Market Commentary

A glance at the previous month’s market events and thoughts on the near future.

Leadership Rotates as Higher Rates Challenge AI Momentum

July 2026

AI trade didn't break; the valuation assumptions behind it did
Markets shifted from rewarding AI investment to demanding AI monetization
Rising yields exposed crowded positioning and accelerated leadership rotation

Risk Rally Pauses as Warsh's Fed Reprices Policy Risk

June 2026

Warsh - from risk-taking to policy repricing
Equity leadership broadened beyond AI
Oil selloff and stronger dollar drove broad commodity weakness

Growth Leadership Extends as Inflation Fears Ease

May 2026

AI-fueled growth dominates
Oil drop eases inflation and supports risk assets
Rising concentration risk

Violent Reversal to Risk-On

April 2026

Melt-up ignited
Narrative beat noise
Risk-on regime shift