AI picks & shovels rocket higher. If only they could open the Hormuz Strait.

Today, a look at a concentrated market rally in the US yesterday, led by big picks and shovels names in AI, with GE Vernova leading the pack, even as market breadth was flat and risk sentiment is wobbly elsewhere on Iran continuing to obstruct shipping through the Hormuz Strait. Software-as-a-service names were under pressure after the US market close yesterday on ServiceNow reported earnings, the first major SaaS name to do so for this earnings cycle. Also, Tesla earnings, macro and FX and more also on today's pod, which is hosted by Saxo Global Head of Macro Strategy John J. Hardy. Luke Gromen was on Macrovoices last week and makes some key points on the risks to the global economy and markets if this Hormuz Strait crisis drags into summer. About twice per week, you will also find links discussed on the podcast and a chart-of-the-day over at the John J. Hardy substack. Read daily in-depth market updates from the Saxo Market Call and the Saxo Strategy Team here. Please reach out to us at [email protected] for feedback and questions. Click here to open an account with Saxo. Intro music by AShamaluevMusic DISCLAIMER This content is marketing material. Trading financial instruments carries risks. Always ensure that you understand these risks before trading. This material does not contain investment advice or an encouragement to invest in a particular manner. Historic performance is not a guarantee of future results. The instrument(s) referenced in this content may be issued by a partner, from whom Saxo Bank A/S receives promotional fees, payment or retrocessions. While Saxo may receive compensation from these partnerships, all content is created with the aim of providing clients with valuable information and options.