00:00I would say you're seeing in the markets right now a pullback, which I think is healthy.
00:05Markets have run quite a bit this year, U.S. equity markets in particular.
00:09Markets heavily focused on this AI dynamic.
00:12Are we going to get the returns on capital invested that the market expects and is priced in?
00:17It's a big debate. We're going to see the NVIDIA earnings later today.
00:19That'll be a very important moment for the markets.
00:22Second topic I think is very much on the minds of investors is labor.
00:26However, we've had government shutdown, which is obviously behind us now, but the statistics will lag and the data will lag.
00:33So the market is not quite sure what to make of labor.
00:36So I would say labor is a major issue and a major concern.
00:40And the third topic I think is inflation, which remains pretty stubbornly high.
00:44And we obviously saw in the election cycle in the U.S. a lot of focus on affordability.
00:49And so I think those three topics are really shaping markets right now.
00:52Markets have had a good run, and so you're seeing investors kind of pull back.
00:55And I would say protect gains.
00:57Do you think we need more of a correction?
00:59Is the AI in an actual bubble?
01:02Well, I think we'll find out in NVIDIA's earnings today kind of what they say about their own prospects, which has been a bellwether.
01:09And I think we'll have some impact on the psyche of the marketplace.
01:13It strikes me that the market could pull back further from here.
01:15I do think that the technicals are kind of more biased for more protection and more downside, you know, more short activity, more macro hedging, and kind of protecting the gains that have been garnered this year.
01:28So I think there probably is a bit more bias to the negative.
01:30But I don't know that it'll be that much more pronounced from here.
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