AMI Asset Management Investment Perspective

In this episode, the team discusses how the rapid build-out of artificial intelligence infrastructure is hitting its first major financial constraints, driven primarily by a massive structural shortage and skyrocketing costs in the memory chip market. The team explores how these rising input costs are trickling down to consumers through hardware price hikes from tech giants like Apple and Microsoft, while triggering high volatility in global tech stock indices. Finally, they examine emerging signs of discipline from major cloud hyperscalers who are beginning to push back against a "spend forever" mentality by turning toward open-source, multi-model architectures and custom silicon to control costs. This podcast is prepared and distributed by AMI Asset Management (AMI), an SEC-registered investment adviser (registration does not imply a certain level of skill or training). The information contained herein, and the opinions expressed are those of AMI as of the date of writing, prepared solely for general informational and discussion purposes. The information contained in this podcast has been compiled by AMI from sources believed to be reliable; however, AMI does not make any representation as to their accuracy, completeness or correctness and does not accept liability for any loss arising from the use hereof. Such information and opinions are subject to change without notice due to changes in market or economic conditions and may not necessarily come to pass. References to specific securities are not intended as recommendations of said securities. Please note that some of the securities mentioned may be held in an AMI strategy or in personal accounts. The reader should not assume that any investments in securities, sectors and markets identified or described were or will be profitable. Investing entails risks, including possible loss of principal. Past performance is not a guide to future performance and future returns are not guaranteed. The investment strategies referenced may not be suitable or appropriate for all investors depending on their specific investment objectives and financial situation and potential investors should consult with their own financial professional before determining whether to invest in the strategy.

In this episode, the team discusses the signing of a breakthrough 14-point interim agreement between the U.S. and Iran, aimed at ending Iran's nuclear program and normalizing trade in a critical energy region. They unpack the immediate, divergent reactions across commodities, where oil prices slumped on potential surplus expectations while Texas natural gas prices finally surged back into positive territory after months of deep congestion. The team breaks down a compelling valuation disconnect, noting that natural gas producer stocks have lagged behind the positive commodity move, while warning that the deal’s 60-day timeline rests on delicate geopolitical terms. Finally, they explore how this sudden drop in energy prices provides critical relief for a strained Federal Reserve battling 4.2% inflation, even as broader economic indicators like record 401k emergency withdrawals and rising defaults underscore the severe financial pressure still facing consumers.This podcast is prepared and distributed by AMI Asset Management (AMI), an SEC-registered investment adviser (registration does not imply a certain level of skill or training). The information contained herein, and the opinions expressed are those of AMI as of the date of writing, prepared solely for general informational and discussion purposes. The information contained in this podcast has been compiled by AMI from sources believed to be reliable; however, AMI does not make any representation as to their accuracy, completeness or correctness and does not accept liability for any loss arising from the use hereof. Such information and opinions are subject to change without notice due to changes in market or economic conditions and may not necessarily come to pass. References to specific securities are not intended as recommendations of said securities. Please note that some of the securities mentioned may be held in an AMI strategy or in personal accounts. The reader should not assume that any investments in securities, sectors and markets identified or described were or will be profitable. Investing entails risks, including possible loss of principal. Past performance is not a guide to future performance and future returns are not guaranteed. The investment strategies referenced may not be suitable or appropriate for all investors depending on their specific investment objectives and financial situation and potential investors should consult with their own financial professional before determining whether to invest in the strategy.

In this episode, the team discusses the kickoff of the historic 2026 World Cup in North America, analyzing its massive $13 billion revenue projection and $10 billion advertising splash against surprising domestic apathy and low brand engagement. They break down the tournament's potential investment catalysts across retail, dining, and hospitality, detailing the near-term wholesale boosts for sportswear giants like Nike and Adidas, a sustained volume boom for online sportsbooks, and creative marketing plays from food chains like McDonald's and Domino's. Finally, the team connects the event back to the ongoing reality of a K-shaped consumer economy, highlighting how soaring ticket prices and lackluster hotel bookings across major U.S. cities expose the stark financial pressures facing everyday sports fans.This podcast is prepared and distributed by AMI Asset Management (AMI), an SEC-registered investment adviser (registration does not imply a certain level of skill or training). The information contained herein, and the opinions expressed are those of AMI as of the date of writing, prepared solely for general informational and discussion purposes. The information contained in this podcast has been compiled by AMI from sources believed to be reliable; however, AMI does not make any representation as to their accuracy, completeness or correctness and does not accept liability for any loss arising from the use hereof. Such information andopinions are subject to change without notice due to changes in market or economic conditions and may not necessarily come to pass. References to specific securities are not intended as recommendations of said securities. Please note that some of the securities mentioned may be held in an AMIstrategy or in personal accounts. The reader should not assume that any investments in securities, sectors and markets identified or described were or will be profitable. Investing entails risks, including possible loss of principal. Past performance is not a guide to future performance and futurereturns are not guaranteed. The investment strategies referenced may not be suitable or appropriate for all investors depending on their specific investment objectives and financial situation and potential investors should consult with their own financial professional before determining whether to invest in the strategy.

In this episode, the team discusses a pivotal week in the technology sector where a new market regime has emerged, punishing record-breaking corporate earnings whenever they fail to surpass vertical expectations. They break down the massive hardware shifts coming out of Computex, including NVIDIA’s next-gen Vera Rubin platform, its tactical push into ARM-based AI PCs, and the massive valuation ripples felt by custom silicon players like Marvell and Broadcom. The team also explores the decoupling of cybersecurity from the broader "SaaS apocalypse," alongside a deeper look into Alphabet’s unprecedented $85 billion equity raise to fund an aggressively accelerating CapEx cycle. Finally, they analyze the historic public market re-openings of tech giants like SpaceX and Anthropic, weighing this massive capital recycling wave against emerging warnings from OpenAI that customers are beginning to balk at the real-world costs of running these models. This podcast is prepared and distributed by AMI Asset Management (AMI), an SEC-registered investment adviser (registration does not imply a certain level of skill or training). The information contained herein, and the opinions expressed are those of AMI as of the date of writing, prepared solely for general informational and discussion purposes. The information contained in this podcast has been compiled by AMI from sources believed to be reliable; however, AMI does not make any representation as to their accuracy, completeness or correctness and does not accept liability for any loss arising from the use hereof. Such information and opinions are subject to change without notice due to changes in market or economic conditions and may not necessarily come to pass. References to specific securities are not intended as recommendations of said securities. Please note that some of the securities mentioned may be held in an AMI strategy or in personal accounts. The reader should not assume that any investments in securities, sectors and markets identified or described were or will be profitable. Investing entails risks, including possible loss of principal. Past performance is not a guide to future performance and future returns are not guaranteed. The investment strategies referenced may not be suitable or appropriate for all investors depending on their specific investment objectives and financial situation and potential investors should consult with their own financial professional before determining whether to invest in the strategy.

In this episode, the team discusses the macro forces driving the markets to all-time highs, examining the persistent debate around an AI tech bubble versus the sector's robust profitability. They explore a recent revival in software stocks, looming liquidity tests from upcoming high-profile tech IPOs, and imminent pricing and usage limit shifts for large language models. The team also breaks down the complex reality of global oil supply, analyzing a potential truce regarding the Strait of Hormuz against deep structural damage to domestic inventories and a cautious outlook from major energy producers. Finally, they look at how these supply shocks and elevated gas prices feed directly into a K-shaped economy, where historic lows in consumer sentiment contrast sharply with a market entirely propelled by high-income spending and historic tech infrastructure capex. This podcast is prepared and distributed by AMI Asset Management (AMI), an SEC-registered investment adviser (registration does not imply a certain level of skill or training). The information contained herein, and the opinions expressed are those of AMI as of the date of writing, prepared solely for general informational and discussion purposes. The information contained in this podcast has been compiled by AMI from sources believed to be reliable; however, AMI does not make any representation as to their accuracy, completeness or correctness and does not accept liability for any loss arising from the use hereof. Such information and opinions are subject to change without notice due to changes in market or economic conditions and may not necessarily come to pass. References to specific securities are not intended as recommendations of said securities. Please note that some of the securities mentioned may be held in an AMI strategy or in personal accounts. The reader should not assume that any investments in securities, sectors and markets identified or described were or will be profitable. Investing entails risks, including possible loss of principal. Past performance is not a guide to future performance and future returns are not guaranteed. The investment strategies referenced may not be suitable or appropriate for all investors depending on their specific investment objectives and financial situation and potential investors should consult with their own financial professional before determining whether to invest in the strategy.

In this episode, the team discusses a critical week of market-moving earnings across both the retail sector and the tech industry, anchored by a deeply insightful analysis of a massive report from NVIDIA. They break down a stark disconnect in the retail space, where consumer sentiment has sunk to historic lows but companies like Target, Walmart, and off-price leaders are managing to deliver highly resilient sales numbers despite mounting pressures from gas prices and the rising cost of everyday goods. Shifting focus to technology, the team dissects how NVIDIA is cleverly reorganizing its business to build a moat against its own customers while pioneering a new structural demand leg for custom ARM-based CPUs to fuel autonomous AI agents. Finally, they look upstream at the entire semiconductor supply chain, mapping out how deliberate production limits at foundational bottleneck players like Taiwan Semi and ASML are serving as a structural barrier that keeps the current AI infrastructure boom from transforming into a classic dot-com-style bubble over build. This podcast is prepared and distributed by AMI Asset Management (AMI), an SEC-registered investment adviser (registration does not imply a certain level of skill or training). The information contained herein, and the opinions expressed are those of AMI as of the date of writing, prepared solely for general informational and discussion purposes. The information contained in this podcast has been compiled by AMI from sources believed to be reliable; however, AMI does not make any representation as to their accuracy, completeness or correctness and does not accept liability for any loss arising from the use hereof. Such information and opinions are subject to change without notice due to changes in market or economic conditions and may not necessarily come to pass. References to specific securities are not intended as recommendations of said securities. Please note that some of the securities mentioned may be held in an AMI strategy or in personal accounts. The reader should not assume that any investments in securities, sectors and markets identified or described were or will be profitable. Investing entails risks, including possible loss of principal. Past performance is not a guide to future performance and future returns are not guaranteed. The investment strategies referenced may not be suitable or appropriate for all investors depending on their specific investment objectives and financial situation and potential investors should consult with their own financial professional before determining whether to invest in the strategy.

In this episode, the team discusses the rapid evolution ofthe anti-obesity medication market, tracing the history of GLP-1s from their origins in Gila monster saliva to the current dominance of brands like Ozempic and Mounjaro. They analyze the shifting landscape of drug delivery, includingthe rise of oral alternatives and upcoming "triple-action"medications that aim to balance higher efficacy with more manageable side-effect profiles. The team also explores the broad downstream impacts these drugs are having on the economy, from shifting consumer food habits and restaurant portion sizes to new medical frontiers like muscle preservation and the treatment of sleep apnea. Finally, they weigh the long-term potential of this sector as it expands toward a target market of over 35% of the U.S. population, signaling a decade of significant structural change for both the pharmaceutical and consumer goods industries. This podcast is prepared and distributed by AMI Asset Management (AMI), an SEC-registered investment adviser (registration does not imply a certain level of skill or training). The information contained herein, and the opinions expressed are those of AMI as of the date of writing, prepared solely for general informational and discussion purposes. The information contained in this podcast has been compiled by AMI from sources believed to be reliable; however, AMI does not make any representation as to their accuracy, completeness or correctness and does not accept liability for any loss arising from the use hereof. Such information andopinions are subject to change without notice due to changes in market or economic conditions and may not necessarily come to pass. References to specific securities are not intended as recommendations of said securities.Please note that some of the securities mentioned may be held in an AMI strategy or in personal accounts. The reader should not assume that any investments in securities, sectors and markets identified or described were or will be profitable. Investing entails risks, including possible loss of principal. Past performance is not a guide to future performance and futurereturns are not guaranteed. The investment strategies referenced may not be suitable or appropriate for all investors depending on their specific investment objectives and financial situation and potential investors should consult with their own financial professional before determining whether to invest in the strategy.

In this episode, the team discusses the emerging "cracks" in the consumer economy as persistent inflation and a spike in gas prices begin to drive significant demand destruction. They analyze a "tale of two days" in earnings reports, where early optimism for a K-shaped recovery was met with sobering updates from value leaders like McDonald's and Planet Fitness, suggesting the low-end consumer is increasingly stretched to their limit. The team also explores the disparate impacts of GLP-1 weight loss drugs on various sectors, from potential "super cycles" in apparel and skincare to further headwinds for traditional restaurant chains. Ultimately, the discussion highlights the precarious state of consumer sentiment—which has reached levels of pessimism not seen since the Great Financial Crisis—and the long-term risks posed by sustained energy costs. This podcast is prepared and distributed by AMI Asset Management (AMI), an SEC-registered investment adviser (registration does not imply a certain level of skill or training). The information contained herein, and the opinions expressed are those of AMI as of the date of writing, prepared solely for general informational and discussion purposes. The information contained in this podcast has been compiled by AMI from sources believed to be reliable; however, AMI does not make any representation as to their accuracy, completeness or correctness and does not accept liability for any loss arising from the use hereof. Such information and opinions are subject to change without notice due to changes in market or economic conditions and may not necessarily come to pass. References to specific securities are not intended as recommendations of said securities. Please note that some of the securities mentioned may be held in an AMI strategy or in personal accounts. The reader should not assume that any investments in securities, sectors and markets identified or described were or will be profitable. Investing entails risks, including possible loss of principal. Past performance is not a guide to future performance and future returns are not guaranteed. The investment strategies referenced may not be suitable or appropriate for all investors depending on their specific investment objectives and financial situation and potential investors should consult with their own financial professional before determining whether to invest in the strategy.

In this episode, the team discusses a revealing week in thetech sector, marked by record-breaking rallies in the semiconductor market and shifting narratives within the AI trade. They analyze how the emergence of agentic AI is structurally accelerating CPU demand, providing a secondarygrowth leg for players like AMD and Intel alongside the dominant GPU market. The team also explores the strategic "compute arms race" through the lens of a massive partnership between Anthropic and SpaceX's XAI, while examining how software companies like HubSpot and Datadog are navigating the transition to AI-driven consumption models. Finally, they weigh the "bubble" warnings from legendary investors against the reality of an AI infrastructure build-out that shows no signs of slowing down, even as it begins to reshape corporate labor strategies. This podcast is prepared and distributed by AMI Asset Management (AMI), an SEC-registered investmentadviser (registration does not imply a certain level of skill or training). The information contained herein, and the opinions expressed are those of AMI as of the date of writing, prepared solely for general informational and discussionpurposes. The information contained in this podcast has been compiled by AMI from sources believed to be reliable; however, AMI does not make any representation as to their accuracy, completeness or correctness and does not accept liability for any loss arising from the use hereof. Such information and opinions are subject to change without notice due to changes in market or economic conditions and may not necessarily come to pass. References to specific securities are not intended as recommendations of said securities. Please note that some of the securities mentioned may be held in an AMI strategy or in personal accounts. The reader should not assume that any investments in securities, sectors and markets identified or described were orwill be profitable. Investing entails risks, including possible loss of principal. Past performance is not a guide to future performance and future returns are not guaranteed. The investment strategies referenced may not be suitable or appropriate for all investors depending on their specificinvestment objectives and financial situation and potential investors should consult with their own financial professional before determining whether to invest in the strategy.

In this episode, the team discusses a pivotal week in techwhere AI capital expenditure transitioned from speculative to factual, with major hyperscalers now projected to spend over $725 billion on infrastructure in 2026. The team analyzes a widening performance gap among the "Big Four," highlighting Google’s massive 63% cloud growth and Amazon’s re-accelerating AWS revenue as clear success stories, whilequestioning the muddled ROI paths for Microsoft and Meta despite their record spending. They also explore the paradox facing NVIDIA as custom silicon from hyperscalers begins to scale, alongside a deep dive into the resilient consumerhardware demand seen in Apple’s "off the charts" iPhone results. Finally, the team looks beyond the usual giants to identify opportunities in memory, power infrastructure, and the surging CPU trade required to keep global AI systems running. This podcast is prepared and distributed by AMI Asset Management (AMI), an SEC-registered investment adviser (registration does not imply a certain level of skill or training). The information contained herein, and the opinions expressed are those of AMI as of the date of writing, prepared solely for general informational and discussionpurposes. The information contained in this podcast has been compiled by AMI from sources believed to be reliable; however, AMI does not make any representation as to their accuracy, completeness or correctness and does notaccept liability for any loss arising from the use hereof. Such information and opinions are subject to change without notice due to changes in market or economic conditions and may not necessarily come to pass. References to specific securities are not intended as recommendations of said securities. Please note that some of the securities mentioned may be held in an AMI strategy or in personal accounts. The reader should not assume that any investments in securities, sectors and markets identified or described were or will be profitable. Investing entails risks, including possible loss ofprincipal. Past performance is not a guide to future performance and future returns are not guaranteed. The investment strategies referenced may not be suitable or appropriate for all investors depending on their specificinvestment objectives and financial situation and potential investors should consult with their own financial professional before determining whether to invest in the strategy.

In this episode, the team discusses a stark "divergence" in the tech market, where AI hardware giants like Intel and Texas Instruments are surging while software stalwarts face a brutal repricing over terminal value concerns. The team breaks down how the AI bottleneck is shifting from GPUs to CPUs and analog components, alongside major strategic moves like Amazon’s $11.5 billion acquisition of Globalstar and the release of OpenAI’s GPT-5.5. Finally, they pivot to the consumer landscape, analyzing how persistent gas prices and the Iran conflict are pinching household budgets, evidenced by mixed results from Tesla and a resilient volume beat from Procter & Gamble.This podcast is prepared and distributed by AMI Asset Management (AMI), an SEC-registered investment adviser (registration does not imply a certain level of skill or training). The information contained herein, and the opinions expressed are those of AMI as of the date of writing, prepared solely for general informational and discussion purposes. The information contained in this podcast has been compiled by AMI from sources believed to be reliable; however, AMI does not make any representation as to their accuracy, completeness or correctness and does not accept liability for any loss arising from the use hereof. Such information and opinions are subject to change without notice due to changes in market or economic conditions and may not necessarily come to pass. References to specific securities are not intended as recommendations of said securities. Please note that some of the securities mentioned may be held in an AMI strategy or in personal accounts. The reader should not assume that any investments in securities, sectors and markets identified or described were or will be profitable. Investing entails risks, including possible loss of principal. Past performance is not a guide to future performance and future returns are not guaranteed. The investment strategies referenced may not be suitable or appropriate for all investors depending on their specific investment objectives and financial situation and potential investors should consult with their own financial professional before determining whether to invest in the strategy.

In this episode, the team discusses the major marketreaction to news that Iran is allowing ships to pass through the Strait of Hormuz, causing oil prices to plummet by over 10%. Despite a stock market rally toward all-time highs, the team examines a "bifurcated" K-shaped economy where falling consumer confidence, downward job revisions, and housing market friction suggest a more fragile underlying reality. They also take a deep dive into the systemic risks within private credit and the complex "puts and takes" of the AI revolution, warning that the current concentration of growth in a single sector may be masking broader economicweaknesses. This podcast is prepared and distributed by AMI Asset Management (AMI), an SEC-registered investmentadviser (registration does not imply a certain level of skill or training). The information contained herein, and the opinions expressed are those of AMI as of the date of writing, prepared solely for general informational and discussionpurposes. The information contained in this podcast has been compiled by AMI from sources believed to be reliable; however, AMI does not make any representation as to their accuracy, completeness or correctness and does notaccept liability for any loss arising from the use hereof. Such information and opinions are subject to change without notice due to changes in market or economic conditions and may not necessarily come to pass. References tospecific securities are not intended as recommendations of said securities. Please note that some of the securities mentioned may be held in an AMI strategy or in personal accounts. The reader should not assume that any investments in securities, sectors and markets identified or described were or will be profitable. Investing entails risks, including possible loss of principal. Past performance is not a guide to future performance and future returns are not guaranteed. The investment strategies referenced may not be suitable or appropriate for all investors depending on their specificinvestment objectives and financial situation and potential investors should consult with their own financial professional before determining whether to invest in the strategy.

In this episode, the team discusses the massive shift in thetech landscape following Anthropic’s release of Claude Mythos and Managed Agents, which have sparked a high-stakes debate over the future of software moats. They break down the ‘Glasswing Project,’ a defensive coalition of techgiants like Apple and NVIDIA formed to patch thousands of zero-day vulnerabilities discovered by this new frontier model. The team also analyzes the ‘terminal value’ crisis facing traditional SaaS companies, exploring whetherAI-driven outcome-based pricing will ultimately save or sink the industry’s long-standing subscription models.This podcast is prepared and distributed by AMI Asset Management (AMI), an SEC-registered investmentadviser (registration does not imply a certain level of skill or training). The information contained herein, and the opinions expressed are those of AMI as of the date of writing, prepared solely for general informational and discussionpurposes. The information contained in this podcast has been compiled by AMI from sources believed to be reliable; however, AMI does not make any representation as to their accuracy, completeness or correctness and does notaccept liability for any loss arising from the use hereof. Such information and opinions are subject to change without notice due to changes in market or economic conditions and may not necessarily come to pass. References tospecific securities are not intended as recommendations of said securities. Please note that some of the securities mentioned may be held in an AMI strategy or in personal accounts. The reader should not assume that anyinvestments in securities, sectors and markets identified or described were or will be profitable. Investing entails risks, including possible loss of principal. Past performance is not a guide to future performance and future returns are not guaranteed. The investment strategies referenced may not be suitable or appropriate for all investors depending on their specific investment objectives and financial situation and potential investors should consult with their own financial professional before determining whether to invest in the strategy.

In this episode, the team discusses a volatile start toApril, breaking down the dramatic 25% sell-off in memory stocks like Micron following Google’s breakthrough ‘TurboQuant’ research. The team explores the deepening supply chain crisis in the Middle East, where damage to Qatari helium facilities and the closure of the Strait of Hormuz threaten global semiconductor manufacturing and could push Brent crude toward $160 a barrel. Finally, we cover major moves in the corporate landscape, including the historic SpaceX IPO filing, McCormick’s complex "behemoth" merger with Unilever Food, and Tesla’s disappointing Q1 delivery miss. This podcast is prepared and distributed by AMI Asset Management (AMI), an SEC-registered investmentadviser (registration does not imply a certain level of skill or training). The information contained herein, and the opinions expressed are those of AMI as of the date of writing, prepared solely for general informational and discussionpurposes. The information contained in this podcast has been compiled by AMI from sources believed to be reliable; however, AMI does not make any representation as to their accuracy, completeness or correctness and does notaccept liability for any loss arising from the use hereof. Such information and opinions are subject to change without notice due to changes in market or economic conditions and may not necessarily come to pass. References to specific securities are not intended as recommendations of said securities. Please note that some of the securities mentioned may be held in an AMI strategy or in personal accounts. The reader should not assume that any investments in securities, sectors and markets identified or described were orwill be profitable. Investing entails risks, including possible loss of principal. Past performance is not a guide to future performance and future returns are not guaranteed. The investment strategies referenced may not be suitable or appropriate for all investors depending on their specificinvestment objectives and financial situation and potential investors should consult with their own financial professional before determining whether to invest in the strategy.

In this episode, the team discusses the shifting landscapefor consumer stocks as rising oil prices and a "K-shaped" economy pressure household budgets. They analyze historical data to predict which sectors—from DIY auto parts and home furnishings to resilient categories like cosmetics—are most at risk of a spending slowdown. The team also breaks down awave of potential transformational M&A activity in the staples space, including rumored deals involving Estée Lauder, Unilever's food business, and a possible consolidation between global spirits giants.This podcast is prepared and distributed by AMI Asset Management (AMI), an SEC-registered investment adviser (registration does not imply a certain level of skill or training). The information contained herein, and the opinions expressed are those of AMI as of the date of writing, prepared solely for general informational and discussion purposes. The information contained in this podcast has been compiled by AMI from sources believed to be reliable; however, AMI does not make any representation as to their accuracy, completeness or correctness and does not accept liability for any loss arising from the use hereof. Such information and opinions are subject to change without notice due to changes in market or economic conditions and may not necessarily come to pass. References to specific securities are not intended as recommendations of said securities. Please note that some of the securities mentioned may be held in an AMI strategy or in personal accounts. The reader should not assume that any investments in securities, sectors and markets identified or described were or will be profitable. Investing entails risks, including possible loss of principal. Past performance is not a guide to future performance and future returns are not guaranteed. The investment strategies referenced may not be suitable or appropriate for all investors depending on their specific investment objectives and financial situation and potential investors should consult with their own financial professional before determining whether to invest in the strategy.

In this episode, the team discusses a blockbuster week intechnology, highlighting key takeaways from NVIDIA’s GTC and the Optical Fiber Conference (OFC). They explore NVIDIA’s shift from individual chips to full-rack AI systems and the growing $1 trillion opportunity in Blackwell andRubin platforms through 2027. The team also breaks down Micron’s massive earnings beat, the ‘copper vs. optical’ interconnect debate, and how underappreciated tail risks, like helium supply disruptions from the conflict in Iran, could impact semiconductor manufacturing.This podcast is prepared and distributed by AMI Asset Management (AMI), an SEC-registered investment adviser (registration does not imply a certain level of skill or training). The information contained herein, and the opinions expressed are those of AMI as of the date of writing, prepared solely for general informational and discussion purposes. The information contained in this podcast has been compiled by AMI from sources believed to be reliable; however, AMI does not make any representation as to their accuracy, completeness or correctness and does not accept liability for any loss arising from the use hereof. Such information and opinions are subject to change without notice due to changes in market or economic conditions and may not necessarily come to pass. References to specific securities are not intended as recommendations of said securities. Please note that some of the securities mentioned may be held in an AMI strategy or in personal accounts. The reader should not assume that any investments in securities, sectors and markets identified or described were or will be profitable. Investing entails risks, including possible loss of principal. Past performance is not a guide to future performance and future returns are not guaranteed. The investment strategies referenced may not be suitable or appropriate for all investors depending on their specific investment objectives and financial situation and potential investors should consult with their own financial professional before determining whether to invest in the strategy.

In this episode, the team discusses the wide-ranging economic ramifications of the conflict in Iran and the resulting supply crunch in the Strait of Hormuz, where oil flows have dropped from 20 million to just 1 million barrels daily. The team explores how this crisis extends far beyond the gas pump, detailing the impact on global fertilizer supplies, agricultural costs, and the refining of essential metals like copper and nickel. By comparing the relative energy independence of the U.S. to the devastating electricity price spikes in Europe, they highlight why the fight against inflation has suddenly become much more complex for sectors ranging from waste management to chemical production. This podcast is prepared and distributed by AMI Asset Management (AMI), an SEC-registered investmentadviser (registration does not imply a certain level of skill or training). The information contained herein, and the opinions expressed are those of AMI as of the date of writing, prepared solely for general informational and discussion purposes. The information contained in this podcast has been compiled by AMI from sources believed to be reliable; however, AMI does not make any representation as to their accuracy, completeness or correctness and does not accept liability for any loss arising from the use hereof. Such information andopinions are subject to change without notice due to changes in market or economic conditions and may not necessarily come to pass. References to specific securities are not intended as recommendations of said securities. Please note that some of the securities mentioned may be held in an AMI strategy or in personal accounts. The reader should not assume that any investments in securities, sectors and markets identified or described were or will be profitable. Investing entails risks, including possible loss of principal. Past performance is not a guide to future performance and futurereturns are not guaranteed. The investment strategies referenced may not be suitable or appropriate for all investors depending on their specific investment objectives and financial situation and potential investors should consult with their own financial professional before determining whether to invest in the strategy.

In this episode, the team discusses a range of market pressures, beginning with a shifting investor sentiment toward AI capital expenditure as massive spending plans from tech giants face new scrutiny over return on investment. The team breaks down the "consternations" currently impacting software companies and the private credit market, including how the rise of AI-driven coding and high-profile bankruptcies are challenging established industry models. Additionally, they analyze the severe economic implications of geopolitical tensions in the Strait of Hormuz, rising oil prices, and a recent jobs report that missed expectations by a staggering margin, fueling further fears about AI-related labor disruption.This podcast is prepared and distributed by AMI Asset Management (AMI), an SEC-registered investmentadviser (registration does not imply a certain level of skill or training). The information contained herein, and the opinions expressed are those of AMI as of the date of writing, prepared solely for general informational and discussion purposes. The information contained in this podcast has been compiled by AMI from sources believed to be reliable; however, AMI does not make any representation as to their accuracy, completeness or correctness and does not accept liability for any loss arising from the use hereof. Such information andopinions are subject to change without notice due to changes in market or economic conditions and may not necessarily come to pass. References to specific securities are not intended as recommendations of said securities. Please note that some of the securities mentioned may be held in an AMIstrategy or in personal accounts. The reader should not assume that any investments in securities, sectors and markets identified or described were or will be profitable. Investing entails risks, including possible loss of principal. Past performance is not a guide to future performance and futurereturns are not guaranteed. The investment strategies referenced may not be suitable or appropriate for all investors depending on their specific investment objectives and financial situation and potential investors should consult with their own financial professional before determining whether to invest in the strategy.

In this episode, the team discusses a volatile week in themarkets triggered by a viral, fictionalized report on a "2028 Global Intelligence Crisis" that fueled fears of a massive AI-driven deflationary collapse. The team explores the impact of these skittish investor sentiments on enterprise software and "friction businesses" like DoorDash and Uber, while also analyzing a series of real-world earnings reports from companies like Salesforce, Workday, and Snowflake as they navigate the shift toward AI-integrated consumption models. They also weigh the significance of Block’s massive workforce reduction against the backdrop of NVIDIA's "perfection-priced" earnings and the resolution of the high-stakes bidding war between Netflix and Paramount for Warner Bros. Discovery assets.This podcast is prepared and distributed by AMI Asset Management (AMI), an SEC-registered investment adviser (registration does not imply a certain level of skill or training). The information contained herein, and the opinions expressed are those of AMI as of the date of writing, prepared solely for general informational and discussion purposes. The information contained in this podcast has been compiled by AMI from sources believed to be reliable; however, AMI does not make any representation as to their accuracy, completeness or correctness and does not accept liability for any loss arising from the use hereof. Such information and opinions are subject to change without notice due to changes in market or economic conditions and may not necessarily come to pass. References to specific securities are not intended as recommendations of said securities. Please note that some of the securities mentioned may be held in an AMI strategy or in personal accounts. The reader should not assume that any investments in securities, sectors and markets identified or described were or will be profitable. Investing entails risks, including possible loss of principal. Past performance is not a guide to future performance and future returns are not guaranteed. The investment strategies referenced may not be suitable or appropriate for all investors depending on their specific investment objectives and financial situation and potential investors should consult with their own financial professional before determining whether to invest in the strategy.

In this episode, the team discusses the key takeaways fromthe 2026 Consumer Analyst Group of New York (CAGNY) conference, a pivotal event where industry leaders outlined their strategies for navigating a volatile retail environment. The team explores the implications of General Mills’surprising guidance cut and the broader struggle of branded staples to reclaim volume from value-seeking consumers and private labels. They also analyze emerging headwinds like the impact of GLP-1 weight-loss medications on food consumption and the shifting business models of giants like Pepsi, Kraft Heinz, and Walmart. Finally, the team breaks down how innovations in AI and recent Supreme Court rulings on tariffs are set to reshape the competitive landscape for consumer goods in the year ahead. This podcast is prepared and distributed by AMI Asset Management (AMI), an SEC-registered investment adviser (registration does not imply a certain level of skill or training). The information contained herein, and the opinions expressed are those of AMI as of the date of writing, prepared solely for general informational and discussion purposes. The information contained in this podcast has been compiled by AMI from sources believed to be reliable; however, AMI does not make any representation as to their accuracy, completeness or correctness and does not accept liability for any loss arising from the use hereof. Such information andopinions are subject to change without notice due to changes in market or economic conditions and may not necessarily come to pass. References to specific securities are not intended as recommendations of said securities. Please note that some of the securities mentioned may be held in an AMIstrategy or in personal accounts. The reader should not assume that any investments in securities, sectors and markets identified or described were or will be profitable. Investing entails risks, including possible loss of principal. Past performance is not a guide to future performance and futurereturns are not guaranteed. The investment strategies referenced may not be suitable or appropriate for all investors depending on their specific investment objectives and financial situation and potential investors should consult with their own financial professional before determining whether to invest in the strategy.

In this episode, the team discusses the rise of "OpenClaw," a revolutionary open-source AI agent that marks a shift from simple chatbots to persistent, autonomous assistants with human-like memory. The team breaks down how this "Jarvis moment" is reshaping the tech landscape, triggering a massive scramble among major AI labs like OpenAI and Meta to capture the orchestration layer between humans and data. By exploring the hardware demands for high-bandwidth memory and the cybersecurity risks of giving agents root access to personal devices, the team provides a critical look at the real-world ROI and the potential disruption of the traditional SaaS business model.This podcast is prepared and distributed by AMI Asset Management (AMI), an SEC-registered investment adviser (registration does not imply a certain level of skill or training). The information contained herein, and the opinions expressed are those of AMI as of the date of writing, prepared solely for general informational and discussion purposes. The information contained in this podcast has been compiled by AMI from sources believed to be reliable; however, AMI does not make any representation as to their accuracy, completeness or correctness and does not accept liability for any loss arising from the use hereof. Such information andopinions are subject to change without notice due to changes in market or economic conditions and may not necessarily come to pass. References to specific securities are not intended as recommendations of said securities.Please note that some of the securities mentioned may be held in an AMI strategy or in personal accounts. The reader should not assume that any investments in securities, sectors and markets identified or described were or will be profitable. Investing entails risks, including possible loss of principal. Past performance is not a guide to future performance and future returns are not guaranteed. The investment strategies referenced may not be suitable or appropriate for all investors depending on their specific investment objectives and financial situation and potential investors should consult with their own financial professional before determining whether to invest in the strategy.

In this episode, the team discusses the recent surge incommodity prices and whether the global economy may be entering a new commodity super cycle driven by AI, electrification, and infrastructure spending. They explore tightening supply and rising demand in key metals such as copper and rare earth elements, highlighting the capital intensity, long development timelines, and growing geopolitical risks tied to concentrated global production. The conversation also examines the rally in precious metals, including gold and silver, as central banks reassess reserve strategies amid fiscal concerns and shifting global dynamics. The episode concludes with a perspective on how these forces fit within a disciplined investment approach focused on durable, cash-generating businesses rather than commodity speculation. Please note that some of the companies discussed in this podcast may be held in an AMI strategy or in personal accounts including TSLA, FCX, BHT, MP and F.

In this episode, the team discusses the sudden resurgence ofconsumer staples, exploring why this traditionally "unloved" sector is seeing its highest relative strength since 1995. The team breaks down the defensive rotation away from volatile tech stocks, the temporary sales boost from Winter Storm Fern, and the impact of historic cocoa and tariff relief on companies like Hershey and McCormick. Finally, they examine the significant 15% price cuts at Pepsi and Walmart’s milestone as the first trillion-dollar retailer, offering a selective outlook on which brands can withstand the long-term headwinds of GLP-1 drugs and a strapped lower-income consumer. Please note that some of the companies discussed in thispodcast may be held in an AMI strategy or in personal accounts including HSY,MKC, CL, PG, CLX, ELF, EL, CPB, UTZ, PEP, WMT, and COST

In this episode, the team discusses a high-stakes week intech earnings, analyzing why strong financial results from companies like Microsoft, Apple, and SAP were met with a surprisingly brutal market reaction. The team explores the shifting investor narrative that now favors "picks and shovels" hardware providers like SanDisk over traditional enterprisesoftware, which is facing a valuation re-rating amid fears of AI disruption. By examining Meta’s aggressive capital expenditure and the growing importance of AI monetization, the team highlights how long-term investors can identify value in the "software graveyard" while navigating a market currently driven by short-term momentum and AI-infrastructure demand. Please note that some of the companies discussed in thispodcast may be held in an AMI strategy or in personal accounts including AAPL, MSFT, NOW, SNDK, AMZN, GOOGL, TSLA, IBM, SAP, ADBE, and CRM.

In this episode, the team discusses the growing concern that artificial intelligence tools like Anthropic’s "Cowork" could render traditional enterprise software models obsolete. The team explores the "build vs. buy" economic reality for businesses, using a Golden Gate Bridge analogy to illustrate why the hidden costs of software maintenance, security, and hosting often outweigh the perceived savings of AI-generated applications. By analyzing the "data moat" of platforms like Salesforce and ServiceNow, the team provides a framework for identifying which SaaS companies are truly vulnerable and which remain essential systems of record in an AI-driven world.Please note that some of the companies discussed in this podcast may be held in an AMI strategy or in personal accounts including SNOW, CRM, NOW, ADBE, AMZN, and MSFT.

In this episode, the team discusses the major takeaways fromtwo of the year’s most influential investor events: the J.P. Morgan Healthcare Conference and the ICR Consumer Conference. The team analyzes the shifting landscape of high-cap pharma M&A, the commercial launch of anti obesitypills from Novo Nordisk and Eli Lilly, and the rise of targeted "rifle shot" cancer treatments. Turning to the consumer sector, they examine a holiday retail season defined by deep discounting, the impact of GLP-1 drugs on restaurant margins, and the ongoing leadership drama at Lululemon amidst potential Supreme Court rulings on tariffs. Please note that some of the companies discussed in thispodcast may be held in an AMI strategy or in personal accounts, including LULU, ANF, AEO, URBN, CMG, DRI, JPM, ICR, MRK, JNJ, NVO, LLY, BSX, PEN, SYK, NARI, CGON, and VRNA.

In this episode, the team discusses the massive geo political and economic implications of the recent U.S. military operation in Venezuela and the capture of Nicolás Maduro. The team analyzes how this shift impacts global oil reserves and heavy crude refining while identifying specific energy and service companies positioned to benefit from a potential infrastructure rebuild. They also explore the ripple effects on American consumer spending and the rising energy demands of the AI era, highlighted by recent breakthroughs at CES and major nuclear power deals. Please note that some of the companies discussed in this podcast may be held in an AMI strategy or in personal accounts, including HAL, BKR, MPC, VLO, PSX, CVX, XOM, COP, FANG, NVDA, and META.

In this episode, the team discusses the groundbreaking $6billion nuclear fusion merger between Trump Media and TAE Technologies and the impact of geopolitical shifts, such as the potential Ukraine peace deal and Venezuelan blockades, on global oil prices. They analyze the resilience of the labor market through industrial earnings from companies like Cintas and examine a consumer landscape defined by stabilizing sentiment and early holiday retail trends. The conversation highlights strategic pivots in the food sector,including the planned split of Kraft Heinz and menu innovations at Darden and Chipotle aimed at inflation-fatigued diners. Finally, the team explores activist-ledleadership transitions at Nike and Lululemon as these iconic brands navigate turnaround strategies heading into 2026.Please note that some of the companies discussed in this podcast may be held in an AMI strategy or in personal accounts, including NVO, LLY, GIS, KHC, DRI, CMG, NKE, LULU, CTAS, AMZN, AAPL, ORCL, MU, GOOGL, META, NVDA, AVGO, and MSFT.

In this episode, the team discusses the Federal Reserve’srate cut and the subsequent injection of short-term liquidity, alongside the evolving dynamics of the AI trade where investors are shifting focus from pure infrastructure spending to companies demonstrating real returns on capital. This shift is evident in the pressure on tech firms with high capital expenditure and the strategic move by companies like Disney to invest in AI partners to leverage their proprietary intellectual property. The team also covers major developments in healthcare, including promising data for Lilly’s next-generation anti-obesity drug. The discussion then moves to the convergence of AI with energy and industrials, highlighting Google’s partnerships with NextEra for utility software and the growing interest in space-based data centers, with both Amazon’s Blue Origin and SpaceX looking to expand off-planet. Finally, the team delves into consumer goods, analyzing the settlement between PepsiCo and an activist investor that promises price cuts in salty snacks and product simplification, and discusses leadership changes atLululemon and strategic shifts at Home Depot and Campbell’s.  Please note that some of the companies discussed in thispodcast may be held in an AMI strategy or in personal accounts, including AMZN, GOOGL, NEE, CVX, PEP, HD, CPB, COST, LULU, NKE, SBUX, KO, LLY, NVDA, ORCL, AVGO, DIS, META, CRM, and PL.

In this episode, the team discusses recent economic data,including a weak ADP jobs number concentrated in small businesses and mixed signals from manufacturing and services Purchasing Managers' Indices. They analyze the high probability of a Federal Reserve rate cut next week, driven by soft economic indicators. The discussion also covers a massive Netflix acquisition of Warner Bros. Studios and HBO Max, and a significant executive reshuffle at Apple involving key AI and design leaders. Finally, the team explores the steep rise in U.S. natural gas prices due to growing demand for electricitygeneration, and the better-than-feared Black Friday/Cyber Monday retail sales, although growth was driven by price increases rather than volume. Please note that some of the companies discussed in thispodcast may be held in an AMI strategy or in personal accounts, including MA,ADBE, CRM, AEO, DG, DLTR, FIVE, ULTA, VSCO, KR, COST, META, NVDA, AAPL, SNOW,NFLX, MDB, MSFT, TTAN.”

In this episode, the team discusses a wave of newly releasedeconomic data following the government reopening, including a surprisingly strong September jobs report and historically weak consumer confidence readings. They explore what the lack of October inflation data means for theFed, how layoffs and falling oil prices fit into an increasingly uneven economic backdrop, and where early signs of sector rotation are beginning to show. The conversation then shifts to the week’s headline tech developments, includingNVIDIA’s massive earnings print, the ongoing shift from CPU to GPU computing, and Google’s launch of Gemini 3 alongside deeper AI product integration. Together, the team breaks down what these trends signal for markets, corporatespending, and the broader investment landscape. Please note that some of the companies discussed in thispodcast may be held in an AMI strategy or in personal accounts, including WMT, TGT, TJX, ROST, LLY, GAP, HD, LOW, BBWI,  NVDA, PANW, AAPL, GOOGL, ORCL, MSFT, AVGO, and AMZN.

In this episode, the team discusses the latest market and economic developments, including partial disruptions in economic data following the recent government shutdown and the potential impact on GDP. They break down key moves in the tech sector, from data center execution risks to the ongoing AI infrastructure build-out, and examine how investor sentiment is shifting across high-growth stocks. The team also covers consumer trends, including credit pressures, retail leadership changes, and new product launches, as well as notable developments in energy and industrials. Finally, they highlight broader market implications, including potential risks and opportunities emerging from debt, supply chains, and evolving regulatory landscapes.Please note that some of the companies discussed in this podcast may be held in an AMI strategy or in personal accounts, including AMZN, PEP, CVX, MSFT, ORCL, AMD, META, NVDA, and MA.

In this episode, the team discusses the latest market and economic developments, including the impacts of the longest government shutdown on airlines, consumer sentiment, and employment data. They explore healthcare news, particularly the evolving pricing and accessibility of anti-obesity medications and potential effects on the food industry. The conversation then shifts to the AI sector, covering recent market corrections, infrastructure constraints, corporate partnerships, and emerging legal battles that could shape the future of AI agents. Finally, the team touches on energy and nuclear markets, highlighting geopolitical developments and company performance in the sector.

In this episode, the team discusses the Federal Reserve’s latest rate cut and Chair Powell’s cautious comments that tempered expectations for further easing. They examine the disconnect between official labor data and signs of corporate layoffs, before shifting to company updates, including strong results from Eli Lilly, Alphabet, Amazon, and Apple, all highlighting differing facets of AI-driven growth and consumer trends. The team also reviews weakness in Meta’s capital allocation strategy and the ongoing stress in commercial real estate and private credit markets. The conversation wraps with a thoughtful look at whether AI investment is entering bubble territory or if demand fundamentals still justify the surge in spending.

In this episode, the team discusses the latest economic indicators, including softer-than-expected inflation data and declining consumer sentiment that continue to shape expectations for upcoming rate cuts. They also examine growing stress in regional banks tied to subprime auto lending and commercial real estate exposures. The conversation shifts to major developments in AI, with Google emerging as a stronger competitor in chips and compute. Finally, the team explores shifting dynamics in rare earth supply chains amid geopolitical tensions and ongoing efforts to diversify resources outside of China.

In this episode, the team discusses the recent flare-up of banking and credit market stresses, highlighting several high-profile fraud cases across regional banks, private credit funds, and specialty lenders. They examine whether these incidents are isolated or indicative of broader systemic risks, particularly as high-yield private credit products become increasingly marketed to retail investors. The conversation expands to geopolitical tensions between the U.S. and China over rare earth minerals and the resulting market volatility, while also noting signs of resilience in consumer demand and national security–driven investment. Overall, the team balances caution with perspective, questioning whether current disruptions represent early warning signs or temporary dislocations.

In this episode, the team discusses a relatively quiet week for economic data due to government closures, while Federal Reserve minutes reaffirm expectations for one to two rate cuts later this year. The conversation quickly shifts to geopolitical risks, particularly renewed trade tensions following China’s restriction of rare earth metal exports and President Trump’s public response, which rattled markets. The team explores the implications for AI hardware supply chains, broader compute infrastructure demand, and growing concerns over whether AI enthusiasm is entering bubble territory. They also examine major developments in AI platforms—highlighting Google’s Gemini Enterprise launch and recent partnerships involving OpenAI and AMD—while weighing long-term infrastructure needs against near-term market volatility.

In this episode, the team discusses the week’s major economic and market developments, starting with the government shutdown and its impact on payroll and employment data. They review key economic indicators, including ADP and JOLTS reports, ISM manufacturing and services data, and implications for the labor market. The conversation also covers significant moves in healthcare, AI advancements from OpenAI and Anthropic, and their potential effects on the job market and technology stocks. Finally, the team examines energy market volatility, Tesla’s Q3 deliveries, and earnings updates from companies like Nike, highlighting broader trends shaping consumer and industrial sectors.

In this episode, the team discusses the latest economic, sector, and market developments, including slightly elevated inflation, a stronger-than-expected Q2 GDP revision, and a rebound in new home sales. They review healthcare and drug sector updates, noting that large firms are generally positioned to manage renewed tariff and pricing pressures. The team also covers technology and AI, highlighting Nvidia’s $100 billion investment in OpenAI, broader AI industry spending, and key moves by companies like Intel, Apple, and Google. Finally, we touch on energy, industrials, and consumer trends, including geopolitical oil risks, corporate earnings, labor market shifts, and consumer headwinds in the auto and retail sectors.

In this episode, the team discusses the latest economic and market developments, starting with the Fed’s recent rate cut and the mixed signals from its economic forecasts. They analyze trends in housing, consumer behavior, and retail sales, highlighting the bifurcated nature of the consumer economy. The team also covers key corporate and technology news, including NVIDIA’s investment in Intel, Google’s AI advancements with Gemini, Meta’s new AR smart glasses, and updates from Apple, FedEx, and General Mills. Finally, they examine broader implications for sectors such as healthcare, semiconductors, and enterprise software, emphasizing innovation, M&A activity, and evolving market dynamics.

In this episode, the team discusses the latest economic data, including surprising producer and consumer price index trends and a significant downward revision in job growth, highlighting mixed signals for the Fed’s policy path. They dive into major corporate updates, covering Apple’s new iPhone lineup, Oracle’s AI-driven earnings surge, and developments in Adobe and cloud infrastructure providers. The team also examines market dynamics in energy, industrials, materials, and consumer sectors, exploring geopolitical impacts, tariff effects, and shifts in consumer behavior. Finally, they provide insight into how these economic and corporate trends are shaping investment opportunities and potential risks across the market.

In this episode, the team discusses a weaker-than-expected jobs report, upcoming payroll revisions, and what the latest labor market trends mean for the broader economy. The conversation then shifts to technology, covering the DOJ’s ruling in Google’s antitrust case, strong earnings from Broadcom, Amazon’s chip strategy, and ongoing AI innovation. The team also examines OPEC’s production increases, the administration’s potential housing emergency measures, and implications for industrial and energy markets. Finally, they review consumer sector takeaways from recent conferences, including insights on food-at-home trends, Pepsi’s activist investor pressure, and challenges facing Lululemon.

In this episode, the team discusses President Trump’s unprecedented attempt to remove Federal Reserve Governor Lisa Cook, the implications for central bank independence, and how markets have reacted across currencies and bonds. The conversation then turns to economic data, highlighting stronger GDP growth, resilient labor market trends, and shifts in consumer sentiment. The team also analyzes key earnings from NVIDIA, Snowflake, MongoDB, CrowdStrike, and Okta, exploring how AI adoption, infrastructure software, and cybersecurity are shaping market dynamics. Looking ahead, they preview Apple’s upcoming product launch and its potential AI ambitions.

The team breaks down Powell’s Jackson Hole remarks, with markets eyeing a September rate cut as the labor market shows signs of softening. They discuss the growing debate around AI, from overinvestment and unclear returns to Meta’s continued push for talent and infrastructure. Tech market rotations are also in focus, as investors weigh AI leaders against mixed results in software. The episode wraps with industrial and energy updates, including strong manufacturing data, China’s rare earth exports, and U.S. naval moves near Venezuela.

In this episode, the team discusses recent CPI and PPI data,exploring what it could mean for upcoming Federal Reserve rate cuts. Theyhighlight steady retail sales but note weakening consumer confidence and jobmarket concerns. Discussion covers restaurant industry shifts, with valuechains outperforming premium brands. Technology updates include legal andmarket developments impacting Google, Apple, semiconductors, and AIinfrastructure. The episode wraps with insights on energy markets, theTrump–Putin meeting, and rising natural gas demand.

The team discusses growing economic concerns, including weak labor data revisions, rising delinquencies, and increasing odds of a Fed rate cut. The conversation also covers key developments in healthcare, highlighting Eli Lilly's GLP-1 drug updates, and tech earnings from companies like Shopify, AMD, and Snap. The episode explores the narrow market leadership dominated by AI-fueled megacaps and raises questions about its sustainability. It also dives into AI's expanding role in consumer apps, fashion, and media, along with a closer look at rising consumer credit stress and what it signals for the broader economy.

The AMI team discusses U.S. economic data, including stubbornly high inflation and a surprisingly weak jobs report, and the implications of this for the Federal Reserve. They also focus on the tech sector, specifically earnings reports of major companies like Amazon, Microsoft, and Apple, and discussing key trends in AI, capex, and M&A. Finally, the team provides perspective on how the economic data and Fed policy has impacted the fixed income market.

In this episode, the team discusses a quiet week in economic data, the implications of a new U.S.–Japan trade deal featuring reduced tariffs and major investment commitments, and key consumer earnings from Tesla and Domino’s. They also cover a potential game-changing railroad merger between Union Pacific and Norfolk Southern. Finally, the team explores trends in the fixed income markets, including strength in corporate bonds and continued challenges in municipals.

In this episode of AMI's Investment Perspective, the team unpacks the latest economic data, highlighting cooling inflation and stronger-than-expected retail sales. They dive into key developments across consumer sectors, including Kraft Heinz’s potential breakup and Coca-Cola's rumored shift to cane sugar. The tech segment covers standout earnings from Taiwan Semiconductor and Netflix, plus a deep look into Meta’s aggressive AI talent push and evolving strategy. In energy, Chevron's $53 billion acquisition of Hess gets the green light, securing access to major Guyana oil reserves. The team wraps up with bond market insights, including yield movements and political noise around the Federal Reserve.