Closing Bell Closing Bell: 10/8/25
Oct 8, 2025
Discover how AI advancements are driving market rallies and shaping investor sentiment. Experts discuss parallels between current trends and the late '90s, particularly in vendor financing. Delve into the dynamics of tech earnings, with big names like Microsoft set to benefit. The discussion touches on gold's recent rally and the implications of a meme ETF relaunch. Additionally, insights into the pressures facing European automakers from steel tariffs round out the conversation, offering a comprehensive view of the financial landscape.
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AI Is Powering Today's Market Rally
- AI and tech deals are driving record highs and lifting major indices today.
- Non-AI pockets like United Rentals and Caterpillar show the rally isn't entirely narrow.
Deal Structures Create New Risk Vectors
- Vendor financing and SPV deal structures raise circularity and off-balance-sheet risks in AI deals.
- Investors should be cautious about repeat patterns that echo past tech financing excesses.
1990s Vendor Financing Echoes
- Dan Greenhouse recounts vendor financing in the late 1990s that propped demand and later contributed to the tech bust.
- He warns current patterns could lead to overinvestment even if today's companies are higher-quality.