GLOBAL MARKETS CALL: Air Coming Out Of AI Bubble

The AI selloff went global last week. In the US, Democrats swept Congress in the midterm elections on Tuesday, November 3, surfing on a huge wave of voter hostility toward new data centers. On Thursday, investors dumped the AI trade worldwide, and Asia’s chipmakers took the brunt of the wipeout. Overseas earnings are still climbing, but valuations keep falling. We see the AI backlash as a speed bump, not a roadblock, at home and abroad. Here’s more:

I. Stock Market Performance