Every AI giant had a bear market. The S&P hid it.

Gina Martin Adams, chief market strategist at HB Wealth, points out that every single hyperscaler has been through a bear market over the past year, and nobody talks about it because the index kept rising. She also thinks the danger zone for stocks has moved higher, from 5% on the 10-year toward five and a half. Amy Wu Silverman, head of derivatives strategy at RBC Capital Markets, tells Kenny Polcari why volatility looks calm when it is not: the rotation cancels itself out. Her worry is the day correlation picks up, and almost nobody is hedged for it. Timestamps 0:00 Near new highs, with nerves underneath 0:55 The bull is intact. The bond market is not 1:34 The bond market is doing the Fed's job again 2:12 Why Martin Adams thinks the danger zone moved higher 2:38 Earnings went from 12 to 15% up to 20 to 30% 3:01 Five and a half, maybe six, and the 1990s comparison 3:27 A generation that has only ever known zero rates 4:07 Two habits this generation always comes back to 4:39 Rotation, not liquidation, and where the money went 5:24 The paddling duck: why VIX looks smooth 6:22 What happens the day correlation picks up 7:05 Nobody is hedging, and protection is inexpensive 8:54 The stock-bond correlation broke in May 11:46 The crowded trade, and Nvidia's 20% correction 12:25 Every hyperscaler has had a bear market 12:36 Silverman on the divorce from the Mag 7 14:01 The surge protector plugged into itself 14:50 One shortfall subjects the entire trade 16:04 Half a turn of leverage, against the railroads' three 17:29 Nvidia raising prices to the hyperscalers 18:04 Is the Treasury right to fight the long end 18:49 Jackson Hole, and why they both expect a dodge #TraderTalk #KennyPolcari #YahooFinance #AIstocks #Volatility #Mag7 == AlphaSpace by Yahoo Finance: A Professional-Grade Investment Platform Built for Everyday Investors. 👉 https://finance.yahoo.com/about/promos/gold/alphaspace?ncid=100003571

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