Today, a look at a concentrated market rally in the US yesterday, led by big picks and shovels names in AI, with GE Vernova leading the pack, even as market breadth was flat and risk sentiment is wobbly elsewhere on Iran continuing to obstruct shipping through the Hormuz Strait. Software-as-a-service names were under pressure after the US market close yesterday on ServiceNow reported earnings, the first major SaaS name to do so for this earnings cycle. Also, Tesla earnings, macro and FX and more also on today's pod, which is hosted by Saxo Global Head of Macro Strategy John J. Hardy.

Luke Gromen was on Macrovoices last week and makes some key points on the risks to the global economy and markets if this Hormuz Strait crisis drags into summer.

About twice per week, you will also find links discussed on the podcast and a chart-of-the-day over at the John J. Hardy substack.

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AI picks & shovels rocket higher. If only they could open the Hormuz Strait.