Market Risks & Opportunities - The biggest risk to equity markets this week is the unemployment rate, particularly large-cap tech earnings, given high valuations and concentrated positioning [2] - Negative talk about earnings or capex guidance could create pressure [3] - Disruption in credit spreads and the long end of the yield curve are potential market disruptors [6] - International investors feel underweight in AI trade and US equities, representing a potential source of incremental demand [16] Labor Market & Fed Policy - A labor number repeating last month's performance (around 150 thousand jobs) with unemployment at 41% would be favorable [7] - The Fed is willing to cut rates in that environment if inflation cooperates [7] - A significant miss on labor data (below 75 thousand or 50 thousand jobs) is needed to notably lower the market [9] - An unemployment rate of 41% with friendly inflation creates a good macro environment, influencing debates on Fed rate cuts [8] Market Dynamics & Technicals - The market is rallying in a low-velocity way with underlying demand [10] - Approximately 12 trillion of stock buybacks are expected this year [10] - VIX term structure indicates awareness of potential landmines in the next three months [12] - Analog semis were underowned and have started to correct [15]

All right. So, one of the reasons it seems like your stock's moving back is that you you lowered your fullear profit guidance. Can you give us a sense what was the real catalyst for that.Is it tariffs. Is it the stronger euro. What's the biggest factor.Uh, we actually didn't change our guidance. What we do is we guide at constant currency. And as you know, the euro's been particularly strong versus other currencies this year.And uh all we did was uh mark our guidance to market. So, um, we took the number do ...