1. AI panic.

It wasn’t even just about software stocks today, but AI productivity fears were hitting out at even real estate and logistics stocks.

The Nasdaq closed down 2% and investors are bracing for further volatility as today’s CPI data looms, adding macroeconomic pressure to an already spooked market.

2. The AI winners and losers.

3. Global PC shipments are declining.

Are we already seeing the repercussions of rising memory costs show up in the PC market?
Notebook Original Design Manufacturer (ODM) builds are the foundation of the modern laptop industry, with over 90% of all notebooks manufactured by a handful of Taiwanese-based companies. These Taiwanese ODMs design and produce the notebook, which is then branded by companies like Apple, Dell, HP, and Lenovo.

4. European exporters have to absorb the impact of a stronger euro.

An analysis by Citi strategists found that a 10% appreciation in the euro against the dollar stands to reduce European EPS by about 2%. Commodities, food and beverages, health care, luxury goods and automakers are among the sectors hardest hit by this.

But not everyone expects a negative impact from the dollar. JPMorgan strategists say that a stronger euro is positively correlated with rebounding business activity in the region, meaning higher demand would offset the currency blow. “If the euro were to strengthen further, we do not believe that European equities, or cyclical sectors within the market, would find it a major obstacle,” strategist Mislav Matejka wrote in a recent note.

5. Telecom = Edge AI.

The concept of base stations evolving into AI-enabled computers with 6G serving as a distributed, intelligent fabric is a central vision for future telecommunications, often described as an "AI-native" network. Unlike previous generations, 6G is designed to embed AI directly into the radio access network (RAN), transforming base stations from passive communication points into active, intelligent computing nodes (sometimes called agentic base stations) that can run AI workloads at the edge.
By processing data directly at the base station rather than sending it to a remote data center, response times are drastically reduced.
The industry expects 6G to be standardized around 2028-2029.

Deutsche Telekom owns more than 20.000 towers across Europe and is trading at a very compelling 11x 2027e earnings.

In this AI panic, it was up 6% on the day.

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