Schwab Network

Cooper Howard from @CharlesSchwab says he's surprised with how hawkish Fed Chair Kevin Warsh came off during his speech at Jackson Hole. He tells investors to keep an eye on incoming inflation data as the FOMC clearly emphasizes inflation as the metric to watch. Jim Farraioli talks about the "rebirth of the debasement trade" and how the tone of Warsh's press conference shapes Bitcoin and gold prices. He outlines the path ahead for crypto with a coin flip chance of an interest rate hike on the table.

Orphe Divounguy recaps Fed Chair Kevin Warsh's speech at Jackson Hole. He notes Warsh's comments on the labor force slowdown and AI's investment boom aiding it as a key takeaway, believing it will keep the FOMC focused on inflation. On the housing market, Orphe says Warsh is facing restraint from the bond market as "part of the calculus" to countering further weakness.

Tony Zipparro says the headline numbers for Big Tech earnings like Nvidia (NVDA), Microsoft (MSFT), and Amazon (AMZN) show "phenomenal" growth. The problem he sees lies in how the numbers will affect GDP, along with raising questions on how these earnings pave a clear path to AI ROI. Tony also explains that the growth picture faces a key headwind: a K-shaped economy where the bottom third of Americans are struggling.

Carol Schleif discusses the volatility she expects to see around the Fed's Jackson Home symposium and Fed Chair Kevin Warsh's speech. On the path of interest rates, she tells investors to brace for a mostly neutral road ahead as the FOMC remains divided on how to read inflation and jobs data. For inflation in particular, Carol notes the U.S.-Iran war and tariffs making the Fed's job even harder.

Rick Gardner of RGA Investments says markets are responding positively to Fed Chair Kevin Warsh’s Jackson Hole speech. Gardner says Warsh appeared flexible on whether additional rate hikes are needed while keeping inflation at the center of the Fed’s policy debate. He also points to Warsh’s use of new task forces as a sign that it is no longer business as usual at the central bank.

Drew Glover of Fiat turns to the venture capital space and how smaller firms can compete with more established names. As he explains, a lot of it comes down to distribution. Drew uses his own experience at Fiat to give people working in similar firms more perspective.

Synopsys (SNPS) "is such an important company" at "such an important time," says Cory Johnson. He explains how the company plays a critical role for Big Tech firms like Nvidia (NVDA) and ways its acquisition of Ansys expanded the company's moat. Cory adds that the AI evolution gives Synopsys more tools to build on software products.

Adam Lynch (@CharlesSchwab) offers his big picture take on the state of the crypto space following Bitcoin's recent rally. On the Clarity Act, Adam outlines the legislative path Congress has to navigate before passage. It comes as other cryptocurrencies like Ethereum, Solana, and Hyperliquid surge on anticipation of deeper regulation.

As AI bandwidth requirements rise, so do opportunities for growth in photonics and optical services, says Hong Yi Chen of Tema ETFs. He turns to key stocks he sees benefitting from the growing need, pointing to Lumentum (LITE) as a leader. Hong highlights the Tema Photonics & Optical ETF (LAZR) as a way his firm aims to provide returns portfolio returns as the space develops.

The whole buy now, pay later sector is doing really well in the fintech space, says Ted Rossman, noting that U.S. consumers are using these services for more essential goods. He touches on Affirm (AFRM) as a leader but discusses how growing consumer debt can come back to bite the company. Bryce Deeney talks more about Affirm earnings and ways the company can signal outperformance in the report — and how inflation looms over its guidance.