Vegh Wealth Management

11/03/2026

Weekly Market Commentary:
How AI Spending Is Reshaping Bond and Rates Markets

Financing the AI buildout: Bonds have been behind the world’s biggest buildouts, effectively financing the future throughout history. And while equity markets have remained front and center amid the ongoing artificial intelligence (AI) driven bull market, as hyperscaler capital expenditures (capex) close in on $1 trillion per year, what was mostly an equity market story may now be turning into a rates market story as well.

Rising bond issuance: Hyperscalers have routinely begun selling longer-maturity bonds, and smaller borrowers have also entered the mix. With capex guidance continuing to grow, the supply wave is likely far from over, and markets have broadly absorbed this issuance well.

Implications for rates and credit: But at a price. Here, we’ll discuss the impacts of the AI buildout on both the Treasury and credit markets, and what this could mean for investors.

Explore how rising AI spending and bond issuance could affect interest rates, credit markets, Treasury yields, and the outlook for fixed income.

11/02/2026

Weekly Market Performance | October 30, 2026

Stocks dropped after a bounce attempt in AI shares faded under earnings-driven pressure. Misses from Alphabet and Amazon, along with a weak outlook from Intel, revived worries around the AI trade. Still, the selling was fairly narrow as a rotation beneath the surface padded indexes. Overseas, European stocks posted a healthy weekly gain, while tech-heavy Asian markets ended lower. In fixed income, a flight to safety pushed Treasuries higher for a fourth straight week. In commodities, oil stayed above $100 per barrel on U.S.-Iran tensions and tight supplies, while gold capped weekly and monthly losses.

LPL's Weekly Market Performance for the week of October 26, 2026, highlights disappointing hyperscaler earnings, bond market gains, and monthly performance.

10/30/2026

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At what point can you call a personal vehicle commercial?

10/28/2026

Market Signals Podcast: AI, the Fed, and France: Global Market Signals

Could artificial intelligence become the productivity shock that defines the decade? In this episode of Market Signals, Jeffrey Roach examines how quickly different sectors are adopting AI and what that could mean for long-term growth.

Federal Reserve's interest-rate outlook: He also discusses the Federal Reserve's interest-rate outlook as policymakers balance persistent inflation with elevated energy prices.

Economic uncertainty in Europe: The episode then explores how unrest and fiscal challenges in France are contributing to economic uncertainty in Europe.

Key indicators for investors: Finally, Jeffrey highlights the U.S. dollar, 10-year Treasury yields, and gold prices as key indicators for investors to watch.

Dr. Jeffrey Roach breaks down AI as a productivity shock, Fed interest-rate decisions, and key indicators like Treasury yields and gold for advisors.

10/27/2026

Weekly Market Commentary: Q3 Earnings Season Preview: 3 Keys to Watch

Corporate America faces a higher bar this earnings season. Technology and artificial intelligence (AI) names remain in the spotlight amid ongoing spending, financing, and monetization scrutiny, while the macro backdrop remains clouded by rising energy prices and inflation pressures, higher yields and borrowing costs, and heightened geopolitical risks.

This begs several questions for markets. Is technology the only earnings driver? Are expectations too high? Can margins keep expanding? Here, we'll discuss these three keys for the reporting cycle in our preview of third quarter earnings season.

LPL Research examines these 3 keys to earnings season: broader profit growth, margin pressures, and high expectations amid continued AI investment. Learn more.

10/24/2026

What the “SaaSpocalypse” Can Teach Investors About Narratives, Fundamentals, and Time Horizons

In this month’s edition of the Equity Research team’s flagship “Beyond the Numbers” publication, we discuss the potential threat that personal artificial intelligence (AI) agents, like Meta Platforms’ (META) recently released Muse, pose for consumer facing online businesses. In the note, we touch upon how markets got it wrong with a similar narrative earlier this year. In today’s market article, we dive deeper into what happened and what can be learned from the “SaaSpocalypse”.

Markets are forward-looking, but they are not always patient. Earlier this year, investors rapidly embraced the dramatic idea that AI coding tools could create many of the typical software applications businesses use, obviating the need for subscription-based “Software-as-a-service” (“SaaS”) licenses. The selloff in large “SaaS” stocks, which was quickly coined the “SaaSpocalypse,” showed how a plausible long-term risk can become an overpowering short-term narrative, and lead investors to “sell first and ask questions later”. The industry’s subsequent recovery offers a useful lesson for investors. In equity markets, narratives drive price in the short run, business value drive returns in the long run, and those two can diverge significantly, sometimes for months at a time.

LPL Research analyses what can be learned from the “SaaSpocalypse” and why investors should weigh market narratives against underlying fundamentals.

10/24/2026

Weekly Market Performance — October 23, 2026

Stocks finished a volatile week mostly lower as AI-related funding and monetization concerns dominated market focus in up and down trading. Still, the pullback was more rotational than broadly risk-off, and the S&P 500 ended with just a moderate loss. Overseas, European stocks fell amid civil unrest and rising oil prices, while weak Chinese demand weighed on earnings. Asian equities slid for a fourth straight week. Meanwhile, core bonds rallied on a fresh haven bid while in commodities, oil surged late in the week as Houthi attacks in Saudi Arabia raised Middle East tensions.

LPL's Weekly Market Performance for the week of October 19, 2026, highlights AI-driven volatility, the first round of big tech earnings, and bond market gains.

10/23/2026

Some simple, inexpensive energy-saving tips that may help you save money.

10/21/2026

Bull Markets That Last Four Years Typically Last Five Years

Happy Anniversary bull market! October 12 marked the fourth anniversary of the bull market that began at the S&P 500’s closing low of 3,577 on October 12, 2022. Four years later, the index has more than doubled, an impressive run considering everything investors have endured along the way. The gain in the first four years on a price basis was 118%.

When we celebrated this bull market’s third birthday a year ago, we noted that history suggested the advance probably had more room to run. Well, history delivered. In the year ending October 12, 2026, the S&P 500 gained an impressive 19.2%.

That resilience is notable considering the formidable wall of worry markets have climbed. Investors have worked through monetary tightening, tariff uncertainty, geopolitical conflicts, an oil-price shock, higher Treasury yields, and persistent questions about whether enthusiasm surrounding artificial intelligence (AI) has gone too far. Despite those challenges, the S&P 500 recently traded near record highs.

The fundamental backdrop has helped. Corporate profits remain strong, while the AI infrastructure buildout continues to support spending on semiconductors, memory, data centers, power, and related equipment.

So, what does history tell us about the four-year-old bull market’s chances at making it to five

LPL Research analyzes historical performance of S&P 500 bull markets that have made it through a fourth year as a guide to what stocks might do over the next year.

10/20/2026

Weekly Market Commentary: Moats vs. Inertia: Unpacking the Personal AI Agent Threat

The AI agent catalyst. Meta's September launch of Muse, a personal artificial intelligence (AI) agent designed to act on a user's behalf across digital workflows, crystallized the market's latest disruption narrative.

Moats versus friction. If AI can make consumer switching easier, which business models are truly protected by moats and which are merely monetizing friction?

Where disruption risk lies. While we are skeptical that AI agents will disrupt businesses whose moats were earned through differentiated products, services, or brands, we do see potential disruption risk for businesses that largely benefit from consumer inertia, like forgetting to cancel subscriptions or not wanting to spend time on price comparisons.

LPL Research examines how personal AI agents may disrupt businesses relying on consumer inertia while leaving strong competitive moats intact.