Morning Bid: Rise of the job-killer robots?

Core Insights - The recent market downturn, termed 'software-mageddon', is projected to erase approximately $1 trillion in market capitalization from the S&P 500 software and services index, driven by advancements in AI technology [2] - The current phase of the technological revolution indicates a shift where investors will differentiate between successful disruptors and those that may fail, suggesting a more selective investment approach [3] - Concerns are rising among investors regarding the significant capital expenditures of major tech companies, with Amazon's shares dropping 11.5% after announcing a 50% increase in capital expenditures for 2026, and Alphabet's shares also declining despite a positive capex forecast [4][5] Industry Trends - Gold prices have decreased by about 10% from their recent peak, experiencing significant volatility, which may not align with the expectations of investors and central banks who increased their allocations to gold [6] - Silver has seen a dramatic decline, trading under $75 per ounce, which is over 35% lower than its high the previous week, following its largest one-day drop on record [7] - The metals market's downturn was initially triggered by political developments, specifically the announcement of Kevin Warsh as the new Federal Reserve chair, which has implications for inflation and monetary policy [7]