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Good morning. Further to yesterday’s post on stocks (below): Futures currently indicate that the tech-heavy Nasdaq is set to open down nearly 2%. Note that this is another area where divergence is likely IF, and it is a big IF, there is a coordinated deceleration in AI development. Specifically, a possible slowdown in the upper revenue layers need not trigger an equivalent slowdown in broader tech-related economic activity as (i) frontier models are not required for many commercial applications and, (ii) on the tech input side, numerous activities remain supply- (rather than demand-) constrained. #economy #markets #stocks #ai