks tech's tough year (0:40) Great results being viewed as not good enough (3:20) Semiconductors have more downside, but potential remains (6:50) Memory dynamics (8:40) Thinking about 2027 (14:50) ASIC shift favors ARM (19:45) Are we in a bubble? (23:30)Show Notes:Is The Market Wrong On SpaceX? TheTechTalk Podcast Ep. 1Fundamentals Over EverythingThe Cure For FOMO With Tech ContrariansEpisode transcriptsFor full access to analyst ratings, stock quant scores and dividend grades, subscribe to Seeking Alpha Premium at seekingalpha.com/subscriptions

The semi-finals are set in Canada!

Our CIO and Chief U.S. Equity Strategist Mike Wilson discusses a new market cycle, in which investors are demanding more than just growth from companies.Read more insights from Morgan Stanley.----- Transcript -----Mike Wilson: Welcome to Thoughts on the Market. I'm Mike Wilson, Morgan Stanley's CIO and Chief U.S. Equity Strategist. Today on the podcast I'll look at an important shift in what the market wants to see from companies going forward. It's Tuesday, August 11th at 11:30 am in New York. So, let's get after it.This week I am going back to our broadening thesis – but with a slightly different twist. Earlier in the year, broadening was about beta. It was about the market moving beyond a narrow set of mega-cap winners and rewarding economically sensitive areas as the rolling recovery took hold. In the last few episodes I've talked about how that phase is now over. And we're moving from an early-cycle broadening into a mid-cycle quality rotation. In short, the market is no longer demanding just growth – but growth with durable earnings, strong margins, and free cash flow. To be clear, the broadening in earnings is still very much alive. Russell 3000 median stock earnings growth is running at 15 percent, the strongest since 2021; while median sales growth is at 8 percent, the best since 2023. At the same time, 87 percent of S&P 500 companies are beating earnings expectations this quarter, and earnings revisions breadth has rebounded to 23 percent, with 76 percent of industry groups showing positive revisions breadth. However, headline earnings are no longer enough for stock outperformance. The market is saying, ‘Show me the money'— and that's exactly what should happen in a mid-cycle transition. When companies raise both earnings and free cash flow estimates, they are rewarded. When they only raise earnings and not free cash flow, the market is much less forgiving. Investors are no longer paying indiscriminately for growth. They want cash conversion. This is also why I think AI adoption remains such an important theme. The market is increasingly rewarding companies that can demonstrate real efficiency gains from AI, not just talk about the open-ended opportunity in abstract terms. That is a very different phase for the AI cycle. The first phase was about building the infrastructure. The next phase is about who uses it well. Companies that can translate AI adoption into better margins, better productivity, and better free cash flow should continue to be rewarded. In other words, AI is becoming less about the promise and more about the evidence.That framework tells us where to be positioned. I continue to favor quality and AI adopters. Within Financials, I prefer large-cap Financial Services, particularly Insurance and Capital Markets exposed businesses, where earnings revisions are inflecting and our regime analysis remains supportive. Within cyclicals, I like Discretionary Goods, where the wallet-share shift from services to goods, improved pricing, and better earnings revisions all point to catch-up potential. In Tech, I continue to prefer hyperscalers over semis. Semis can still participate tactically, especially after recent momentum unwinds, but the hyperscalers offer a better multi-month risk-reward. They have resilient core businesses, attractive relative valuation, and underappreciated optionality around AI-related ROI and adoption. Just as important, they are not only enablers of AI, but they are early adopters. They have the flexibility to spend less if the market becomes more demanding about capex discipline. In terms of remaining market risks for this year, I'm still watching interest rates and oil very closely. A gradual rise in nominal yields alongside strong economic and earnings data is not necessarily bearish. In fact, historically, that has been one of the better environments for equities because it brings back my ‘run it hot' theme. Stronger nominal growth supports revenues and earnings. The problem is not the level of rates. It is the pace of change. If back-end yields rise too quickly, the cost of capital becomes a headwind for stock valuations.Bottom line, the broadening is still happening, but the market is raising the bar. Early-cycle beta is giving way to mid-cycle quality. Earnings are broadening, but free cash flow is also necessary to be fully rewarded. AI is still an important market driver, but the market wants measurable benefits and the leadership is becoming more selective within sectors rather than across them. This shift may make the market feel less euphoric in the short term, but also healthier and more sustainable in my view. This is not a market that is simply chasing momentum any more. It is starting to separate the companies that can simply talk about growth from the companies that can convert it into durable free cash flow and longer-term value.Thanks for tuning in; I hope you found it informative and useful. Let us know what you think by leaving us a review. And if you find Thoughts on the Market worthwhile, tell a friend or colleague to try it out!

African soccer journalist Ali Howorth stops by SDH AM to look at how the 2026 WAFCON tourney got to an unlikely final four- that starts tomorrow...Ali breaks down the state of play and the growth on the African continent

Our CIO and Chief U.S. Equity Strategist Mike Wilson explains why investors should favor quality as the market moves from early-cycle momentum to more disciplined, mid-cycle leadership.Read more insights from Morgan Stanley.----- Transcript -----Mike Wilson: Welcome to Thoughts on the Market. I'm Mike Wilson, Morgan Stanley's CIO and Chief U.S. Equity Strategist.Today on the podcast I'll be discussing the ongoing transition in the economic recovery from early to mid-cycle.It's Monday, August 3rd at 11:30 a.m. in New York. So, let's get after it.Following on from my podcasts the past few weeks, I want to reiterate our key call that the economy and the market are moving from early to mid-cycle. That may sound like strategist jargon, but it has very real implications for leadership, positioning, and how one should think about the next phase of this bull market.For much of the past year, the market was rewarding early-cycle characteristics and behavior. Lower-quality, higher beta stocks, and the most explosive earnings revision stories led the way. That made sense. We were coming out of a rolling recession, operating leverage was improving rapidly, and earnings revisions were accelerating off of depressed levels. But as the business cycle matures, the market typically becomes more discerning. It starts to ask a harder question: not just who can grow, but who can sustain that growth with stable earnings, strong margins, and free cash flow generation.In other words, quality starts to matter again.That's exactly where we are now. The rotation towards quality has begun, and I don't view that as a bearish development for the broader market even if it's bad for some of the former leaders. The S&P 500 is a very high-quality, large cap index. So, while the market may continue to consolidate in the near term, the quality rotation should ultimately support index resilience and help the S&P 500 work its way toward our 8000 year-end target.The big market event last week was the capitulation in the historic momentum unwind. Momentum sold off hard, and semiconductors were at the center of it. That shouldn't surprise anyone who has followed our work over the past several months. We've been using the Silver stock analog to think about semis, and remarkably, the semi index bottomed almost exactly where that analog suggested.That argues for a tradable bounce in semiconductors over the next few weeks. However, the more important point is that semis may struggle to reclaim leadership for the rest of the year. Semis are a classic early-cycle group, and this is increasingly becoming a mid-cycle, quality-led market. The Silver stock analog would support the same conclusion.The provocative way to say it is this: the AI cycle is not over, but the easy money in the most crowded AI beneficiaries may be. The AI investment cycle still has plenty of runway, but the market is no longer rewarding capex blindly. It's asking for evidence of return on invested capital, adoption, monetization, and operational discipline. Last week's performance gap between Microsoft and Meta was a perfect example. It wasn't random. It was about capex discipline. The market is rewarding more prudent spending, and that could translate into a real overhang for the capex beneficiaries, in line with my views for the past several months.That is why I still prefer hyperscalers over semis, with one important caveat: dispersion within the hyperscalers is rising. The group has already outperformed semis by 30% over the past four weeks, and I think it can continue over the next several months. Hyperscalers have resilient core businesses, exposure to the AI application layer, and an underappreciated ability to use AI to reduce operating expenses if needed. They're both enablers and adopters. But the market will no longer treat them all the same. The winners will be the companies that can show return on investment, communicate capex discipline, and preserve earnings quality.This is also why AI adoption is becoming so important. The next leg of the story is not just about who builds the infrastructure. It's about who can use it more effectively. Our work shows that companies where AI is material to the investment thesis and pricing power is neutral to strong, are already seeing margin expectations improve. Relative net margins for that group have expanded by 50 basis points in just three months, and they now sit nearly 400 basis points above the broader market. That's not hype. That's operating leverage with a new engine.The Fed is the other major piece of the puzzle. Chair Warsh stayed on hold last week, but he remains tight-lipped about his reaction function. Markets are still adjusting to a Fed that wants to rely less on forward guidance and more on unfiltered market signals. I think that's a healthy development over the longer term, but transitions are rarely smooth. The biggest risk to this consolidation turning into a correction is if the 10-year yields rise above 5%. Such a rise could weigh on equity multiples and force the Fed to either revert to its old ways of guiding the markets or provide more liquidity to calm rate markets.Bottom line, the bull market is not over, but it is changing. As we move from early to mid-cycle in this recovery, the equity market wants higher quality. Semis may bounce, but they are unlikely to be the leader again. Meanwhile, hyperscalers will likely continue to trade better, with the best ones exhibiting more capital discipline. More importantly, AI adoption is moving from promise to measurable margin benefit. This is what mid-cycle looks like: less forgiving, more discerning, but still constructive for investors who follow the rotation rather than fight it.Thanks for tuning in, I hope you found it informative and useful. Let us know what you think by leaving us a review. And if you find Thoughts on the Market worthwhile, tell a friend or colleague to try it out!

US equities were modestly higher this week, with the S&P 500 and Nasdaq both up for a second-straight week. Semis, memory, and AI infrastructure names sold off sharply at the beginning of the week, but a late week rebound was tabbed to factors including oversold conditions and a largely exhausted unwind. The July FOMC meeting ended with no rate change, as expected, though featured three dissents in favor of a 25 bp hike.

Semis on the upswing after a rough couple of sessions, but should investors trust the bounce in the momentum trade after what BTIG calls the largest/fastest crash in modern history? JPMorgan's Michael Feroli slides his rate hike timeline from the second half of 2027 to December after Kevin Warsh evades some reporter questions in his second news conference as Fed Chair.  Plus, why the war in Iran could last through the midterms.  Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

MRKT Matrix - Tuesday, July 28th Dow rallies 600 points, boosted by strong earnings and a steep decline in oil (CNBC) Kevin Warsh Wanted a ‘Good Family Fight' at the Fed. He's Getting One. (WSJ) Productivity is booming — but AI may not be the reason (Axios) Visa is cutting 7% of employees in efficiency push as AI reshapes work (CNBC) UPS Investors Are Worried About a Labor Deal Two Years Away (Bloomberg) Boeing Spends Big to Meet Deadline for New Air Force One (WSJ) Scoop: Nvidia's Jensen Huang meets Lutnick amid China scrutiny (Axios) Apple tops $5tn valuation for first time (FT) Elon Musk stocks take $1.5 trillion hit with fresh test in SpaceX lockup ahead ⁠(CNBC) OpenAI, Anthropic Staff Share Letter Asking US to Help Pace AI Progress (Bloomberg) --- Subscribe to our newsletter: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠http://riskreversal.substack.com/⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ MRKT Matrix by RiskReversal Media is a daily AI powered podcast bringing you the top stories moving financial markets Story curation by RiskReversal, scripts by Perplexity Pro, voice by ElevenLabs

Our CIO and Chief U.S. Equity Strategist Mike Wilson explains why he thinks the bull market has entered a new phase, with more focus on quality.Read more insights from Morgan Stanley.----- Transcript -----Mike Wilson: Welcome to Thoughts on the Market. I'm Mike Wilson, Morgan Stanley's CIO and Chief U.S. Equity Strategist. Today on the podcast I'll be discussing the transition from early- to mid-cycle and what that means for your portfolio.It's Monday, July 27th at 11:30 am in New York. So, let's get after it.Our broadening call for the market has been about moving beyond the narrow leadership of the mega-cap winners and into more economically sensitive areas. That made sense in the context of our rolling recovery thesis, a period when revenue growth returns to lean cost structures, and operating leverage emerges across many sectors of the economy.But now, I think that early-cycle phase of the rolling recovery is ending, and the market is starting to rotate toward quality. That's not bearish, but it is different and can affect portfolios at the stock level. As the cycle matures, investors stop rewarding low quality beta and start focusing more on free cash flow, balance sheet strength, margins, and earnings stability. The market is not abandoning the recovery. It is becoming more selective about the best way to own it. This setup reminds me of early-to-mid 2021. After the initial post-COVID rebound, leadership shifted away from lower-quality and more speculative areas and toward higher-quality companies. The S&P 500 kept rising, but the leadership changed. I think we're seeing something similar today. The S&P itself is already a quality-heavy benchmark, with high-quality cohorts representing roughly 42 percent of the index versus about 28 percent for low quality. That should help keep the index resilient, even as the market continues to digest this transition. Could we still see near-term volatility? Absolutely. If the war escalates further or the Fed surprises us with a rate hike this week, the market can continue to correct. I continue to think 7000 on the S&P 500 is important support if investors remain uneasy about the Fed transition or the geopolitical backdrop. However, the bigger message is that leadership is changing, not that the bull market is ending.One of the most important drivers of this shift is AI adoption. Earlier in the cycle, margin expansion was about classic operating leverage: sales recovering faster than costs. From here, margin expansion will depend more on companies using AI effectively, running leaner, and turning productivity into revenue growth as well. This is why quality matters. Companies with strong pricing power, strong balance sheets, or the ability to translate AI adoption into real growth are likely to be rewarded disproportionately.Companies where AI is material to the investment thesis and pricing power is neutral to strong are seeing forward net margin expectations improve nearly 400 basis points above the median stock. Our transcript work also shows that roughly 25 percent of S&P 500 companies cited measurable benefits from AI adoption in the second quarter, up from 14 percent a year ago. That's operating leverage with a new engine. This also feeds into the AI leadership rotation. I still think semis are likely to underperform hyperscalers from here, even if both can be under pressure during the next leg of consolidation. Semis are a classic early-cycle group, and they've already seen a peak rate of change in earnings revisions. The hyperscalers, by contrast, have high quality core businesses, exposure to the agentic application layer, and an underappreciated ability to take costs out through AI-driven efficiencies. In terms of the overall S&P 500, the two variables I'm watching most closely are interest rates and oil. The bond market is pricing a meaningful probability of a Fed hike, but my base case remains that the Fed stays on hold. A hike would be a hawkish surprise and a risky maneuver, but I think even that would delay rather than derail a positive finish to 2026 with earnings growth remaining strong. Oil is the other wildcard. A sustained rise in oil is not priced into equities, and just another reason to move one's portfolio up the quality ladder.Bottom line, the broadening is not over, but it is changing shape and leadership. We're moving from early-cycle beta toward mid-cycle quality as the market seeks not only growth, but companies that can convert that growth into durable free cash flow and margin expansion. The recent elevation of quality factors has been evolving for the past month and now it's time to fully embrace it. Thanks for tuning in; I hope you found it informative and useful. Let us know what you think by leaving us a review. And if you find Thoughts on the Market worthwhile, tell a friend or colleague to try it out!

Want to check out all the amazing ADV gear? Click here ⬇️https://www.advtennis.pro/JONATHAN705381:15 What he learned from Ty Tucker4:48 Handling the important points6:20 NCAA doubles vs US Open doubles12:03 Shifting momentum16:48 Doubles "free agency"21:27 How he allocated practice time27:24 Strengths vs weaknesses

Intel's massive quarter not enough to boost chip stocks. AI spending concerns cropping up in both the equity and the credit markets--and that could be good for Apple. Plus, the bullish options action ahead of the busiest week of this earnings season.  Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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In this electric live reaction episode of The Cooligans, Christian Polanco and Alexis Guerreros broadcast straight from Dallas, Texas, to break down Spain's masterclass 2-0 victory over France in the World Cup semifinals. The guys dissect an astonishingly clinical Spanish performance that completely neutralized the French powerhouse, restricting them to zero shots on target in the first half and a measly 0.3 XG over the entire match. They evaluate the major fallout of the result, including the end of Didier Deschamps' historic cycle as France manager, a devastating non-contact back injury to William Saliba, and how Lamine Yamal's unassuming brilliance consistently unhinged France's defense. Arsenal and England legend Ian Wright joins the show to share his emotional experiences traveling across America during the tournament and running his grassroots Airbnb training experiences. Wrighty delivers pure entertainment as he recounts a hilarious story of accidentally headbutting a broadcast trailer wall while passionately watching Arsenal. Transitioning to elite tactical analysis, the legendary forward provides an invaluable striker clinic for USMNT's Folarin Balogun, laying out the exact micro-adjustments needed to take fewer touches, tighten up movement inside the box, and reach a world-class international status. He also weighs in on the controversy surrounding Erling Haaland's disallowed goal for Norway and fiercely defends Jude Bellingham from out-of-context post-match media spin. Finally, the hosts pivot to the remaining blockbuster semifinal fixture: a highly anticipated, historically charged showdown between England and Argentina. Christian and Alexis debate England's heavy reliance on Bellingham and Harry Kane, look at how Tottenham's Cristian "Cuti" Romero transforms into an absolute beast when wearing his national team colors, and analyze whether Enzo Fernández can control the tempo of the midfield. The episode wraps up with official score predictions, debating whether Lionel Messi's veteran squad will succumb to exhaustion or if the Three Lions will march into the final. Timestamps: (00:00) — Spain Clamps Down France 2-0 in the Semifinals (04:00) — The Deschamps Era Ends: France's Shotless Collapse & Saliba's Back Injury (13:22) — Player of the Match & The Unassumingly Devastating Lamine Yamal (22:16) — Special Guest Ian Wright: Emotional US Fan Culture & Trailer Headbutts (31:45) — Striker Clinic: Ian Wright's Masterclass Advice for USMNT's Folarin Balogun (36:43) — The Haaland "Assault" Controversy & Protecting Jude Bellingham from Media (44:10) — Semifinal Powder Keg: England vs. Argentina Lineup Debates & Official Score Predictions Subscribe to The Cooligans on your favorite podcast app:

Our CIO and Chief U.S. Equity Strategist Mike Wilson discusses where investors may find opportunity beyond the AI sector and risks that could slow market gains.Read more insights from Morgan Stanley.----- Transcript -----Welcome to Thoughts on the Market. I'm Mike Wilson, Morgan Stanley's CIO and Chief U.S. Equity Strategist. Today on the podcast I'll be discussing our broadening thesis and the near-term risks to monitor. It's Tuesday, July 14th at 11:30 am in New York. So, let's get after it. The broadening trade is now playing out. It's showing up in stock prices, relative performance and earnings revisions. It's also making investors question the sustainability of the most crowded areas of the market, and consider other near-term risks. I first made the broadening call late last year based on my view that the economy had entered a new expansion after completing the rolling recession in April of 2025. In a new expansion, earnings growth tends to be much better than expected because revenue growth returns to companies that have already become more cost efficient. That's classic operating leverage. The market began to anticipate that dynamic late last year, but then the Iran conflict interrupted the move. Oil surged, rate-cut expectations disappeared, and investors crowded back into the most obvious AI capex beneficiaries led by semiconductors and memory, in particular. Since mid May, that interruption has faded with oil prices falling sharply and the broadening trade has begun to work again. Importantly, the market is not abandoning AI. It is simply rotating within AI and beyond AI. And that distinction matters. Semiconductors have had a historic run, supported by earnings revisions. But even great stories get exhausted in the short term. When earnings revisions breadth is pressing against historical highs and the trade becomes one of the most crowded areas of the market, the bar for upside gets very high. At that point, the issue is not whether the story is good. The issue is whether the rate of change can keep improving. That is a very different question. The underperformance of the hyperscalers was probably the first warning sign. Semis depend on hyperscaler capex. So when the spenders start lagging the beneficiaries, that divergence usually resolves one way or another. And now we're starting to see it. Meta's decision to sell excess capacity to outside customers may not mean the AI capex cycle is over. But it does tell you the market is beginning to ask harder questions about the path and pace of that spending. Credit spreads and stock prices of these hyperscalers provide the feedback loop to managements that maybe they should curtail the pace of spend. We've had multiple corrections inside this AI cycle already. This looks like another one – not the end of the cycle, but a reset. That reset is what gives the rest of the market room to work. Our preferred ways to express the broadening remain Consumer Discretionary Goods, Transports, and Biotech. These are not the areas investors have been excited about. In fact, positioning and sentiment remain subdued. But that's exactly why I like them. The risks to the story in the short term are two-fold. First, uncertainty about the full re-opening of the strait remains high, with pivots on both sides. This is keeping oil prices volatile in the short term even if the primary trend remains lower. Second, interest rate volatility is picking up again with the entire curve shifting higher in both nominal and real terms. If this doesn't stabilize, it will have a negative impact on stocks both at the index level and even for stocks that should benefit from our broadening call. With the inflation data coming in today softer than expected, this should reduce some of the recent upward pressure on rates. However, the new Fed Chair and board remain resolute to make sure inflation doesn't rear its head again. In the end, dealing with this risk up front is a good thing in my view even if it means uncertainty for markets. Bottom line, equity markets have been consolidating and correcting for the past several months. This is the result of the peak rate of change in earnings revisions and a reaction function shift at the Fed to focus more on the inflation mandate than growth. With the recent rollover in semiconductors, heavy supply of equity and credit issuance, and a transition of leadership at the Fed, expect more volatility and corrective activity in stocks before the next leg of the bull market resumes. Don't chase momentum. Instead, add to risk on down days to areas that will benefit from a broadening in the economy and earnings growth. Thanks for tuning in; I hope you found it informative and useful. Let us know what you think by leaving us a review. And if you find Thoughts on the Market worthwhile, tell a friend or colleague to try it out!

Max Rushden is joined by Barry Glendenning, John Brewin, Lars Sivertsen and Leander Schaerlackens as England beat Norway 2-1 in extra time to set up a semi-final against Argentina. Help support our independent journalism at theguardian.com/footballweeklypod. Watch us on YouTube: https://www.youtube.com/@FootballWeeklyPodcast

Max Rushden is joined by Barry Glendenning, John Brewin and Nicky Bandini as Spain win it late on against Belgium and to preview England v Norway.. Help support our independent journalism at theguardian.com/footballweeklypod. Watch us on YouTube: https://www.youtube.com/@FootballWeeklyPodcast

Alexi Lalas and David Mosse are back with a new episode of State of the Union! Today, we break down France's tidy 2-0 win over Morocco which saw Les Bleus advance back into the semifinals for the FIFA World Cup™. Alexi and Mosse discuss if we are seeing Kylian Mbappé become the greatest World Cup player ever before our very eyes and if France have established themselves as the predominant soccer nation in the world. After, we discuss the criticism that Christian Pulisic has been receiving in the wake of the USA's loss to Belgium and if it is fair or not before previewing Spain vs Belgium. We end the show with Alexi's Moment of the Day. Presented by Zillow #Zillow 2:16: France eliminate Morocco 2-0 15:50: Is the criticism of Christian Pulisic fair? 23:45: Steve Cherundolo named USA Men's U-23 team manager 28:51: Previewing Spain vs Belgium 31:45: Alexi's Moment of the Day Learn more about your ad choices. Visit podcastchoices.com/adchoices

A changing macro backdrop is creating new opportunities across the equity market. Our CIO and Chief U.S. Equity Strategist Mike Wilson looks at what's driving the shift and where it may lead next.Read more insights from Morgan Stanley.----- Transcript ----- Welcome to Thoughts on the Market. I'm Mike Wilson, Morgan Stanley's CIO and Chief U.S. Equity Strategist. Today on the podcast I'll discuss why I think the broadening out in equity markets can continue. It's Monday, July 6th at 11:30 am in New York. So, let's get after it. Let's talk about a market dynamic that's becoming harder to ignore. The broadening trade is back, and it's gaining momentum partly because one of the most crowded areas of the market – Semiconductors – is finally starting to lose some of its own. To be clear, this doesn't mean the AI cycle is over. However, trends don't move in straight lines, and leadership can ebb and flow; especially if there are fundamental reasons supporting it. In fact, we've seen this happen several times already over the past couple of years with the hyperscalers and semiconductors ebbing and flowing. This is based on positioning, the rate of change on expectations for capex and the returns on that capex. Meanwhile, our broadening call goes back to last November. Back then, we argued the economy had entered a new expansion after the rolling recession ended in the April of 2025. That view was based on a classic early-cycle setup where revenue growth returns to companies that had become cost efficient. That is the definition of operating leverage and that always leads to better than expected earnings growth – the core differentiation to our original outlook this year. The market started to discount that broadening late last year and into early this year. Then, the Iran war interrupted it. Oil prices surged, and the bond market went from pricing Fed cuts to pricing hikes, and investors crowded back into the obvious AI capex winners – especially Semiconductors. That made sense for a while. The revisions in Semis were spectacular. But when earnings revisions breadth gets pressed against historical extremes, the question becomes less about whether the story is good and more about whether the rate of change can keep improving. That's a much higher bar. And over the past few weeks, the market seems to be asking that question with semiconductor stocks fading. The underperformance in the hyperscalers was probably the first signal. Semis depend on hyperscaler capex, so when the spenders start to lag the beneficiaries, that divergence can't last forever. It usually ends up reconciling with hyperscalers' tempering capex guidance or indicating they are more focused on getting a return on that investment. META's announcement last week that it would begin selling excess capacity to outside customers fits right into that discussion. It doesn't kill the AI buildout, but it does change the market's perception of how linear that buildout will be. What matters for investors is how they should trade it. First, the market should continue to broaden out. Second, we continue to favor Consumer Discretionary Goods, Transports, Regional Banks, and now Biotech as part of that rotation. Discretionary Goods remains the cleanest expression, in my view, because the wallet-share shift from services back to goods is underway, goods pricing is improving, oil prices have fallen, and earnings revisions are strengthening. Transports are also showing better revisions, and Regional Banks still benefit from the broader recovery, improving loan growth dynamics and our call for a re-steepening of the yield curve. Biotech deserves more attention here, too. It is also one of the most rate-sensitive areas of the market, and our work shows it has historically done very well in falling-rate regimes. If the market's policy expectations are too hawkish – and I think they are – then Biotech offers an attractive risk-reward setup, particularly with an M&A cycle that continues to build. The Fed is part of this story as well. Chair Warsh's comments last week that inflation risks have come down should matter, especially after the weaker labor data that came out Thursday. The market had become too hawkish on policy. If falling energy prices and contained core inflation allow the Fed to stay on hold rather than hike, that should help lower rate expectations and further support broader leadership in equity markets. Bottom line, the major averages may stay choppy because Semis are a large part of the index and crowded. But, the message is improving beneath the surface. The broader market performance indicates a broader economic and earnings recovery may just be beginning. The best news is that this view is still out of consensus, which means the opportunity for investors remains significant. Thanks for tuning in; I hope you found it informative and useful. Let us know what you think by leaving us a review. And if you find Thoughts on the Market worthwhile, tell a friend or colleague to try it out!

Europe's equity rally has surprised many investors. Our Europe Head of Research Product Paul Walsh and Chief European Equity Strategist Marina Zavolock discuss potential outcomes of the broadening market.Read more insights from Morgan Stanley.----- Transcript -----Paul Walsh: Welcome to Thoughts on the Market. I'm Paul Walsh, Morgan Stanley's Head of Research Products here in Europe. Marina Zavolock: And I'm Marina Zavolock, Chief European Equity Strategist. Paul Walsh: And today, we're looking at whether European equities have more room to broaden – as markets assess the implications of a potential U.S.-Iran deal and a reopening of the Strait of Hormuz.It's Monday, June the 29th at 10am in London. Marina, it's always great having you on. And for our listeners out there, I think they'd be interested to hear that if we look at Europe's performance year-to-date, it's now on a par to the S&P. So, both indices are up somewhere between 7 and 8 percent year-to-date. So, Europe is starting to stage something of a comeback from the conflict lows. And so, what's driving this? And are we beginning to see inflows into Europe again? Marina Zavolock: So, I'm going to give a two-part answer to this. Firstly, Europe has a lot of the same exposure as the U.S., so that is part of the reason… I know that Europe has this kind of reputation for not having a lot of tech exposure; but we do have tech exposure… Paul Walsh: We do. Marina Zavolock: Not to the same degree as the U.S., but, let me just give you some numbers here. So, we have a number of sectors heavily exposed to the AI CapEx boom. These are led primarily by the semis sector in Europe, tech hardware, cap goods, and metals and mining; specifically, copper has a link to AI as well. And those sectors, let's say roughly they make up at this point about 15 percent weight of our index. And if you look at that year-to-date performance that's on par with the U.S., almost 90 percent of it is made up from these sectors.Paul Walsh: Yes. Marina Zavolock: So, these sectors have moved just as aggressively as many of the AI pockets within the U.S. That's the answer that's kind of similar to the U.S. The answer that's a bit different is that we get from time to time, over the years actually, but we had a very big one earlier this year. We get these waves of interest in Europe because investors start to think about diversification. So… Paul Walsh: That's right. The broadening. Marina Zavolock: Yes. So, they... And we've called for broadening recently on the back of this, Iran-U.S. MOU. But this broadening has other drivers as well. So when we felt this wave of interest in diversification, and we saw the flows coming into Europe earlier this year, the driver was initially because the Mag7 was kind of going choppy and sideways. So, that just drove diversification out of Mag7 and into equal-weighted S&P, but that also always benefits Europe. Or tends to benefit Europe. But also, we had this wave of interest in real assets earlier this year; and Europe has a higher share of real assets than the U.S. Now, at this moment, I am sensing that we are getting that pickup in broadening interest once again from my feedback with investors. You had this MOU, which was the initial trigger. You have oil prices, broadly, they're falling. That's helpful as well. But I think the biggest driver of what's driving this diversification interest at this moment is actually the volatility that we're seeing in the AI complex. Paul Walsh: Mm. Marina Zavolock: So, what a lot of the feedback I'm getting these days from investors that are coming back to Europe after focusing primarily on the U.S. is, ‘Look, I have a lot of AI in my portfolio. I like my AI exposure. I'm not looking to get rid of it or to sell it, but incrementally, I'm a little bit worried about this volatility. And I'm looking to broaden my exposure. What do you like in Europe to help me diversify away from this kind of volatility that we're seeing now?' Paul Walsh: And I think that's a great segue, Marina, to my second question, because with Europe having really kept pace with the S&P year-to-date, the question that really is going to be asked is the sustainability of that relative performance. And when we think about a backdrop here in Europe of pretty low economic growth, the market continues to be worried about rate hikes given recent inflationary dynamics. And as you've articulated there, tech has played a very significant role here in Europe as well in terms of driving markets higher. So, you've alluded to it in a few of your comments already, but how sustainable do we see this as being? Marina Zavolock: It depends on AI, to be honest with you. So, if AI starts to really move up at an aggressive pace like it was earlier this year, then it's hard for Europe to outperform given our exposure. But if that starts to move up at a more moderate pace, Europe has a chance to do very well. Paul Walsh: Mm. Marina Zavolock: I think there's a lot of misperceptions when it comes to European equities. And outside of AI, actually there's quite a lot of strength. So, misperception one, you've mentioned it, which is basically: Oh, look at our PMIs, look at our GDP growth. Why bother with European equities? I think this is maybe what some U.S. investors may think. But just like in the U.S., the equities market, and maybe even more so, the equities market in Europe – it is not the economy. Paul Walsh: Mm. Marina Zavolock: So, we just published our global exposure guide over this past weekend, which Morgan Stanley has been running 29 iterations of this guide. Europe's exposure to Europe is pretty much at historical lows over decades. Europe's exposure to Europe as a percent of revenues is now 45 percent of revenues … Paul Walsh: Yeah. Marina Zavolock: ... is European exposed. The rest is very global, including the U.S. Um, Europe, uh, Of that 45 percent domestic, a lot of that is banks, some defensive sectors. Only a very small sliver is actually consumer-oriented sectors that would see earnings downgrades on the back of ECB hiking, for example. So, I think people may also be surprised to know that consensus earnings growth for Europe this year is over 16 percent. Paul Walsh: Mm. Marina Zavolock: It's really healthy. Paul Walsh: It's pretty healthy. Marina Zavolock: I know the U.S. is over 20, but Europe is over 16 percent. These kinds of ideas of, you know – we have a shortage of energy and therefore our earnings are going to be down – they're misperceptions. Because actually, as long as oil doesn't spike to, I don't know, [$]150. If it stays within a healthy range, call it [$]70 to 90, that's actually a very good environment for Europe because we have a lot of real assets. We have the banks which benefit from higher inflation because they trade on the steepness of the curve. And we have some AI exposure. If you add up those three things, which all benefit from inflation, that's 60 percent of our earnings pie.Paul Walsh: Right. Marina Zavolock: Hence, Europe's actually doing really well. And I'll just mention one other thing. Earlier this year, we broke out of a structural downtrend discount; that range that we were trading in versus the U.S. So, for almost 10 years, Europe's discount was just going wider and wider and wider and wider. And as of January 1st, this year, on a like-for-like basis, so sector neutral excluding Mag7, we broke out of that structural downtrend, and we keep seeing a narrowing. Paul Walsh: Yeah. Marina Zavolock: So, if you're going to broaden, it actually makes a lot of sense to look at Europe, where we have these discounts, and we have value, and we have growth. Paul Walsh: Yeah. So, the point there being the relative valuation discount of Europe to the U.S. has been actually closing a little bit more recently. Final question from my side. You have obviously recently refreshed your sector model. We have talked about the broadening in our conversation today. What are you advocating to your clients out there in terms of relative sector preferences? Marina Zavolock: Yeah. So, we run a data-driven model. Just briefly, we look at things like earnings revisions breadth – works really well as a leading indicator in Europe; a leading indicator for future earnings as well. Consensus price target revisions breadth, balance sheet measures. We look at a number of different things, AI exposure. And basically, I'll just give you the top sectors in our model now. Semis number one, metals and mining number two, led by copper. Paul Walsh: Mm-hmm. Marina Zavolock: Banks number three. I think banks, for me, it's a key diversification play. Paul Walsh: Yes. Marina Zavolock: A big differentiator. And trading on 10 times PE with very high distributions, buybacks and dividends, low teens earnings growth upgrades. Front of the line on AI adoption and seeing that ROI coming through. Cap goods, number four, that's also led by AI exposure. Paul Walsh: Yeah. Marina Zavolock: And then I'll just mention lastly, utilities is an overweight as well. That's also a little bit AI linked, but very, very under-owned; lagging the trends we've seen in the U.S. And broader based in terms of the positives there because we also have this drive for renewables, which is coming back. Paul Walsh: Marina, always, we value your insights highly. Thanks as always for taking the time to talk. Marina Zavolock: Great speaking with you, Paul. Paul Walsh: And thanks for listening. 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