Editorial companion

What stands out

Eric Beiley lays out why investors are stepping back from the AI trade and moving into defensive corners: rising Treasury yields, heightened geopolitical risk and caution ahead of the midterm elections. He singles out Microsoft and Alphabet as exceptions, arguing their earnings trajectories remain strong even while money rotates elsewhere. The clip matters because it frames the current pullback not as a failure of big-tech fundamentals but as a portfolio reshuffle driven by macro and political risk, with Beiley urging attention to undervalued pockets outside the AI frenzy.