Bloomberg Surveillance Stocks Rise at Start of Week as Nvidia, Data Await
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Nov 17, 2025 Michael Purves, CEO of Tallbacken Capital Advisors, dives into market positioning and the implications of AI on capital spending. He explains how stocks are reacting to delayed economic data and discusses a K-shaped economy. Glenn Hubbard, former Dean of Columbia Business School, assesses the Fed's challenges and the ambiguous impact of AI on the labor market and productivity. Meanwhile, Sir Howard Stringer reflects on the BBC crisis, advocating for its public funding to maintain trust, and explores the challenges facing modern media.
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AI CapEx As Alternative Fiscal Stimulus
- Michael Purves highlights AI capex as an alternative fiscal stimulus lifting markets despite mixed macro signals.
- He argues big AI investments from a few firms can meaningfully bolster GDP and earnings in the near term.
Volatility Premium Keeps VIX Elevated
- Purves notes persistent volatility and a robust volatility risk premium have kept VIX elevated versus a classic low-vol bull market.
- He says rising skew and implied vol after recent moves are healthy if markets avoid major shocks.
Lock Gains And Tailor Year‑End Positioning
- Michael Purves recommends conservative positioning for managers who are up, locking gains and reducing risk into year-end.
- He advises tailoring allocation to strategy: long-short managers should protect gains while structural bulls remain selectively constructive.