The Big Macro Force That's Been Driving Stocks Higher for Years

Hey, Fidelity. What's it cost to invest with the Fidelity app? Start with as little as $1 with no account fees or trade commissions on US stocks and ETFs. That's music to my ears. I can only talk. Investing involves risk including risk of loss. Zero account fees apply to retail brokerage accounts only. Seller assessment fee not included. A limited number of ETFs are subject to a transaction based service fee of $100. See full list at fidelity.com/commissions. Fidelity Broker Services LLC, member NYSE SIPC. So there's a lot of noise about AI, but time's too tight for more promises. So let's talk about results. At IBM, we work with our employees to integrate technology right into the systems they need. Now a global workforce of 300,000 can use AI to fill their HR questions, resolving 94% of common questions. Not noise, proof of how we can help companies get smarter by putting AI where it actually pays off, deep in the work that moves the business. Let's create smarter business. IBM. When you're running a business, the best days are the ones where priorities stay on track. For mid size and large companies, that isn't always easy. Risk can touch multiple parts of an organization at the same time, often in ways that aren't immediately obvious. It might involve property, liability, or cyber. It could stem from regulatory requirements or challenges tied to a specific industry or the scale of an operation. At that level, managing risk becomes an ongoing discipline, not a one time decision. At The Hartford, the focus is on helping businesses manage risk before it turns into something more disruptive. That means working with companies to identify where they're exposed, decide what matters most, and put practical standards in place so risk is managed as part of day to day operations. And when losses do happen, The Hartford Compare that risk control work with insurance coverage grounded in underwriting, risk engineering, and claims experience developed over time. Learn more at thehartford.com/riskmitigation. Bloomberg Audio Studios. Podcasts, radio, news. Hello, and welcome to another episode of the Odd Lots podcast. I'm Joe Wiesenthal. And I'm Tracy Alloway. So, Tracy, one of the things that we've been talking about a fair amount, everyone's talking about it, I guess, is how the biggest, most profitable companies in America, they're still really big, and they're still really profitable, but they've switched from being throwing off tons of free cash flow Mhmm. To big investors spending a lot of money. Yeah. That's right. So we've had years and years and years of big tech basically, I guess, generating infinite amounts of cash, it feels like. And now they're switching to actually spending some of that cash to build very expensive data centers and things like that. And you're right. It is kind of a change for the market. Yeah. Right? Like, we haven't seen No. That scale of investment for a very long time. Certainly not, I don't think, in …