Odds favor a rate cut, but it's mostly irrelevant for tech in the medium to longer term. The focus remains on AI. Software had a terrible 2025 but could benefit from AI next year. Cites Adobe as a cheap, beaten-up name with a durable user base.

We are not nearing a bubble burst. We probably have 2 to 4 years left in this AI bull market. Bubbles are part of technologically driven booms, subsidizing new technologies to reach large user bases.

The knee-jerk reaction would probably be negative in the short term, as that's what's priced in. Markets have been trained to be sensitive to Fed activity.