Some relief in software. Eyes on Trump-Xi next week.

Today, a look at US market performance behaving very differently yesterday as some software names got a big boost on an otherwise negative day, in part on DataDog's earnings result. Also, an interesting geopolitical signal comes out of Greenland, while there is plenty to talk about in macro and FX even if FX volatility remains restrained, waiting for US jobs data and next week's critical Trump-Xi summit. This and more on today's pod, which is hosted by Saxo Global Head of Macro Strategy John J. Hardy. Links discussed on today's show: The Goldman Sachs research report on "Tracking the Trillions" in AI spending - very thorough look at many of the issues in understanding the risks in the assumptions about chip lifespan and much more. An X post that looks at how the massive cap-ex spend on AI will drive S&P 500 earnings projections through next year, even if balance sheets are less robust on the other side. Craig Tindale's massive work on how we are looking at climate change risks in the wrong way, with risks of ugly feedback loops in key systems that could accelerate change in ways the generalist models aren't.   About twice per week, you will find links discussed on the podcast and a chart-of-the-day over at the John J. Hardy substack. Read daily in-depth market updates from the Saxo Market Call and the Saxo Strategy Team here. Please reach out to us at marketcall@saxobank.com for feedback and questions. Click here to open an account with Saxo. Intro music by AShamaluevMusic DISCLAIMER This content is marketing material. Trading financial instruments carries risks. Always ensure that you understand these risks before trading. This material does not contain investment advice or an encouragement to invest in a particular manner. Historic performance is not a guarantee of future results. The instrument(s) referenced in this content may be issued by a partner, from whom Saxo Bank A/S receives promotional fees, payment or retrocessions. While Saxo may receive compensation from these partnerships, all content is created with the aim of providing clients with valuable information and options.