Paul Lane and Marc Fandetti examine growing volatility in the AI trade as markets await Nvidia’s earnings. With software stocks sliding, hedge funds increasing short positions, and the equal-weight S&P 500 outperforming its tech-heavy counterpart, they explore whether leadership in the market is quietly shifting away from the Magnificent Seven.

The hour also covers retailer earnings from Lowe’s and TJX, renewed concerns about housing market softness, and what rising investor anxiety around AI-driven disruption could mean for markets in 2026.