AAPL Aug 2024 230.000 call

It's time to focus on AI's 'practical implications': Strategist

The ADP National Employment Report saw private payroll growth slow in May, signaling a cooling labor market. State Street Global Advisors Chief Investment Strategist Michael Arone joins Morning Brief to break down what's driving the market (^DJI,^GSPC, ^IXIC) amid sticky inflation. Arone points to tech earnings as a major market catalyst while the economy cools. He believes that the momentum fueled by the AI boom can continue, calling semiconductors "the key ingredient to the global economy." Arone explains that if the economy gets the soft landing envisioned by the Fed, the market will broaden out with greater participation in tech. While the AI race shows no signs of slowing anytime soon, Arone warns, "I think that we really need to move from possibilities of AI to the practical implications of AI." He believes Apple (AAPL) will be key to that equation, as it is relatively late to the AI game, yet looking to adopt the technology and get it on the market as soon as possible. For more expert insight and the latest market action, click here to watch this full episode of Morning Brief. This post was written by Melanie Riehl