Steve Sosnick on the ratchet effect in equities, the AI bandwidth parallel, Kevin Warsh’s impossible first week, and why crypto is the unsexy trade right now.
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Equities are near all-time highs, the Fed’s preferred inflation gauge just hit a multi-year peak, Iran ceasefire talks are producing a familiar ratchet effect in markets, and Bitcoin is quietly underperforming tech stocks on a nine-month volatility low. Steve Sosnick, chief strategist at Interactive Brokers, joins Steve Ehrlich to map what’s actually driving these unique market dynamics. They cover the two vulnerabilities that could change things, the uncomfortable parallel between today’s AI capex and the 1999 bandwidth buildout, what $120 billion in money market inflows says about where retail cash is actually sitting, the challenge Kevin Warsh faces walking into an already-skeptical FOMC, and why crypto is currently losing the competition for momentum-chasing money to AI stocks, upcoming IPOs, and even a memory chip ETF.

Host:
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 <li>
<a href="https://x.com/ramahluwalia">⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠</a><a href="https://x.com/Steven_Ehrlich">Steve Ehrlich</a>, Head of Research at SharpLink and Host of Bits + Bips: The Interview
</li>
</ul>
Guest:
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 <li>
<a href="https://x.com/ramahluwalia">⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠</a>Steve Sosnick — Chief Strategist at Interactive Brokers
</li>
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