DC Lite #544

1. Job postings. "In spite of the current displacement narrative - job postings for software engineers are rising rapidly, up 11% YoY."

2. AI vs. unemployment. "Total U.S. employment increased approximately 2.5 percent since ChatGPT's release in fall 2022 ... employment has declined 1 percent since late 2022 in the 10 percent of sectors most exposed to AI".

3. AI talk. "The vast majority of S&P 500 companies are talking about AI this earnings season, at least in broad strokes. But precious few are disclosing hard numbers on how AI makes them more profitable ... just 1% of the members of the S&P 500 have 'quantified the impact of AI on earnings.'"

4. Mid-terms. “Yes, stocks in the US have been choppy so far this year. But looking at a four-year Presidential cycle, this is actually quite common for mid-term years.”

5. Mag 7 vs. Staples. "For 99.6% of days over the past decade, the Mag 7 (ex-Tesla) has traded at a premium to Consumer Staples sector. It is now trading at a discount."

ICYMI