Let's talk about feelings

**SPEAKER_1** (0:00)
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**Kimberly Adams** (0:31)
Let's talk about your feelings, how investors are feeling about stocks and how the different generations are feeling about the economy in general.
From Marketplace in Washington, I'm Kimberly Adams. Investors are apprehensive as we get into this action-packed week in the economy. The Federal Reserve finishes up an interest rate setting meeting tomorrow, plus dozens of companies on the S&P report earnings. Oh, and we also get reports on inflation and GDP. Marketplace's Nancy Marshall-Ganzer has more on what's ahead and why traders are nervous.

**Nancy Marshall-Genser** (1:03)
Wall Street's fear thermometer, the VIX index, shot up more than 10% over the past five days as investors pondered what's ahead. We'll get earnings reports from some big tech companies, including Meta, Amazon, Apple and Microsoft. Investors have already gotten disappointing reports from Alphabet and Tesla. Then there's the Federal Reserve. New Chair Kevin Warsh's strategy is to keep traders guessing. That makes them nervous. Some Fed watchers are predicting that Warsh will announce a surprise interest rate hike tomorrow. We'll get more big news on Thursday, with an advance estimate of GDP for the second quarter of this year, plus the Personal Consumption Expenditures Price Index, or PCE, which as you know is currently the Fed's preferred inflation yardstick. We'll also get a peek at weekly jobless claims on Thursday. I'm Nancy Marshall-Genser for Marketplace.

**Kimberly Adams** (1:58)
Nancy mentioned those big tech earnings coming this week, including Meta, Microsoft and Amazon. Those releases come amid investor concerns about cash burn at companies that are building out AI data centers. Marketplace's Nova Safo has more.

**Nova Safo** (2:12)
Going into this earnings season, Daniel Newman, founder of the AI tech consultancy, The Futurum Group, was wondering if any big tech players would blink, as he put it, as in pull back on the hundreds of billions of dollars they plan to spend on AI.

**Daniel Newman** (2:27)
They're staring versus blinking.

**Nova Safo** (2:29)
Alphabet last week increased its AI spending forecast for the year by $15 billion. Newman expects the same this week from Microsoft, Meta and Amazon.

**Daniel Newman** (2:40)
They're staring down the barrel of trillions of spend in a market that basically doesn't want them to spend more, but would probably penalize them for spending less because that would be some type of admission of failure.

**Nova Safo** (2:53)
That's the conundrum.
And some investors don't want to wait to find out how this all ends. They're diversifying away from the biggest names in tech, at least those known as hyperscalers, the ones investing the most to build out AI infrastructure.

**Urient Timmer** (3:08)
They're going everywhere else.

**Nova Safo** (3:10)
Urient Timmer is director of Global Macro at Fidelity Investments, which is a Marketplace underwriter.

**Urient Timmer** (3:15)
What we're seeing now is that the sort of the non-AI space is really broadening up.

**Nova Safo** (3:22)
And that's good, Timmer says, if you want to avoid a bubble. I'm Nevesafu for Marketplace.

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