max kettner writes this. we believe in a broadening, but not a full-blown rotation away from tech and ai stacks -- stocks. what is the difference between a rotation, broadening, and growth scare? and what are we looking at in the last 24 hours? max: a full-blown rotation would be something if we saw something like august, september, october last year, we have seen that tail risk of further fed rate coming back into play. remember, we have 15 year yield lashed are going to 5%. people were really talking about the real possibility about possibly the fed having to hike again. that is no longer the tail risk. the tail risk now is, by the end of next year maybe they will not be able to cut seven times. maybe they will only cut two or three times. that is probably the new tail risk. if that is the new tail risk there is a bit of the tailwind a bit for tech. it is not like last year when there is a constant headwind for valuations where there is a full-blown rotation away from all of these tech and ai and high-durat

hsbc's max kettner is back with us.out where he sees oppouny d rtitanwhere he thinks stocks could be heading in the next few months just after the break. awkward question... is there going to be anything... -left over? -yeah. oh, absolutely. (inner monologue) my kids don't know what they want. you know who knows what she wants? me! with empower, we get all of our financial questions answered. so you don't have to worry. empower. what's next. >>> stocks getting a big boost. the s&p and nasdaq once again hitting all time highs. the s&p on track for the seventh straight day in gains. we are gearing up for earnings season. joining us hsbc's scott hettner. >> thanks for having me. >> how much is built around rate cuts? >> not too much. as long as the fed is signaling the next move is a cut, i think that is the most important thing whether you're an emd, emerge being market debt, or high yield credit. whether you're in equities. it doesn't really matter when the first cut comes. i think what really matters is as long as the t