In this episode:

• The Nasdaq continues to hit new all-time highs, with AI firmly established as the driving force behind the rally. Nvidia, Meta, and Microsoft are leading the tech sector, while alternative assets like gold and Bitcoin have also gained around 30% year-to-date. Meanwhile, stablecoins are officially entering the traditional financial system with backing from the Trump administration.
• Markets are entering a critical week, with major tech earnings, central bank updates, and the August 1st deadline for trade tariff agreements all on the agenda. Trump is pushing forward on AI with executive orders aimed at unlocking investments, while the Fed is expected to hold rates steady but may revise inflation forecasts upward. Political pressure on Powell is mounting, adding to the market’s underlying tensions.
• In Europe, earnings are less impressive, partly due to a strong euro weighing on exporters. Heavily held stocks are underperforming, while the most shorted names are delivering positive surprises. The ECB has paused rate cuts, though markets still expect two more by year-end. Meanwhile, in the UK, household saving rates have returned to 2008 levels — a clear sign of growing economic concern.

Beneath the surface of a stable market lies a phase of strategic transition. Sector rotations, renewed geopolitical risk, and the rising centrality of AI are reshaping the landscape. August may not just be a seasonal lull — it could mark the beginning of a new, more diversified and selective market equilibrium.