Good morning.

With yesterday’s big move in one stock, AMD, some are starting to ask if we have already entered a situation similar to the “dot-com era” where individual securities showed enormous upside … prior to a severe and painful collapse.  Back then it seemed that the thought of being internet-affiliated was enough to drive investors into a tizzy … while now it is “AI” … as the mere mention of its adoption is occasionally enough to put aside any fundamental analysis and purchase strictly on hope.

While that was not the case yesterday, as AMD does seem to have a solid plan (and backers) in place, it just feels like AI has become the answer to everything and simply saying “we are using AI” represents an improved and well thought out company strategy even if details are missing on exactly how or even why.

By the way … I should admit that when I am in a rush, I also use one of the “Chatbots” to put a fantasy football team together for me on the DraftKings betting site … with results, so far, inconclusive … but at least I have a viable team put together in 30 seconds.

Speaking of inconclusive, markets today are relatively flat … coming off early morning gains which brought both the S&P and Nasdaq to intraday record levels … even as gold crossed over the $4,000/oz. level for the very first time.  But the high level is not bringing concern to one firm as Axios reports Evercore feels the S&P will jump from its present mark of 6,750 to reach 7,750 next year … with a 30% chance of reaching 9,000 … all thanks to the “AI-driven bull market.”

If you haven’t noticed, the U.S. government is in shutdown mode and some workers … deemed “non-essential” are now on unpaid leave.  Of course, even if they eventually receive back pay for what they missed we know many Americans are living “paycheck-to-paycheck” and must find this crippling. And if they needed any more bad news, there are now comments from the White House claiming their back pay is not guaranteed … but at the moment this appears to not be a serious consideration.  Still, some are understandably worried.

To add to the issues, data that the Fed counts on to make decisions (regardless of whether or not their decisions are good, bad or even accurate) have also been delayed and … for now it is said the Fed is flying blind.  Keep in mind we are three weeks away from the next Fed meeting and one article below reports Carlyle and other groups claim employment growth has all but stopped … which is quite the opposite of the rosy employment picture that existed at the beginning of the year.

That will about wrap it up for me today.

I will finish up by saying I am pretty upset by a story I read in the sports pages about the arrest of former Jet quarterback, Mark Sanchez, famous for the patented “butt fumble” … arrested following a drunken altercation over the weekend in Indianapolis.

One thing I will say about it is that the judges there really don’t mess around … as he has already been found guilty.

And his punishment … which might appear a bit too cruel?

The poor guy will be forced to play one more season for the New York Jets.

Have a great day,

Joseph G. Witthohn, CFA

Have any questions? Please contact info@teamemerald.com

A Look At The News | October 7, 2025 As of 10:58 AM today: As we sit in the second full week of the government shutdown, people are starting to notice and worry about the effects.  But what does it all mean exactly? (NPR) https://www.npr.org/2025/10/06/g-s1-92192/government-shutdown   While many can put up with inconveniences resulting for the government shutdown, a line is normally drawn when it comes to safety … and air travel is certainly at risk (CNN) https://www.cnn.com/2025/10/07/us/government-shutdown-air-travel-hnk   … on top of that there is economic data that is delayed … and that puts the Fed in an awkward position as the group meets in three weeks and could be flying blind (ABCNews) https://abcnews.go.com/Business/government-shutdown-halts-release-economic-data-fed-flying/story?id=126110753   … so how will the Fed get the information it needs?  They might have to count on the assessment of outside groups, and one analysis paints a picture that’s grim (CNBC) https://www.cnbc.com/2025/10/07/the-shutdown-meant-no-jobs-report-carlyles-analysis-shows-it-would-have-been-pretty-bad.html   Many wonder how (and if) artificial intelligence (“AI”) could affect their positions.  According to this article, 44 jobs are at risk … which some might understandably find pretty scary (LADBible) https://www.ladbible.com/news/technology/chatgpt-openai-44-jobs-at-risk-replaced-artificial-intelligence-240841-20251007   It is quite common knowledge (and easily proved) that women live longer than men but can clues provided in certain studies narrow the gap? (NPR) https://www.npr.org/2025/10/06/nx-s1-5558184/women-men-longevity-health-life-span The statements above are supplied for educational purposes only. The statements depict the viewpoints and opinion of the author and are not necessarily the views of Emerald Asset Management or its affiliates. The information described herein is taken from sources which are believed to be reliable, but the accuracy and completeness of such information is not guaranteed by us. Emerald Asset Management PA, LLC | 717-556-8900 | 3175 Oregon Pike, Leola, PA 17540 Want to change how you receive these emails? You can unsubscribe from this list. ———————————————————————————- The statements above are supplied for educational purposes only. The statements depict the viewpoints and opinion of the author and are not necessarily the views of Emerald Asset Management or its affiliates. The information described herein is taken from sources which are believed to be reliable, but the accuracy and completeness of such information is not guaranteed by us.