Technology

MARKET CALL: The Federal Open Mouth Committee

Nov 15, 2025 4 min read paid

We are surprised that the financial markets were surprised by the hawkish tone of remarks from Fed officials this past week. Collectively, a few participants on the Federal Open Mouth Committee pushed back against market expectations for an imminent rate cut, stressing that inflation is not yet under control and that monetary policy must remain restrictive. In prepared comments during his October 29 presser, Fed Chair Jerome Powell stated, "

Ed Yardeni

DEEP DIVE: Quantum Leaps For Quantum Computing?

Nov 13, 2025 3 min read

While most of the market’s focus is on artificial intelligence, many companies continue to work on quantum computing in the hopes of creating a computing system that’s far more powerful than traditional computers. Among the largest players, IBM, Microsoft, and Google are working to make the technology feasible by the end of the decade. The government has also recognized the national importance of quantum computing. It’s considering

Jackie Doherty
Ed Yardeni

More Thoughts On The Latest 'Big Short' & Other Matters

Nov 5, 2025 3 min read paid

On Tuesday, investors sold AI-related stocks on news that Michael Burry had shorted Palantir and Nvidia. Today, investors realized that his most prominent short position by far is in Palantir, which currently has a forward P/E of 212.9. Nvidia has a forward P/E of 32.7 (chart). Except for Tesla, the other Magnificent-7 have lower forward P/Es than Nvidia. Burry is famous for his "Big

Ed Yardeni

The 'Big Short' Is Shorting AI

Nov 4, 2025 3 min read paid

Hedge fund manager Michael Burry was portrayed in the film The Big Short. He bet big against the housing market before the 2008 crash and made a fortune. Now, he is taking another "big short" position against Nvidia and Palantir, two widely held AI stocks (chart). A regulatory filing showed that his hedge fund, Scion Asset Management, has bought put options on the two high flyers. Investors are

Ed Yardeni

Data Centers: Too Much of a Good Thing?

Oct 8, 2025 5 min read

The lure of riches and tight capacity today has money flooding into the construction of artificial intelligence (AI) data centers. Data center construction—just the cost of building the building—has increased to an annual rate of $43.0 billion, up 30% y/y and 322% higher than $10.2 billion four years ago (chart). Add in the costs of chips and servers, and you’re talking about real money.

Jackie Doherty
Ed Yardeni

Another Day Of AI Fun In The Sun For Semis

Oct 6, 2025 3 min read paid

Semiconductor stocks have certainly benefited from the AI boom. All those data centers being built will be filled with chips (chart). All those autonomous-driving vehicles will also be stuffed with chips, and so will humanoid robots. And they will all generate more data that will need to be processed. Today's AI winner was AMD. Shares of the chipmaker soared after the company announced a multibillion-dollar deal with OpenAI,

Ed Yardeni

A Bubble In Bubble Fears?

Oct 5, 2025 3 min read

We are raising our year-end S&P 500 target back to 7000. We started the year there, but lowered it earlier this year in response to Trump's Tariff Turmoil. We began raising our forecast again during the spring, when we concluded that the tariff issue would no longer impact the stock market by the end of the summer. We bet the resilience of the economy would boost

Ed Yardeni

MARKET CALL: The Oracle Of Austin

Sep 14, 2025 3 min read paid

Last Wednesday, Larry Ellison, the executive chairman and chief technology officer of Oracle, saw his net worth jump by $101 billion—the biggest one-day increase ever recorded on the Bloomberg Billionaires Index—to $382 billion. That happened after the company announced at its quarterly earnings conference that Google's Gemini AI models would become available on Oracle's cloud infrastructure. That sent the company's stock soaring

Ed Yardeni

The US Economy Is In The Cloud

Jul 30, 2025 3 min read

The Treasury's Quarterly Refunding Statement, released this morning, was a non-event. No unexpected policy shifts or drastic changes in issuance sizes were noted, so the announcement was largely as anticipated. The FOMC's decision in the afternoon to leave the federal funds rate (FFR) unchanged was widely expected, too. So was the fact that two Fed governors dissented from that decision for the first time since 1993.

Ed Yardeni

Washington Creates Buzz 24x7

Jul 22, 2025 3 min read paid

Can't we get a day without news coming out of the White House? Yesterday, US Treasury Secretary Scott Bessent called for an "exhaustive internal review" of the Fed's "non-monetary policy operations." He accused the central bank of "significant mission creep." He did so on CNBC in the morning. In a lengthy post on X, Bessent sought to clarify his remarks

Ed Yardeni

Semiconductors Leading The Stock Market Higher

Jun 25, 2025 3 min read paid

Since the start of the current bull market during October 2022, we recommended overweighting the S&P 500 Information Technology sector and have been especially positive on the S&P 500 Semiconductor industry. We stuck with that recommendation during the correction in the S&P 500 from February 19 through April 8. In recent days, the industry's stock price index rose to new record highs

Ed Yardeni

Nvidia Isn't Cisco

May 28, 2025 3 min read paid

As Nvidia's stock price soared during 2024, the naysayers compared its ascent to Cisco's roundtrip performance during the Tech Bubble of the late 1990s, which was followed by the Tech Wreck of 2000 and 2001 (chart). Cisco was the tech darling of the dawning Internet Age. Nvidia is leading the way in the AI Age. Cisco crashed when the Dot.Com Bubble burst. When DeepSeek was

Ed Yardeni

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