Investors have started to worry about tech companies spending big on artificial intelligence. We focus on the broader story and stay overweight the AI theme. U.S. stocks have climbed back near all-time highs. Resilient U.S. growth calls into question the scale of Federal Reserve rate cuts markets have priced. This week’s U.S. payrolls report should show ongoing job gains even with the rise in unemployment. We don’t think such job gains support recession worries.
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