Welcome to Markets Desk, your midday read on what's moving markets and the broader economy.
Stanley Druckenmiller, one of the sharpest macro minds on Wall Street, has reshuffled his artificial intelligence exposure in a move worth watching. He exited Nvidia after its first explosive run and rotated into three infrastructure plays, signaling that the next leg of the AI trade may favor the picks-and-shovels layer over the headline chipmaker.
That lines up with what Bank of America is telling clients this week. The bank's research team argues AI productivity gains are being dramatically underestimated, calling the technology more transformative than electricity or the internet combined. They acknowledge current output gains look modest, but say that one-tenth of one percent result is just the opening act of a much longer compounding story.
Meanwhile, the labor market picture for white-collar workers is getting more complicated. Millennial job seekers in their thirties and forties are quietly trimming their resumes to show only the last ten years of experience, deliberately obscuring seniority to avoid being screened out for appearing too senior or too expensive. It reflects a job market where experience, once an asset, is increasingly being treated as a liability by cost-conscious hiring managers.
That's the tape. Markets Desk, signing off the floor.
