AI picks & shovels rocket higher. If only they could open the Hormuz Strait.

About this episode

The episode discusses a concentrated market rally in the US driven by AI-related companies amidst geopolitical tensions affecting shipping routes.

Today, a look at a concentrated market rally in the US yesterday, led by big picks and shovels names in AI, with GE Vernova leading the pack, even as market breadth was flat and risk sentiment is wobbly elsewhere on Iran continuing to obstruct shipping through the Hormuz Strait. Software-as-a-service names were under pressure after the US market close yesterday on ServiceNow reported earnings, the first major SaaS name to do so for this earnings cycle. Also, Tesla earnings, macro and FX and more also on today's pod, which is hosted by Saxo Global Head of Macro Strategy John J. Hardy. Luke Gromen was on Macrovoices last week and makes some key points on the risks to the global economy and markets if this Hormuz Strait crisis drags into summer. About twice per week, you will also find links discussed on the podcast and a chart-of-the-day over at the John J. Hardy substack. Read daily in-depth market updates from the Saxo Market Call and the Saxo Strategy Team here. Please reach out to us at marketcall@saxobank.com for feedback and questions. Click here to open an account with Saxo. Intro music by AShamaluevMusic DISCLAIMERThis content is marketing material.Trading financial…

People in this episode

Host: John J. Hardy

Topics covered

• AI
• market rally
• SaaS earnings
• Iran
• shipping
• global economy

Keywords

• AI
• market rally
• SaaS
• Hormuz Strait
• Tesla earnings
• macro
• FX

Mentioned in this episode

Organizations: ServiceNow, Saxo, Saxo Market Call, GE Vernova

Places: Hormuz Strait, US

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