Big Tech earnings are moving markets sharply as investors try to figure out whether the AI trade still has another leg higher or whether the volatility is warning of something more fragile.

Chuck Zodda and Mike Armstrong break down the sharp swings in semiconductor stocks, why major tech names like Microsoft, Meta, Amazon, and Apple are seeing outsized moves after earnings, and why the broader market still looks uncertain despite several big rebounds. They also discuss Amazon’s strong cloud growth and rising CapEx, Apple’s disappointing guidance tied to supply constraints and memory chip costs, and why Apple’s slower approach to AI resembles Toyota’s patience during the EV boom. Plus, they look at the blowup of the AI-focused hedge fund Situational Awareness, Todd Lutsky’s explanation of irrevocable Medicaid trusts, and why new reports about Anthropic’s AI models hacking companies raise serious concerns about agentic AI risks.

The market is drawing a sharper line between companies that can justify AI spending and companies that still need to prove the payoff.

Chuck Zodda and Mike Armstrong break down the very different reactions to Microsoft and Meta earnings, why Microsoft’s cloud growth and spending discipline lifted the stock, and why Meta’s rising costs and weaker outlook raised fresh concerns about AI investment. They also discuss Kevin Warsh’s difficult second Fed meeting, why bond markets are testing his inflation credibility, and what rising long-term yields could mean for borrowers. Plus, they look at the risks of disruptions in global energy shipping, the push to restrict Chinese humanoid robots, the limits of the 4% retirement rule, retail investor losses in Korean AI stocks, Jersey Mike’s planned IPO, and why LinkedIn may finally be admitting it has an AI slop problem.

Kevin Warsh’s second Fed meeting left investors questioning whether the new Fed chair is willing to back up his inflation talk with action.

Chuck Zodda and Mike Armstrong break down why markets initially held up after the Fed left rates unchanged, how Warsh’s press conference lost credibility with investors, and why the bond market reaction matters for mortgage rates, inflation expectations, and the broader financial system. They also discuss the weaker-than-expected GDP headline, why the underlying economic data looked stronger than the top-line number, and what Microsoft and Meta revealed about the AI spending boom. Plus, they explain why investors rewarded Microsoft’s cost discipline, punished Meta’s rising expenses, and what the blowup of the AI-focused hedge fund Situational Awareness says about leverage, risk, and the volatility behind the semiconductor trade.

Microsoft and Meta head into earnings with investors asking whether the massive spending behind artificial intelligence can actually produce the returns needed to justify the cost.

Chuck Zodda and Paul Lane break down why hyperscaler CapEx is becoming a bigger concern for markets, how depreciation from trillions in AI infrastructure spending could pressure future profits, and why companies may need enormous new AI revenue just to break even on the buildout. They also discuss Mark Zuckerberg’s pushback against AI regulation, the risks of increasingly powerful AI agents, Ford’s outlook as buyers keep favoring trucks and SUVs, FIFA’s reported effort to attract outside investors, Nike’s struggles in China, and why DoorDash’s FAA approval for drone delivery raises new questions about technology, jobs, and public safety.

Kevin Warsh is facing one of the most uncertain Fed meetings in years as markets split over whether the central bank will hold rates steady or send a stronger inflation signal with a hike.

Chuck Zodda and Paul Lane break down why today’s Fed decision matters, how Warsh could build credibility with the bond market, and why even a small rate hike could carry major signaling power. They also discuss the renewed jump in oil prices, the unstable path of the conflict involving Iran, Iraq, Saudi Arabia, and the Strait of Hormuz, and why energy markets remain difficult to predict. Plus, Todd Lutsky joins for Ask Todd to explain when irrevocable trusts make sense, why a revocable trust may not be the right first step for Medicaid planning, and how long-term care insurance can fit into a broader estate plan.

As investors rotate out of chip stocks and question the AI spending boom, Apple is suddenly standing out for what it has not done.

Mike Armstrong and Paul Lane discuss the continued selloff in tech and semiconductor stocks, Apple reclaiming the title of the world’s most valuable company, and why its slower approach to artificial intelligence may be helping the stock even as valuation and input-cost concerns remain. They also break down the retirement math many people miss, including rising housing, insurance, healthcare, dental, and long-term care costs. Plus, they look at whether AI customer service is ready to replace human workers, why Starbucks is still struggling to revive growth, and why companies like Cracker Barrel keep turning to older executives when a turnaround gets messy.

The AI trade is facing a tougher test as chip stocks sell off, Korean markets tumble, and investors question whether the massive spending behind artificial intelligence can keep delivering returns.

Mike Armstrong and Paul Lane break down why semiconductor stocks are under pressure, how Nvidia’s potential financing backstop for OpenAI is raising concerns about circular funding, and why China’s CXMT debut could threaten profit margins across the memory chip industry. They also discuss the sharp drop in Samsung and SK Hynix, the leverage risks building in Korea’s retail trading market, Apple crossing a $5 trillion valuation, and why Kevin Warsh’s upcoming Fed decision could be one of the most uncertain meetings investors have faced in years. Plus, they look at falling oil prices, stubborn gasoline costs, and why the starter home has become increasingly difficult to find in New England.

Kevin Warsh is heading into his second Fed meeting with markets unusually divided over whether the Fed will hold steady or raise rates.

Mike Armstrong and Chuck Zodda break down why this week’s Fed meeting matters, how Warsh could build credibility on inflation, and why markets are less certain about the Fed’s next move than they have been in years. They also discuss the packed earnings calendar for Microsoft, Meta, Apple, and Amazon, what investors want to hear about AI spending, why grocery prices rise quickly but rarely fall, and why lower prices across the economy are usually a warning sign rather than a benefit. Plus, they look at hiring trends, Gen X investors approaching retirement, shrinking child populations in major cities, and the debate over whether companies should still be required to report earnings every quarter.

One of the busiest market weeks of the year is arriving with a Fed meeting, major inflation data, and huge tech earnings all landing as investors question whether the AI trade can keep carrying stocks.

Chuck Zodda and Mike Armstrong break down the packed economic calendar, the latest pause in U.S. and Iran hostilities, and why oil markets remain vulnerable despite crude prices pulling back. They also discuss China’s surging memory chip maker CXMT and the pressure it could put on semiconductor profits, why investors are rotating out of chip stocks and into software, and how Nvidia’s reported financing backstop for OpenAI raises new concerns about circular funding inside the AI boom. Plus, they explain the return of single-stock futures and why more leverage could create new risks for retail traders.