Welcome back. Good to Morning Movers. I'm Dan King Hall coming to you live from the floor of the New York Stock Exchange.Joining us now is Jack Janis portfolio manager and the Texas Investment Managers to kick off our conversation about the AI trade and the evolution of it. For the past few years, Jack, good to see you. First of all, you could just essentially buy the AI trade and kind of sit back and, you know, watch your portfolio win.That era seems to be facing quite some speed bumps this year. the mag s ...

Gold’s rally has been building for a number of years, as central banks expanded their holdings as an alternative to the dollar, and accelerated last year as Western investors piled into the so-called debasement trade.“Parabolic,” “frenzied” and “untradeable” were all descriptions of the market on Friday, wrote Nicky Shiels, head of metals strategy at MKS PAMP SA. January 2026, she said, would go down as “the most volatile month in precious metals history.”Metals traders in Europe and the US have been workin ...

Market Momentum & Trends - The market demonstrated resilience by reversing a midday dip and reaching a new all-time high, suggesting strong momentum despite extended valuations and a potential government shutdown [1][2] - The market's strength is partly attributed to the "October chase," where investors who are behind need to deploy capital, potentially disregarding valuation concerns [2][3] - Momentum is shifting from the MAG 7 stocks to other groups, including crypto and recent IPOs, indicating a broadening of market participation [4][6][7] - The current market environment is drawing comparisons to both the late 1990s tech bubble and the 2020-2021 period, fueled by FOMO (fear of missing out) in digital assets [7] AI & Technology Sector - Neocloud stocks are experiencing rallies following contract announcements from major hyperscalers like Microsoft and Meta, although the latter companies' stock prices did not increase on the announcement days [5][6] - Open AI's valuation reached $500 billion, with employees selling $6.6 billion worth of shares, highlighting the scale of private market activity [8][13] - Samsung is a key player in the memory chip space, particularly in relation to AI, but US investors may have limited exposure due to its non-US listing [9] Macroeconomic Factors - The government shutdown is not expected to create a debt ceiling issue, as that was addressed in previous legislation [10] - The labor market data is not looking strong, which may be paradoxically beneficial for equities in the short term [11] Private Equity & Funding - Tech employees at private companies now have opportunities to sell shares in secondary markets, unlike in past cycles where they had to wait for IPOs [12] - Open AI's employee share sale of $6.6 billion is funded by venture capital funds, pension funds, sovereign wealth funds, and wealthy individuals [8][13][14]

Market Overview - The market showed resilience despite a government shutdown and extended valuations, with momentum driving the rally [1][2][10] - There is a sense of urgency among investors to allocate funds, leading to strong market performance [3][11] Sector Performance - The semiconductor sector is highlighted as crucial, with discussions around its importance in the current market dynamics [1][4] - Recent IPOs, particularly in the crypto space, have experienced significant gains, indicating a strong interest in digital assets [7][8] Company Insights - OpenAI has reached a valuation of $500 billion, becoming the largest private company globally, with insiders selling $6.6 billion in shares [8][12][14] - The performance of tech companies like Meta and Microsoft has been noted, with their stock prices not reflecting contract announcements immediately [5][6] Investment Trends - There is a growing trend of employees at tech startups being able to sell shares during high valuations, which contrasts with past cycles where such opportunities were limited [13][15] - The current market environment is drawing comparisons to the tech bubble of the late 1990s, with a notable sense of FOMO (Fear of Missing Out) among investors [7][8]