AI Sell-Off Tests Wall Street’s Most Expensive Bet

Global markets are selling off as investors reassess the AI trade, with chip stocks, space-related names, and other high-growth companies facing renewed pressure after a powerful run higher.Mike Armstrong and Marc Fandetti break down why daily market moves are hard to explain, how stretched valuations are raising the stakes for AI investors, and why the boom could play out very differently depending on whether the technology delivers enough earnings growth to justify the spending. They also discuss SpaceX’s volatile first week of trading, why its role in space and national defense makes the company difficult to value, how Kevin Warsh is changing the Federal Reserve’s communication style, and what homebuyers should understand about adjustable-rate mortgages, mortgage buydowns, and the debate over rent control in Massachusetts.