Commodity Compass - 6/26 - The Trump Administration Makes Another Investment into Nuclear Energy

The dominant force on the board this week didn't come from a commodity market at all — it came from the AI trade, and the doubt that suddenly crept into it.On Tuesday, a wave of selling hit the semiconductor and memory names that have led this market all year. Micron fell double digits, Marvell, Sandisk, and Arm dropped sharply alongside it, and even Nvidia gave up around four percent. The tech-heavy Nasdaq closed down 2.2 percent — its worst session in weeks. And the trigger wasn't a bad earnings report. It was a question: whether the hundreds of billions of dollars in debt-funded AI infrastructure spending is actually going to pay off — and what a more hawkish Federal Reserve does to that math. Following Kevin Warsh's debut, traders have swung from pricing rate cuts a few weeks ago to now pricing the risk of another rate hike by December. The fear gauge popped, money rotated into defensive corners like staples and healthcare, and the tape steadied into midweek.