On Kevin Warsh, I think the market is too optimistic. He’s not meaningfully more dovish than Powell, so if cuts don’t materialize, equities could face a sharp repricing — especially with positioning already stretched.
My bigger concern is the macro shift. With OpenAI missing expectations and yields rising, the market is moving from FOMO to FAFO. If growth and liquidity both weaken, the AI trade could see a broader de-rating rather than just a short-term pullback.
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