Welch: Tailwinds Turn to Headwinds as Tech Moves from 'AI Enablers' to 'AI Users'

Two major tailwinds to the market have been a disinflationary trend and an interest rate cutting cycle, says Tony Welch. He says both are turning into new headwinds. Tony doesn't see a bear market in the cards but expects a ramp in volatility, as he offers advice for investors concerned for their portfolios. One suggestion he shares: look for companies becoming the new "AI users" as the trend turns away from "AI enablers."

Morning Movers

18 May 2026

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