NYSE's Reinking Weighs in on AI Trade Concerns

• S&P 500 Equal Weight hit a new all-time high, contrasting with tech sector weakness.
• Concerns are rising around AI spending and its potential to disrupt SaaS business models.
• Market is seeing deleveraging and de-risking, with a shift towards hard assets and defensive sectors.
• The crypto market sell-off is seen as an indicator of broader risk sentiment decline.

The discussion highlights a market rotation away from mega-cap tech stocks, driven by concerns over AI spending and its impact on SaaS business models. While the S&P 500 Equal Weight hit a new all-time high, indicating broader market strength, there's significant deleveraging and de-risking occurring, particularly in the crypto market, suggesting a shift towards a more defensive posture.