Maggie Lake Talking Markets Episode 72: Do Tech Earnings Trump Tariffs? With Peter Boockvar.
Jul 21, 2025
Peter Boockvar, CIO of Bleakley Financial Group and author of the Boock Report, dives into the current market landscape amidst rising tensions of a trade war. He discusses the earnings reports of giants like Tesla and Alphabet and how AI impacts tech stocks. The conversation touches on the hidden costs of tariffs, emphasizing how consumers often bear the brunt. Boockvar also examines the relationship between the U.S. dollar and the euro, alongside strategies for navigating market volatility and investing against inflation.
AI Snips
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Transcript
Episode notes
AI Tech Trade Fuels Rally
- The main driver of the recent market rally is the AI tech trade gaining momentum again.
- Other economic indicators like small caps and transports are rallying but remain below previous highs.
Rally Fueled by Multiple Expansion
- Much of the rally is due to multiple expansion, not higher earnings expectations.
- Earnings beat rate stays around 75%, the usual norm, reflecting the tricky economic environment.
Focus on Key Earnings Drivers
- Watch Tesla's auto business earnings versus their optimistic robot and self-driving ambitions.
- For Alphabet, focus on how ad spending by small and medium businesses reacts in this economy.