Scott and Ed open the show by discussing the stock market’s reaction to DeepSeek’s arrival, a record in private equity stake sales, and the rising unemployment rate among recent MBA graduates. Then Robert Armstrong, U.S. financial commentator for the Financial Times, returns to the show to break down the winners and losers of the DeepSeek trade. He explains why, despite significant developments in China’s corporate economy, he still believes Chinese stocks remain uninvestable. Robert also offers his thoughts on European and U.K. stocks relative to their U.S. peers, gives his take on Trump’s comments on interest rates, and explains how the immigration crackdown could affect investors.

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