Russell Hackmann points to negative earnings from Intel (INTC), mixed earnings from Amazon (AMZN), and neocloud funding concerns as "holes" forming in the AI bull case. He gauges the state of the AI trade following the departure of Nvidia (NVDA) CEO Jensen Huang from the company. Russell adds that he believes investors are far too overweight in equities, especially amidst an intensifying fight between the Fed and inflation.