To read our weekly Bespoke Report newsletter and access everything else Bespoke’s research platform offers, start a two-week trial to Bespoke Premium. In this week’s report we discuss the gut check markets are facing thanks to both geopolitics and the ongoing selloff (or is it a rotation?) in the AI trade. We review charts of key single names, valuations, historical context, and the massive capital market activity that has chased price and narrative higher. We also dive into earnings, covering reports from both US and major global names this week including a gangbusters week for Wall Street’s own earnings. The Fed had a dynamic week, so we dive in to some very hawkish speeches…and the inflation data that made them a bit irrelevant. Other US data and a big slate of releases from China are discussed before we break down commodity market price action in detail.