Stocks Continue Slide, AI Trade Evolves

Kent Fung

"Gray skies are just clouds passing over." – Duke Ellington

Good evening, 

The S&P 500 slipped 1.39% this week, and the Nasdaq Composite fell still further, ending the week down 2.10%. Software stocks helped lead the indexes lower, as worries over whether AI would render many forms of software redundant maintained their presence on investors' wall of worry. As Fundstrat Head of Research Tom Lee put it, the story of "software eating the world," which we read repeatedly from 1980...

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