Elbows Up for CUSMA

Welcome back everyone. Market Update📈📉 For most of the past year the index has carried an almost built-in AI hedge. When hyperscalers raised capex, the companies receiving the money rallied, because the spending became their revenue. When hyperscalers hinted at spending less, their own stocks rallied on better free cash flow and more room for buybacks. One side could get hurt, but the other side…