John Tucker

It's nicknamed the Devil's Medal for a reason, Nathan.

Its price is volatile and it's led to financial ruin for more than one speculator.

After a record-breaking rally that appeared to run too far too fast, the medal has retreated by more than a third from its all-time high January 29th.

Gold has fallen below $4,900 an ounce.

The precious medal soared last month in a rally underpinned by speculation.

speculative momentum, geopolitical upheaval, and concerns about the Fed's independence.

In New York, I'm John Tucker, Bloomberg Radio.

Good morning, Karen.

This was a case of sell now and ask questions later after the AI firm Anthropic released its tool for doing legal work.

The idea is that maybe AI can replace some of the things software and data firms do.

And to that, the fact that investors are impatient with all the spending on technology.

They want to see a payoff.

Anika Gupta is with Wisdom Tree.

And one of the more vulnerable stocks to this AI disruption trade is software giant Microsoft.

It fell close to 3% yesterday.

It has lost a quarter of its value since late October.

In New York, I'm John Tucker, Bloomberg Radio.

And good morning, Karen.

The theme that's gripped investors is that AI is going to be able to do much of the stuff that software companies can do, making their products far less important.

That was kind of reinforced when AI firm Anthropic released an AI tool that does legal work.