Get to the point

The job market narrative is wrong. Unemployment is the huge risk.

One massive narrative going around is that AI will help employees become more efficient so high unemployment is not a risk. This is totally WRONG, just wait until AI-Agents get closer to 100% efficiency and all easy brainless corporate jobs get erased. We agree with Dario Amodei’s view on this.

• Wait until SpaceX starts going after Apple and other AI hardware gets released

• The unperformance is clearly in Software. Stay away from Software.

• Curving flattening continues to be the trend caused by the front-end.

• Futures are pricing 1.5% in rate hikes by year-end

• USD is stronger.

• Industrials continue to perform well.

• The US will take equity stakes in major AI companies.

• By 2027 AI will be able to interface with your entire computer and also interface in the physical world. No job?

Chart of the week: AI taking us higher. Really take the time to think about this.

Levels on the S&P

Which jobs will be erased first.

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June dots are much more hawkish.