Market Rotation, AI Valuations, Energy Risks, and Fed Inflation Outlook

Seaport Research Partners chief equity strategist Jonathan Golub discusses the recent Nasdaq decline, the debate over whether AI-linked equities are in a bubble, and how professional investors are interpreting sharp sector rotations. The conversation also covers crypto as a trading asset, Middle East energy risks, oil’s effect on inflation, and the Federal Reserve’s policy outlook.

■ Market conditions and AI valuations
- Nasdaq’s worst two-week drop since April of last year and rising credit-risk and turbulence measures
- Whether AI-linked equities are in a bubble, with earnings growth and valuation multiples discussed
- Divergence between broad market stability and professional-investor concerns over semiconductors, defensives, industrials, and materials

■ Crypto, energy, and inflation
- Bitcoin’s decline and skepticism about crypto’s day-to-day utility beyond trading
- Middle East risks, oil prices, and energy-sector earnings implications
- Oil-related inflation pass-through, high-yield spreads, and expectations for Fed policy

This discussion is suited to investors and market observers seeking a strategist’s framework for evaluating AI exposure, sector rotation, energy risk, and inflation. Viewers can gain perspective on how professional investors are positioning around these themes and what signals to monitor in credit spreads, oil, and Fed communications.