Good morning.

Stocks are in slight retreat this morning after hitting another record yesterday … it’s 32nd new high this year.  But it is not so “out of the ordinary” to have this occur … as while it appears to be a large number there were 2 instances where stocks hit 77 new highs in a single calendar year,1954 and 1995.

Even so, fear that the tariffs would have a devastating effect on the markets now appears only mentioned in quiet whispers … with fewer making this forecast.

Another item not getting much news at the moment is the interest the U.S. pays on its debt (soon to hit $38 trillion).  A report in this morning’s Wall Street Journal points out the cost on interest alone has now reached $1 trillion … greater than for either Medicare or defense … which is quite interesting as our entire nation’s debt in our first 205 years of existence was less than this amount.  And to look at it another way … if you dare … our debt has risen 38-fold in the last 44 years!  Sustainable? It is hard to see how.

Meanwhile parts of the government remain shut down and the IRS furloughed about half of its workers … just in time for tax extensions to come barreling in.  Of course … it’s the IRS and many hope that they would just shut it all down … but that’s a tale for another day.

Artificial intelligence seems to be entering most discussions recently … and for good reason as the advancements … and competition … are coming fast … and some companies not making use of it could be hurting themselves.  Why do I say this?  Jamie Dimon announced that JP Morgan, through its use of AI, has “saved billions” … and him pointing this out is good enough for me.

And while a strong advocate of Virtual Reality (though talk of “VR” has taken a back seat to “AI”), I still am hesitant to get excited over “smart glasses” … which seem to be getting good reviews.

I mean … it took a lot of courage for me to get rid of my glasses and get Lasik … and now I am being asked to go back to glasses?

Um … I certainly won’t be an early adopter of these glasses … but do enjoy that they allow the wearer to see computer screens while being able to view what is actually, physically, in front of them.

And what do these early adopters see as they put on their glasses and look ahead?

The future.

Have a great day,

Joseph G. Witthohn, CFA

Have any questions? Please contact info@teamemerald.com

A Look At The News | October 9, 2025 As of 9:15 AM today: The government shutdown is affecting one department … that of the IRS … as around half of its employees have been sent home (CNN) https://www.cnn.com/2025/10/09/politics/irs-furloughs-government-shutdown   … and with those who assemble data equally affected, any announcement on social security benefits for next year will likely be delayed (CNBC) https://www.cnbc.com/2025/10/09/social-security-cola-2026-benefit-increase.html   Artificial Intelligence adoption continues, but classroom use in the UK is welcomed … but with a wary eye … as they question if kids suffer as a result (BBC) https://www.bbc.com/news/articles/c0lkdxpz0dyo   … though one company that applauds its use is JP Morgan … as their CEO claims it saves the bank “billions!” (Entrepreneur) https://www.entrepreneur.com/business-news/jpmorgan-ceo-jamie-dimon-ai-saves-the-bank-billions-a-year/498115   Quite a few investors seem happy lately as holdings in AI stocks increased portfolio profits … but some are questioning “circularity” … and wonder if AI firms are just investing in themselves (Inc) https://www.inc.com/phil-rosen/ai-stock-market-economy-outlook-openai-nvidia-amd-wall-street-investors/91249716   Dating has had interesting changes in recently as “online” introductions have increased … but a new trend is emerging … “zip coding” … limiting your universe only to those nearby (USAToday) https://www.usatoday.com/story/life/health-wellness/2025/10/03/zip-coding-dating-trend/86481064007/ 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.