Tech shares zigzag
6/25/202619 min
Tech stocks went into a swivet early this week, with a variety of big names moving sharply in different directions. Today on the show, Katie Martin and Rob Armstrong try to figure out what caused the skittishness, and if it was all the new Fed chair Kevin Warsh’s fault. Also they make opposing bets on gold and bitcoin.
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Transcript preview
First 90 secondsKatie Martin· Host0:00
[upbeat music] Pushkin. Big tech has been having a bit of a wobble. On one day this week, Korea's tech heavy stock market dropped 10%. In the US, it was a similar, if less dramatic story with the super techy NASDAQ down 2% or so, and SpaceX, the newly listed thing from Elon Musk, struggling to cling onto its early gains. Some spectacular results from Micron, another AI biggie, seems to have got the good vibes going again, but it's been a very up and down kinda week. Today on the show, is this a random wobble or a sign that the AI trade has got a little over-caffeinated? This is Unhedged, the markets and finance podcast from the Financial Times and Pushkin. I'm Katie Martin, a markets columnist at the FT in London, where the current temperature is 1,000 degrees Celsius. Skeletons are dotted around the streets, the city is deserted, and everyone is grumpy because it's just too hot. Hmm. Joining me down the line from his bunker in New York City is that guy, Rob Armstrong. Rob, I gather it's cooler there.
Robert Armstrong· Host1:17
It's very nice. And I just want to note for the record- Hmm ... that our editor, Brian, begged you on his knees not to talk about the weather in today's show, and you would not be stopped.