"AI-related mentions on S&P 500 earnings calls excluding Information Technology are running at roughly 2.7x last year's level"

1. Consumer Confidence. "The Conference Board's gauge of confidence decreased 0.8 points to 89.4 after a downward revision to the prior month ... A measure of expectations for the next six months fell to the lowest level since January, even as an indicator of present conditions rose to a four-month high."

2. New home sales. New SFH sales fell 10.5% MoM in July to a SAAR 607k. The median sales price fell to the lowest in more than 5 years ($393,800).

3. Vol-control positioning. "While near-term de-risking remains contained, stretched positioning leaves limited capacity for further equity additions and creates a more asymmetric flow backdrop should volatility rise."

4. AI talk. "AI-related mentions on S&P 500 earnings calls excluding Information Technology are running at roughly 2.7x last year's level ... Under the hood, some of the moves are pretty striking: Payment processors: ~6x YoY, Life Sciences Tools & Services: ~17x YoY, Research & Consulting Services: ~5x YoY."

5. Semis earnings cycle. "If we are reaching peak earnings growth, then the earnings cycle for semiconductors will be cresting in line with its historical 40-month cycle."

ICYMI