Kristina Hooper reviews the latest economic data and earnings. She notes that according to a recent survey, many CFOs are not seeing return on AI capex, which could signal a potential slowdown in adoption and spending. She thinks that’s behind Microsoft’s (MSFT) drop today. “A lot of her thesis” for markets rests on valuations, which are stretched in the U.S. Abroad, increased spending from the EU provides opportunities. She’s also “excited” about Asian emerging markets.