Schwab Network

Tuesday's top takeaways focus on the international front, as Sam Vadas addresses the latest funding rounds in China's DeepSeek and Moonshot AI, while Marley Kayden talks about the widening trade deficit via the international trade in goods and service sprint.

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There was a clear divide in stocks tied to the AI trade when it came to the best and worst performers on the S&P 500 (SPX). Marley Kayden discusses Constellation Energy (CEG) and its stock surge thanks to a new deal with Alphabet (GOOGL). Marvell (MRVL) rallied on its new ambitious growth plan. Meanwhile, Seagate (STX) and Western Digital (WDC) sold off over competition around a certain acquisition.

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Kevin Rubin, CFO of Zscaler (ZS), joins Market on Close to discuss why the cybersecurity company reaffirmed first-quarter and full-year 2027 guidance during the firm's investor day. As Kevin explains, AI is becoming the biggest tailwind for Zscaler due to customer needs to fend off cyberattacks from AI agents. He talks about ways Zscaler is scaling to assist its growing customer base while protecting its own platform.

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Samuel Kerr says rising sovereign yields with the US ten-year near 5.5% are spooking IPO investors and widening valuation demands. He sees investors keeping powder dry for Anthropic's roughly $100 billion IPO expected this quarter, while SpaceX (SPCX) carries more FOMO as a pure monopoly. Kerr expects Anthropic and OpenAI to return to markets repeatedly for capital given vast CapEx needs, and notes China's IPO market is hot with DeepSeek and Moonshot targeting Hong Kong listings while Europe struggles with wide discounts.

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Paisley Nardini, head of investment strategy at Tema ETFs, calls this a bifurcated market with 70% of S&P constituents trading below their 50-day average even as the index hits all-time highs. She sees the Mag 7's strong earnings justifying their valuations and expects AI demand to keep driving sectors beyond tech, naming Constellation Energy (CEG) and healthcare as beneficiaries. Nardini says fixed income is getting attractive with real yields at decade highs, and bond yields near 6% or an earnings miss could finally pressure equities.

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Injective's Mirza Uddin says the failure of the Clarity Act turned out to be a blessing as the CFTC and SEC stepped in with innovation exemptions, giving builders clearer rules for the next five years. He sees tokenization of stocks, bonds, and real estate as crypto's biggest economic catalyst, with ETFs driving broader adoption among traditional investors. Uddin expects Bitcoin and Ethereum to keep benefiting regardless of midterm outcomes and says Injective is launching its own ETF later this year.

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Sam Klar, Portfolio Manager of the GMO Domestic Resilience ETF (DRES), says American reindustrialization has three major supports: bipartisan policy tailwinds, corporate America reshoring from China, and defense spending to counter a rising China. He takes a picks-and-shovels approach focused on quality and value, owning Union Pacific (UNP), Martin Marietta Materials (MLM), Jacobs Solutions (J), C.H. Robinson (CHRW), and Northrop Grumman (NOC). He sees the midterm elections as a clearing event since reindustrialization is bipartisan.

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The public markets don't reflect the long timeline it will take to make quantum computing technology profitable on a mass scale, says Cory Johnson. He compares quantum to "science experiments" that need more time to go beyond baby steps of revenue generation. That said, Cory sees IonQ (IONQ) as a unicorn among peers. Brendan Cavanaugh agrees that it will take time to develop the technology but sees strong use cases for it in the future. He points to the U.S. government's involvement in funding quantum tech as a key factor.

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Lance Roberts believes Apple (AAPL) still has the "better mouse trap" for AI optimization despite a slower rollout in the evolving technology. He explains how the Mag 7 giant remains a core technology stock due to its wide reach across Wall Street, pointing to its iPhone Duo and iPhone 18 cycle as the next growth catalyst. Lance adds that a recent rally in tech stocks will lift Apple as well.

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HPE (HPE) shifting from a compute company into a networking company is something Zeus Kerravala sees as a positive shift for the firm's growth potential. He explains how Juniper technology, obtained through HPE's acquisition of Juniper Networks, gives the company added leverage with its AMD Inc. (AMD) partnership. Zeus then turns to HPE's role in the greater networking space amid AI's continuous acceleration.

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