The Market’s AI Reality Check

Each week, the Stokes Family Office staff puts together a list of our favorite news and updates on all things wealth management. From financial planning, portfolio construction, tax and estate planning, and retirement plan services to anything we found interesting.  Enjoy this week’s curated list for your weekend reading!

ECONOMY NEWS

Will You Still Have a Job in 2030?

• Jerusalem Demsas: Why AI might not replace us after all.

Manufacturing Sector of the Economy Continued to Improve in June

• The Bonddad Blog: The manufacturing sector is healthier than many headlines suggest. Factory activity has remained resilient, supported in part by AI-driven investment and businesses adapting to changing economic conditions.

Are Stocks Going Up or Is the Dollar Going Down?

• Nick Maggiulli: Are stocks rising because businesses are becoming more valuable, or simply because the U.S. dollar is losing purchasing power? Both are true—but corporate earnings have been the much bigger driver.

Related:

• EVs, Interest Rates, & Economic Growth
• Bonds, Bubbles, & Beijing
• AI & The Bulls In Charge
• The Stokes Family Office Q1 Review

MARKETS NEWS

Why International Stocks Are Having a Strong Year

• Dan Lefkovitz: There are good reasons to continue to invest globally this year, but look beyond emerging-market AI stocks.

Treasury Yields Push Higher, Testing Wall Street’s Nerve

• TMC Research: The 10‑year yield is near the top of its recent range, raising pressure for stocks.

Known Worries and Unknown Unknowns

• Sam Ro: markets are generally good at pricing in risks everyone knows about, but the biggest threat to investors is often the “unknown unknowns” that no one sees coming. While headlines can make today’s risks feel overwhelming, history shows that markets have repeatedly recovered from unexpected shocks.

CHART OF THE WEEK

Via Bank of America Research: A generational transfer in free cash flow is taking place. Hyperscalers (AMZN, MSFT, META , GOOGL) are spending 80% of their free cash flow on chips and data centers.

LAGNIAPPE PODCAST

Markets took a breather this week as investors weighed escalating tensions in the Middle East against another strong round of Big Tech earnings. Doug and Greg discuss why AI spending is starting to be questioned, what history teaches us about speculative IPOs like SpaceX, how rising oil prices and interest rates are impacting markets, and why maintaining a long-term investment perspective matters more than reacting to short-term headlines.

Stokes Family Office is 100% Family Owned, and has been continually operating in the New Orleans Area for over 35 years.  As a family office, we are focused on family wealth, financial planning, and tax planning. We are your local experts for Gulf South wealth management.