Narrative following the price action? Lots of downbeat AI coverage in the media today, including this from the FT and WSJ. Predictable given the tape ... but will this sudden pivot to pessimism overshoot? #economy #marklets #ai #artificialintelligence @wsj @ft https://t.co/dcJc51iRwS

Dispersion in tech credit: The widening CDS spreads detailed in this table (H/T @zerohedge via LS) illustrates how markets are differentiating across names, notwithstanding the broader macro derisking in the AI trade. The data also points to marlwt opportunities, outright and via relative trades. #economy #tech #ai #artificialintelligence #markets

Ugly day for US stocks, especially tech (CNBC data below). Sharp selloffs on even relatively minor earnings blemishes show investors have now pivoted to applying much greater scrutiny to AI capex, funding needs, monetization, and ROI. This frisson in markets is not translating in a reassessment of the tech-led growth outlook, at least as of now. #economy #markets #tech

Bloomberg: "A new anxiety is gripping Wall Street as it bankrolls the vast network of data centers and chips behind the artificial intelligence boom: Early signs suggest that the credit market is approaching the limits of how much more debt it can absorb. One after another, yields are soaring into the double digits on bonds and loans funding the AI infrastructure buildout. Bankers are finding it more difficult to offload risk to insurers and other investors." #economy #markets #debt #ai #ArtificialIntelligence #bonds

The (1-x) qualification to the rotation trade within the stock market away from tech that many seem to favor: Given tech's role in recent years as an engine of economic growth and a magnet for domestic and international capital, the wellbeing of the non-tech sector (1-x) could well turn out to be, economically and technically, postively correlated to the health of tech stocks (x). #economy #investors #investing #markets #tech #rotation

Jets lose in OT.... We were all hoping for a new normal for our beloved Jets, including starting the season 2-0 for the first time since 2015. Instead, we’re right back to the old normal. This time around, we blew a 10 point lead in the fourth quarter ... and then lost the game in overtime after giving up two sacks and stupid penalties. If we can't have a new normal, can we at least time-warp back to theREALLY old normal?!?!? À la 1969?!?!? 🏈✈️. Please! #Jets #NYJets @nyjets

Thank you to Richard Quest and Stuart Varney for having me on their shows today. #economy #markets https://t.co/dFBma7M6If

While on yields, this chart from The Wall Street Journal on US mortgages. #economy #markets #yields #mortgages @WSJ https://t.co/3TB236Qx1W

From Federal Reserve Vice Chair Michelle Bowman's speech today, outlining "the initial findings of the independent review of the failure of Silicon Valley Bank (SVB)." Many will view this as yet another addition to an already long list of institutional missteps by the Powell-led Fed. #economy #federalreserve #markets

Despite widespread analyst commentary today that the Federal Reserve addressed inflation concerns and passed a “credibility test,” longer-term yields have remained relatively range-bound over the last few days. This is not because those factors are unimportant, but because they have not been, and are not, the primary drivers pushing yields higher. #economy #markets @CNBC @cnbcclosingbell #federalreserve