David Uberti

These stocks have had such an incredible run that even while these sort of daily declines seem big and are evaporating a lot of value for investors, it's really kind of a blip.

One of the big catalysts that investors are citing is the expectation for higher interest rates from the U.S.

Federal Reserve.

The new Fed chairman, Kevin Walsh, last week in his first appearance as chair was unexpectedly hawkish in his commentary, basically suggesting that the U.S.

Fed might actually keep rates steady if not raise them in response to above-target inflation.

And due to the fact that many of these tech names that we follow every day are increasingly issuing debt in order to build out data centers, fund all their computing operations, the higher interest rates could really impact their operations in a really big way and ultimately impact how profitable those companies are in the years ahead.

SpaceX has been continuing its pullback since its post-IPO pop.

At one point today, shares were actually trading below where they were initially issued during the IPO.

Stocks like that are inherently volatile, and SpaceX just has a tremendous valuation vis-a-vis what its actual business fundamentals are.

Micron and SanDisk were the two largest losers in the S&P 500 today.

Despite its declines today, SanDisk is still up 4,000% over the last 12 months.

Micron, which is worth more than a trillion dollars, is still up 700% over the last 12 months or so.

So that just sort of

goes to show that these stocks have had such an incredible run that even while these sort of daily declines seem big and are evaporating a lot of value for investors, it's really kind of a blip.

And the big question is whether that will continue, whether these AI jitters are sort of emblematic of something to come, or whether this is just one of those momentary pullbacks, whether firms on Wall Street are shifting the dials in their investment strategies somewhat.

Thanks.

I was reading in bed on my iPad this interesting sub-sec post from a financial research firm I hadn't heard of before.

And they basically framed this report as sort of like a post-mortem on what happened over the time between now and then and how the economy has changed.

It read to me like really good science fiction.

I didn't put it down, despite the fact that it was 7,000-plus words long.