Chinese and Japanese Economies Got Bruised Badly but Commodities Rally in Any Event

Active managers back behind the eight-ball as market concentration risks expand even more

Key Takeaways

• AI Stocks Take the Lead: We wake up to Nasdaq futures up an impressive +0.6%, but the Dow and S&P 500 are lagging behind just a bit — AI-linked stocks have clearly regained their leadership (helped in no small part by the recent revelation that Berkshire Hathaway has bolstered its position in Alphabet — now its third-largest holding).