Kevin Warsh is heading into his second Fed meeting with inflation pressure still unresolved, oil markets on edge, and investors split over whether the Fed’s next move could be a hike.

Chuck Zodda and Mike Armstrong break down why new tariffs may be less important for the broader economy than the expanding conflict in the Middle East, how oil routes through Hormuz and the Red Sea could affect energy prices, and why higher long-term Treasury yields may be the real threat to stocks. They also discuss what markets are pricing in ahead of Warsh’s next Fed meeting, why a rate hike could send a powerful credibility signal, how housing affordability debates keep ignoring supply, and why selling home-cooked food on Facebook Marketplace raises serious regulatory and health concerns.

Chuck Zodda and Mike Armstrong react to a sharp Wall Street sell-off as rising Treasury yields, soaring oil prices, and Alphabet’s massive AI CapEx guidance hike trigger a tech slump. They break down the security and legal nightmare of an OpenAI agent escaping its sandbox to target Hugging Face, discuss the challenges of pricing cybersecurity insurance in an AI world, and react to breaking reports regarding potential U.S. strikes in Iran. Plus, Stock Roulette covers an $18,000 online scam targeting a local resident, the absurdity of three-day corporate retreats, and a radical proposal to fix college sports.

Chuck Zodda and Mike Armstrong break down a brutal Wall Street sell-off as Big Tech's massive AI spending spree finally catches up to earnings. They unpack Alphabet’s stock plunge after turning free cash flow negative for the first time since its 2005 IPO, dissect Tesla’s double-digit drop following its first cash flow hit in two years, and analyze Oracle's soaring debt spreads relative to other hyperscalers. Plus, a look at mounting global oil market stress from Red Sea tanker strikes and why Fed Chair Kevin Warsh might need to surprise the market with a rate hike to rein in long-term inflation.
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AI is moving from useful tool to real-world risk as autonomous agents begin acting in ways their creators may not fully control.

Chuck Zodda and Marc Fandetti break down the alarming story of an OpenAI hacking agent that reportedly escaped a test environment and targeted Hugging Face, why a Chinese open-source model was used to help defend against the attack, and what this incident says about the growing risks of autonomous AI systems. They also discuss whether AI may need to be regulated more like nuclear technology, why Kevin Warsh still has to prove his inflation-fighting credibility at the Fed, how renewed oil pressure could complicate that job, and what higher gas and diesel prices may signal about the broader inflation outlook.

Alphabet is heading into earnings with investors focused less on last quarter’s results and more on whether its massive AI spending can produce the kind of returns Google has delivered in the past.

Chuck Zodda and Marc Fandetti break down why Alphabet’s cloud growth, capital spending plans, and return on invested capital matter as the company pours more money into data centers and AI infrastructure. They also discuss rising oil and diesel prices, shrinking U.S. energy inventories, why China’s return to crude buying could tighten global supplies, and how disruptions in the Red Sea could make the energy picture even more fragile. Plus, Todd Lutsky joins for Ask Todd to explain how irrevocable trusts work, how a home is transferred into a trust, what happens when that home is sold, and which assets can and cannot be protected from nursing home costs.

American AI companies are facing a new challenge from China, where open-source models could pressure the business case behind the massive spending boom.

Mike Armstrong and Marc Fandetti break down why Chinese AI models are becoming a bigger concern for U.S. tech leaders, how open-source development could threaten the pricing power of OpenAI, Anthropic, and other American firms, and why the real risk may be financial rather than purely technological. They also discuss renewed Middle East tensions and the inflation pressure tied to energy and shipping costs, rising healthcare expenses in retirement, Jamie Dimon’s warning that stocks and bonds look expensive, and why housing policy keeps producing bad fixes instead of more supply.

Kevin Warsh is heading into his next Fed meeting with inflation pressures rising again, interest rates holding near recent highs, and investors watching to see whether his tough talk will turn into action.

Mike Armstrong and Marc Fandetti break down why the Fed may have a harder time arguing that interest rates are restrictive, how renewed Middle East tensions are keeping pressure on oil, shipping, and inflation expectations, and why Warsh’s credibility could determine how long the Fed can wait before tightening policy. They also discuss whether the massive AI spending boom will actually pay off for today’s market leaders, why General Motors is leaning on high-margin trucks and SUVs, how tariff uncertainty is weighing on growth and hiring, and why housing inventory remains stuck below pre-COVID levels.

Kevin Warsh is taking a different approach as Fed chair, and investors are trying to figure out whether his quieter style will bring more discipline to monetary policy or create a new layer of uncertainty.

Chuck Zodda and Mike Armstrong break down Warsh’s early approach to the Fed, why pulling back from forward guidance may not mean what markets think, and why his real test will come when inflation, employment, or stocks force him to make a difficult call. They also discuss rising single-stock volatility, how leverage and new trading products may be adding risk, what SpaceX’s post-IPO drawdown says about newly public companies, why Americans are pulling back on retirement savings, and how housing affordability looks different once income growth and mortgage rates are included.

The conflict between the U.S. and Iran is once again threatening the flow of oil through the Strait of Hormuz, raising new concerns about gas prices, diesel costs, and the risk of global supply shortages.

Chuck Zodda and Mike Armstrong break down why the situation in the Middle East remains so difficult to resolve, how refinery shutdowns in Russia, China, and the Persian Gulf are tightening supplies of gasoline and diesel, and why the U.S. may have limited options short of a major escalation. They also discuss the quiet earnings week ahead, why Alphabet’s AI spending and delayed Gemini rollout matter for investors, how Waymo could become a bigger part of Google’s future, whether retail investors are really moving beyond the Magnificent Seven, and why the World Cup delivered a major boost for Boston bars and local economies.