Non-Tech Markets Lose Steam; Nasdaq Approaches Record High
Markets look to have grown fairly exhausted today, sliding from the green to red during the morning hours and closing flat-to-down (aside from the Nasdaq, where the tech trade remains healthy) and reaching the closing bell at lackluster levels. The Dow slipped 106 points, -0.25%, while the S&P 500 was exactly unched — 0.0% — on the day. The Nasdaq gained +61 points, +0.31%, while the small-cap Russell 2000 closed at session lows: -0.99%.
The morning-hours catalyst may have been Fed Chair Jerome Powell today, appearing before the Senate Banking Committee to discuss the possibility of cutting interest rates. Yesterday, Powell energized markets somewhat when he told the House Financial Services that the Fed could cut rates 'sooner than later,' but today he predicted inflation coming from tariff policy in the coming months. 'Someone has to pay,' he told the panel.
Yet the Nasdaq is approaching fresh all-time highs not seen since February, as the AI-trade narrative has kept top tech stocks buoyant. Take NVIDIA NVDA, for instance, which is up nearly +64% just since its early April lows during trade war fears before reciprocal tariffs were paused for 90 days. Shares are now at record highs as AI investment reported by companies in various industries are engaged in the technological buildout for which NVIDIA leads in component-building.
Micron Beats & Raises for Q3
Fiscal Q3 earnings were released after today's close from data storage giant Micron MU. This company is a good example of how AI investment bolsters companies in this realm of the tech space, as well. Earnings of $1.68 per share outpaced the Zacks consensus by 9 cents, up a whopping +171% year over year. Revenues of $9.30 billion easily surpassed the $8.84 billion analysts were looking for.
Bot only that, but Micron raised guidance fairly significantly for its fiscal Q4: earnings of between $2.35-2.65 per share is well ahead of the $2.02 consensus, with between $10.4-11.0 billion in revenues far beyond the $9.9 billion previously projected. As such, expect this Zacks Rank #3 (Hold)-based stock to ratchet up a bit in the days to come. Shares had already been up +51.2% year to date, and are up another +4% in late trading. (You can see the full Zacks Earnings Calendar here. https://www.zacks.com/earnings/earnings-calendar)
What to Expect from the Stock Market Thursday
We have a full plate of economic reports before tomorrow's opening bell, with a new Trade Balance in Goods, Retail/Wholesale Inventories, Durable Goods and Pending Home Sales all accompanying the second revision to Q1 GDP. But what we'll be paying extra close attention to tomorrow are the Weekly Jobless Claims.
Initial Jobless Claims touched 250K a couple weeks ago, second only to the 259K reported back in early October of last year (which appears like an anomalous blip on the screen). They came back down to 245K in last week's report, and we hope to see this continue downward.
Continuing Claims, reported a week in arrears from new claims, clearly look they are breaking out to new levels. After spending much of 2025 chopping back and forth between 1.85-1.9 million, the past two weeks have shot up to a new range around 1.95 million. If this comes back down we won't make too much of it. But touching that 2 million level on longer-term jobless claims will have a psychological effect on markets — and perhaps the Fed as well.
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Globe and Mail
an hour ago
- Globe and Mail
HIVE Achieves FY2025 Total Revenue of $115.3 Million and $56.2 Million Adjusted EBITDA with 1,414 Bitcoin Mined and 3x Growth in AI GPU Revenue
This news release constitutes a "designated news release" for the purposes of the Company's amended and restated prospectus supplement dated May 14, 2025, to its short form base shelf prospectus dated September 11, 2024. San Antonio, Texas--(Newsfile Corp. - June 26, 2025) - HIVE Digital Technologies Ltd. (TSXV: HIVE) (NASDAQ: HIVE) (FSE: YO0) (referred to as the "Company" or "HIVE"), a global leader in sustainable data center infrastructure, announces its results for the full year ended March 31, 2025 (all amounts in US dollars, unless otherwise indicated). FY2025 Financial Highlights: Total Revenue: $115.3 million, from digital currency mining and high-performance computing (HPC) hosting services. Digital currency mining revenue: $105.2 million, down 5.2% year-over-year mainly due to the April 2024 Bitcoin Halving and increased hash rate difficulty, mostly offset by 40% higher digital currency mining hashrate (from 4.5 EH/s at end of March 2024 to 6.3 EH/s at end of March 2025) and higher Bitcoin prices. HPC/AI Cloud Revenue: $10.1 million, representing approximately 3x growth year-over-year ($3.4 million FY2024), mainly due to expansion of GPU fleet earning AI Compute revenue, driven by strong demand for high-performance computing markets. Bitcoin Production: Mined 1,414 Bitcoin during the fiscal year, which contributed to HIVE's HODL position. Gross Operating Margins: $25.1 million in gross operating margin or 21.8%. G&A: $16.6 million, up from $13.2 million in FY2024 primarily as a result of increased staff to support HIVE's global expansion in digital currency mining, particularly in Paraguay (representing 3x growth from 140 megawatts ("MW") to 440 MW of digital asset infrastructure), and the growth of its BUZZ HPC business (with the number of GPUs growing to over 5,000). Net Income: US GAAP net loss of $3.0 million. Adjusted EBITDA 1: $56.2 million in Adjusted EBITDA or 48.7% of total revenue. Digital Assets: Total digital currency assets valued at $181.1 million at the ended the fiscal year on March 31, 2025, including 2,201 Bitcoin. Management Insights Frank Holmes, Co-Founder and Executive Chairman of HIVE, commented, "In Fiscal 2025, we continued our track record of disciplined growth. We expanded our operational hashrate from approximately 4.5 EH/s in March 31, 2024 to 6.3 EH/s in March 31 2025—a 40% increase achieved even as the post-halving landscape compressed industry economics. Further, we acquired 300 MW of hydro-powered green-energy sites in Paraguay that management believes has deepened our leadership bench with visionaries like Lieutenant General (Ret.) John R. Evans Jr, Gabriel Lamas, and cloud-computing pioneer Craig Tavares and will transform HIVE's growth in both the mining and HPC businesses. We are extremely excited about the remainder of this year as we scale our Bitcoin mining business to the Company's goal of 25 EH/s by December 31, 2025 and continue the strong growth in our Buzz HPC Business. I'd like to thank our dedicated employees and shareholders for their continued support. Looking forward, our mandate remains the same as it always has been: compound strong shareholder value through disciplined, high-return on invested capital ("ROIC") growth powered by green energy." Aydin Kilic, President & CEO of HIVE, stated, "The foundation we set in Fiscal 2025 with the acquisition of our 100 MW site in Valenzuela, Paraguay and the 200 MW site in Yguazú, Paraguay has set the stage for what management believes will be the most transformative chapter in HIVE's history. Since the end of Fiscal 2025, HIVE commissioned the first 100 MW at Yguazú two weeks ahead of its projected schedule, which nearly doubled our hashrate to 11.5 EH/s as of today, with 5.5 Bitcoin being produced daily. The announced exahash growth with the Paraguay expansions and the continued growth path for our Buzz HPC division, gives HIVE two high-revenue engines of growth. With Paraguay ramping weekly, new Bitmain S21+ Hydro machines, and our diversified infrastructure strategy firmly in place, management's focuses are driving lower production costs, expanding cash flow, and delivering sustainable long-term value for our shareholders, all while maintaining our green energy focused strategy. We have been strong in the sector when it comes to ROIC as well, with 22% ROIC achieved over the past 12 months, while keeping low general and administrative expenses per Bitcoin mined as well. I am incredibly proud of our team. 2025 is a transformative year for HIVE." Darcy Daubaras, CFO of HIVE, added, "This reporting period marks a significant milestone for our Company as we have transitioned our financial reporting framework from IFRS to US GAAP. This change aligns with our strategic objectives, enhances comparability with U.S.-listed peers, and supports our potential growth ambitions in U.S. capital markets. We remain committed to transparency and will continue to provide clear, consistent reporting as we move forward. With every megawatt and associated mining hardware for our 300 MW Paraguay expansion now fully funded, we are excited to be on track to deliver our target of 25 EH/s by US Thanksgiving—more than quadrupling our hashrate from March 2025. We believe the scale and efficiency gains from this expansion will significantly enhance our unit economics and drive significant shareholder returns. The initiatives launched in Fiscal 2025 represent the beginning of HIVE's transformation from a modest digital mining company into a globally scaled, sustainability-focused leader in Bitcoin infrastructure." The Company's Consolidated Financial Statements and Management's Discussion and Analysis (MD&A) thereon for the three months and year ended March 31, 2025 will be accessible on SEDAR+ at under HIVE's profile and on the Company's website at Q4 FY2025 Financial Highlights: Total Revenue: $31.2 million, from digital currency mining and high-performance computing (HPC) hosting services. Digital currency mining revenue: $28.1 million, up 5.5% sequentially from fiscal Q3 2025 mainly due higher average digital currency mining hashrate (from 5.4 EH/s in fiscal Q3 2025 to 5.9 EH/s in fiscal Q4 2025) and slightly higher Bitcoin prices. G&A: $5.3 million, up slightly from $4.6 million in Q3 FY2025 primarily as a result of increased staff to support HIVE's global expansion in digital currency mining, particularly in Paraguay, and the growth of its BUZZ HPC business. Bitcoin Production: Mined 303 Bitcoin, down 6% sequentially from fiscal Q3 2025 due to increased hashrate difficulty. HPC Revenue: Buzz HPC revenue was a record $3.0 million during the quarter, up 18.5% sequentially, driven by strong demand for high-performance computing markets. Gross Operating Margins: $8.8 million in gross operating margin or 28.2%. Net Income: GAAP net loss of $52.9 million. Adjusted EBITDA 1: ($30.7) million in Adjusted EBITDA primarily due to quarter end non-cash revaluation 2 of ($26.4) million digital currencies held on balance sheet as a result of lower quarter end spot Bitcoin price. Since March 31, 2025, Bitcoin price has recovered to approximately $101,000 as of the date of this report. In addition, the Company recorded a $6.7 million non-cash, unrealized loss related to its equity investments. Financial Statements and MD&A The Company's Consolidated Financial Statements and Management's Discussion and Analysis (MD&A) thereon for the year ended March 31, 2025 will be accessible on SEDAR+ at under HIVE's profile and on the Company's website at About HIVE Digital Technologies Ltd. Founded in 2017, HIVE Digital Technologies Ltd. builds and operates sustainable blockchain and AI infrastructure powered by renewable hydroelectric energy. With a global footprint across Canada, Sweden, and Paraguay, HIVE is committed to operational excellence, green energy leadership, and creating long-term value for its shareholders and host communities. For more information, visit or connect with us on: X: YouTube: Instagram: LinkedIn: On Behalf of HIVE Digital Technologies Ltd. "Frank Holmes" Executive Chairman Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release. Forward-Looking Information Except for the statements of historical fact, this news release contains "forward-looking information" within the meaning of the applicable Canadian and United States securities legislation and regulations that is based on expectations, estimates and projections as at the date of this news release. "Forward-looking information" in this news release includes but is not limited to: the acquisition of the new site in Paraguay and its potential, the timing of it becoming operational; business goals and objectives of the Company; the results of operations for the three months and year ended March 31, 2025; the acquisition, deployment and optimization of the mining fleet and equipment; the continued viability of its existing Bitcoin mining operations; the receipt of government consents; and other forward-looking information concerning the intentions, plans and future actions of the parties to the transactions described herein and the terms thereon. Factors that could cause actual results to differ materially from those described in such forward-looking information include, but are not limited to: the inability to complete the construction of the Paraguay acquisition on an economic and timely basis and achieve the desired operational performance; the ongoing support and cooperation of local authorities and the Government of Paraguay; the volatility of the digital currency market; the Company's ability to successfully mine digital currency; the Company may not be able to profitably liquidate its current digital currency inventory as required, or at all; a material decline in digital currency prices may have a significant negative impact on the Company's operations; the regulatory environment for cryptocurrency in Canada, the United States and the countries where our mining facilities are located; economic dependence on regulated terms of service and electricity rates; the speculative and competitive nature of the technology sector; dependency on continued growth in blockchain and cryptocurrency usage; lawsuits and other legal proceedings and challenges; government regulations; the global economic climate; dilution; future capital needs and uncertainty of additional financing, including the Company's ability to utilize the Company's ATM Program and the prices at which the Company may sell Common Shares in the ATM Program, as well as capital market conditions in general; risks relating to the strategy of maintaining and increasing Bitcoin holdings and the impact of depreciating Bitcoin prices on working capital; the competitive nature of the industry; currency exchange risks; the need for the Company to manage its planned growth and expansion; the need for continued technology change; the ability to maintain reliable and economical sources of power to run its cryptocurrency mining assets; the impact of energy curtailment or regulatory changes in the energy regimes in the jurisdictions in which the Company operates; protection of proprietary rights; the effect of government regulation and compliance on the Company and the industry; network security risks; the ability of the Company to maintain properly working systems; reliance on key personnel; global economic and financial market deterioration impeding access to capital or increasing the cost of capital; share dilution resulting from the ATM Program and from other equity issuances; the construction and operation of facilities may not occur as currently planned, or at all; expansion may not materialize as currently anticipated, or at all; the digital currency market; the ability to successfully mine digital currency; revenue may not increase as currently anticipated, or at all; it may not be possible to profitably liquidate the current digital currency inventory, or at all; a decline in digital currency prices may have a significant negative impact on operations; an increase in network difficulty may have a significant negative impact on operations; the volatility of digital currency prices; the anticipated growth and sustainability of electricity for the purposes of cryptocurrency mining in the applicable jurisdictions; the inability to maintain reliable and economical sources of power for the Company to operate cryptocurrency mining assets; the risks of an increase in the Company's electricity costs, cost of natural gas, changes in currency exchange rates, energy curtailment or regulatory changes in the energy regimes in the jurisdictions in which the Company operates and the adverse impact on the Company's profitability; the ability to complete current and future financings, any regulations or laws that will prevent the Company from operating its business; historical prices of digital currencies and the ability to mine digital currencies that will be consistent with historical prices; an inability to predict and counteract the effects of pandemics on the business of the Company, including but not limited to the effects of pandemics on the price of digital currencies, capital market conditions, restriction on labour and international travel and supply chains; and, the adoption or expansion of any regulation or law that will prevent the Company from operating its business, or make it more costly to do so; and other related risks as more fully set out in the Company's disclosure documents under the Company's filings at and The forward-looking information in this news release reflects the Company's current expectations, assumptions, and/or beliefs based on information currently available to the Company. In connection with the forward-looking information contained in this news release, the Company has made assumptions about the Company's objectives, goals or future plans, the timing thereof and related matters. The Company has also assumed that no significant events occur outside of the Company's normal course of business. Although the Company believes that the assumptions inherent in the forward-looking information are reasonable, forward-looking information is not a guarantee of future performance, and accordingly, undue reliance should not be put on such information due to its inherent uncertainty. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether because of new information, future events or otherwise, other than as required by law.
Globe and Mail
an hour ago
- Globe and Mail
Women in Manufacturing NY Hosts 'Powering the Future' Summit at Brooklyn Navy Yard
On June 13, 2025, Women in Manufacturing New York (WIMNY), in collaboration with Community Architects, hosted a high-impact summit titled 'Powering the Future: Workforce, Innovation, and Manufacturing' at Newlab, located in the heart of the Brooklyn Navy Yard. The convening brought together manufacturers, workforce leaders, educators, public officials, and students to explore how cross-sector partnerships can strengthen career-connected learning and ensure inclusive access to the jobs of tomorrow. The day began with networking and vendor engagement, followed by opening remarks from Dominique McDuffie-Turner, Chair of WIMNY and CEO of Community Architects, and Brooklyn Borough President Antonio Reynoso, both of whom emphasized the critical role of innovation and equity in shaping New York's workforce future. Special recognition was given to the event's generous sponsors—Grant Associates, MSL Global Express, Thomas, and Newlab—for their leadership in supporting workforce advancement across sectors. Emily Gonthier, Chief of Staff at Newlab, welcomed attendees with remarks highlighting Newlab's collaborative ecosystem that bridges technology, entrepreneurship, and manufacturing to foster sustainable and equitable growth. Industry Engagement and Youth Exposure The program featured insightful presentations from: Allendale Machinery Systems Pine Bush High School Maritime Industrial Base (MIB) Build Submarines U.S. Navy Talent Pipeline Program With students from Brooklyn Technical High School in attendance, the summit created unique opportunities for exposure to real-world career paths in advanced manufacturing, defense, and innovation. The event was organized with support from key industry collaborators, including Allendale Machinery Systems and the Brooklyn Chamber of Commerce, both of which are actively committed to strengthening New York's manufacturing and innovation workforce pipeline. AI and the Future Workforce The summit featured a panel titled 'Bridging the AI Workforce Gap: Co-Creating Pathways for an Inclusive Future,' exploring how artificial intelligence is reshaping industries and the urgent need to build equitable strategies for upskilling and inclusion. Moderated by Marlon Kitenge, Executive Officer at Nanotronics, the panel included: Gabriel Noriega, Marine Veteran and CNC Operations Manager, MAC Products Professor Veronica Manlow, Brooklyn College Lindy P. Crescitelli, Co-founder, Institute for International Leadership, Nonviolence & Service: Learn Lead Serve Inc. The discussion focused on the importance of partnerships between industry, education, and community organizations to ensure all communities have access to emerging opportunities, particularly in underrepresented and historically marginalized populations. Image courtesy of 90 Plus Media Group. Tours, Investment, and Closing Remarks Following the panel, attendees participated in guided tours of the Newlab facility and surrounding Brooklyn Navy Yard ecosystem. Attendees were divided into groups and led through curated experiences hosted by innovative companies including Nanotronics, offering a behind-the-scenes view into the technologies shaping the future of manufacturing, automation, and design. The day concluded with closing remarks from Dominique McDuffie-Turner and Lindsay Greene, President and CEO of the Brooklyn Navy Yard Development Corporation (BNYDC). In a powerful moment of commitment to workforce investment, the Gene Haas Foundation presented a grant check for $18,750 to the Brooklyn Navy Yard Development Corporation in support of continued talent development and manufacturing training initiatives. In addition to the main programming, select guests were invited to participate in VIP tours of Nanotronics and other companies operating within the Yard, gaining insight into Brooklyn's diverse and future-focused industrial ecosystem. Statements from Leadership and Partners Dominique McDuffie-Turner, Chair of Women in Manufacturing NY and CEO of Community Architects: 'This event represents what's possible when we break down silos and build intentionally—across industry, education, and community. From students exploring their future to legacy manufacturers adapting for tomorrow, Powering the Future was more than a theme—it's our collective responsibility.' Image courtesy of 90 Plus Media Group. Antonio Reynoso, Brooklyn Borough President said, 'Manufacturing has deep roots in Brooklyn. As the son of Dominican immigrants, whose mother found a path out of poverty through her job in manufacturing, I know this personally,' said Brooklyn Borough President Antonio Reynoso. 'For too long, however, this city has deprioritized and disinvested in the manufacturing jobs that are transformational, particularly for immigrants and people without college degrees. Championing equity and innovation, Women in Manufacturing understands the powerful opportunities built in our manufacturing sector and is fighting to preserve, expand, and increase access to the sector. I am so grateful for their work and the chance to join the organization for this incredible event.' Ming Chen, MSL Global Express added 'It was incredible to see so many passionate leaders, students, and industry partners come together with a shared vision of empowering the next generation. A special highlight was welcoming the talented students from Brooklyn Tech High School — their curiosity, ambition, and thoughtful questions reminded us why it's so important to invest in education and mentorship. MSL was honored to contribute to the conversation, speaking on the importance of education, community, and creating opportunities for those coming after us. The positive energy in the room was contagious, and it's clear this is just the beginning of what we can build together. Thank you to WIM and all the incredible attendees for making this event a meaningful platform for connection, learning, and progress. Let's keep this momentum going!' Emily Gonthier, Chief of Staff, Newlab, said, 'At Newlab, we believe the future must be built in partnership—with diverse voices, visionary thinking, and real access. Hosting this summit affirms our commitment to building a workforce ecosystem grounded in inclusion and innovation.' Statement from Build Submarines and the Maritime Industrial Base (MIB): 'Build Submarines and MIB are proud to support events that elevate workforce potential and spotlight pathways into essential trades. Collaboration with organizations like WIMNY ensures that the next generation understands their power, value, and potential.' Image courtesy of 90 Plus Media Group. About Women in Manufacturing (WIM) Women in Manufacturing (WIM) is a national trade association dedicated to supporting, promoting, and inspiring women who have chosen careers in manufacturing. Through professional development, mentorship, workforce programming, and advocacy, WIM works to ensure women not only enter the industry but lead and thrive within it. The WIM New York Chapter (WIMNY) serves as a regional hub, driving inclusive growth and advancing the next generation of women leaders in manufacturing, innovation, and the skilled trades across the state. Take a sneak peak into the WIM Event at NewLab on YouTube. About Community Architects Community Architects is a workforce innovation and strategy firm dedicated to building bridges between industry, education, and underserved communities. Through programs such as Beauty in STEAM, the STEAM Skills Clinic, and convenings like Powering the Future, Community Architects leads with impact to reimagine what career-connected learning can look like in the 21st century. To learn more, visit the official website, About the Brooklyn Navy Yard Development Corporation The Brooklyn Navy Yard Development Corporation (BNYDC) is a not-for-profit corporation that serves as the real estate developer and property manager of the Yard on behalf of its owner, the City of New York. BNYDC's mission is to fuel New York City's economic vitality by creating and preserving quality jobs, growing the City's modern industrial sector and its businesses, and connecting the local community with the economic opportunity and resources of the Yard. BNYDC's vision is a vibrant and dense, modern manufacturing community where businesses are provided the stability needed to invest, grow, and thrive and where diverse candidates can attain quality jobs. Website: For press inquiries or additional materials, please contact info@ Media Contact Company Name: Community Architects Contact Person: Virginia Jean, CMO Email: Send Email City: Brooklyn State: New York Country: United States Website:
Globe and Mail
2 hours ago
- Globe and Mail
Tariff Shock to Weigh on U.S. Growth: JPMorgan (JPM) Sees 1.3% GDP, 40% Recession Risk
JPMorgan (JPM) analysts warn that ramped-up U.S. tariffs are set to unleash a 'stagflationary impulse,' pushing economic growth down to 1.3% in 2025 from earlier forecasts of 2%, while rekindling inflationary pressures. The bank now sees a 40% chance of recession in the back half of next year as higher import levies bite into corporate margins and consumer purchasing power. They project U.S. GDP growth of just 1.3% this year, trimmed from 2%, attributing the downgrade to negative shocks from trade barriers. The combination of sluggish output and persistent price gains echoes the 1970s malaise, raising the specter of stagflation and elevating recession risks well above historical averages. Market Overview: Recession probability at 40% in H2 2025; GDP growth trimmed to 1.3% from 2%; Tariffs cited as primary drag on activity. Key Points: Stagflationary impulse raises inflation fears; Term premium on U.S. Treasuries likely to widen by 40–50 bps; Fed cuts expected later, with 100 bps by spring 2026. Looking Ahead: Bearish on the dollar amid slower U.S. growth; Tech and AI sectors to underpin equity strength; Foreign demand for Treasuries to wane as debt swells. Bull Case: Despite downgraded GDP growth and elevated recession risks, JPMorgan remains constructive on U.S. equities, expecting strong fundamentals in the Tech and AI sectors to drive markets toward new highs. Tariffs and stagflation concerns are largely priced into the market, and any signs of stabilization or policy relief could trigger a rebound in sentiment and asset prices. Tech and AI sectors continue to demonstrate robust earnings growth and innovation, providing a resilient core for equity market performance even amid broader economic headwinds. While Treasury yields are expected to remain elevated, clarity on Fed rate cuts by spring 2026 could support a rally in risk assets as investors anticipate easier policy ahead. Dollar weakness could benefit U.S. exporters and multinational corporations, offsetting some of the drag from higher import costs. The market's focus on AI and tech leadership suggests that select sectors will continue to attract investment and outperform, even as the broader economy slows. Bear Case: JPMorgan analysts warn that ramped-up U.S. tariffs will push economic growth down to just 1.3% in 2025 and rekindle inflationary pressures, raising the specter of stagflation and a 40% chance of recession in the second half of the year. Higher import levies are expected to bite into corporate margins and consumer purchasing power, further dampening economic activity and increasing the risk of a prolonged slowdown. Term premiums on U.S. Treasuries are likely to widen by 40–50 basis points as foreign, Fed, and bank demand for government debt wanes, increasing borrowing costs for businesses and households. Fed rate cuts are expected to come later than previously anticipated, with only 100 basis points of easing projected by spring 2026, leaving markets exposed to tighter financial conditions for longer. JPMorgan is bearish on the dollar amid slower U.S. growth, which could amplify inflationary pressures by raising the cost of imports and further straining consumer budgets. While tech and AI sectors are expected to underpin equity strength, any major policy or geopolitical shocks could quickly undermine market confidence and trigger a broader sell-off. JPMorgan's strategists forecast two-year Treasury yields (TLT) around 3.5% and 10-year yields near 4.35% by year-end, even as term premiums climb. They foresee foreign, Fed and bank demand ebbing in a larger debt market, increasing borrowing costs over time. Despite policy uncertainty, the bank remains constructive on U.S. equities, expecting Tech and AI fundamentals to drive markets toward new highs—provided no major policy or geopolitical shocks intervene.
