A critical constraint for AI infrastructure spending: it's not about the chips.

Today, a look at the market's attempt to recover from the recent sell-off, noting at least one key name that is not participating in the comeback and noting sectors that are sending off diverging signals. Also on today's pod: key companies reporting and results incoming, macro and FX, some must reads and listens on what could hold AI back even if the hope to spend even more on data centres and more. Today's pod is hosted by Saxo Global Head of Macro Strategy John J. Hardy.

Links discussed on the podcast and our Chart of the Day can be found on the John J. Hardy substack (within one to three hours from the time of the podcast release).

Read daily in-depth market updates from the Saxo Market Call and the Saxo Strategy Team here.

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