Earnings Shift Focus from Big Tech as AI Rally Questioned

Investors are broadening their focus beyond Big Tech as earnings season delivers mixed signals. Delta and Pepsi post upbeat results while Ferrari slumps after scaling back its electric vehicle ambitions. Meanwhile, concerns grow about whether the AI rally is becoming overheated, with hedge fund veteran Bruce Richards weighing in on market frothiness as Carlyle Group provides concerning labor data amid a government shutdown that has frozen official economic statistics.

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