Wednesday - September 23, 2026
The Dividend Cafe · Sep 23, 2026 · 9:17
The Dividend Cafe · Sep 23, 2026 · 9:17
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Brian Szytel reports a broad market decline driven by a bond selloff, with yields rising across the curve in a bearish flattener; the 10-year finished near 5.11%, while the 2s/10s spread remained about 21 bps. He attributes the rate move to stronger flash PMI data in services (58.7 vs. 55.7) and manufacturing (57 vs. 53.5), alongside hotter input inflation tied to fuel and transportation. Energy markets showed angst amid Iran-related developments and discussion of a possible U.S. diesel export ban, with WTI up about 2.7% to nearly $93. He then addresses comparisons between the 1990s internet boom and today’s AI boom, arguing that even profitable, durable companies like Cisco and Microsoft suffered massive drawdowns due to valuation, cautioning that today’s highly valued AI names may have too much optimism priced in.
00:00 Market Selloff Recap
00:51 Yield Curve and Recession Talk
02:02 Flash PMI Surprise
03:02 Inflation and Energy Risks
04:09 Dotcom vs AI Debate
05:49 Valuation Lessons Cisco
06:16 AI IPO Pricing Caution
07:16 Closing Thoughts and Thanks
Links mentioned in this episode: DividendCafe.com
