For valuations, I’d still put AI capex ahead of Fed policy in the near term. A hawkish Jackson Hole could trigger volatility, but if AI spending continues compounding, strong earnings can ultimately overpower higher-rate pressure.
As for Meta and Snap, I think regulatory risk is becoming a structural theme rather than a one-off. Teen-safety scrutiny could spread across the industry, creating legal costs and potentially forcing product changes.
My view: AI momentum remains the engine; the Fed determines how bumpy the ride gets.
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