To read our weekly Bespoke Report newsletter and access everything else Bespoke’s research platform offers, start a two-week trial to Bespoke Premium. The AI trade continues to dominate conversation, whether it’s private market valuations, policy, investment, or the hits that incumbent companies are taking at the hands of the new technology. Foreign markets continue to crush the US equity market’s performance while uptrends have held for precious metals even as crypto prices remain weak. Earnings season is mostly wound down now, but there were still some fascinating results to skim through this week. We also take some time to ask the question: where is neutral?