The AI rally is a bubble – profit margins of the S&P 493 have flatlined, and the promised productivity gains haven't materialized. When earnings disappoint and demand destruction forces the Fed to cut, capital will rotate into defensive assets. Gold and short-term U.S. Treasuries will benefit as safe havens.
The AI rally is a bubble – profit margins of the S&P 493 have flatlined, and the promised productivity gains haven't materialized. When earnings disappoint and demand destruction forces the Fed to cut, capital will rotate into defensive assets. Gold and short-term U.S. Treasuries will benefit as safe havens.