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Are the tech giants teetering? Hi, everyone. Happy Friday. Welcome to the Real Vision Daily Briefing with me today's Jeremy Schwartz Global Chief Investment Officer at Wisdom Tree. Hi, Jeremy. How are you?

Thanks for having me, Maggie. Good to be with you.

Hi, great to have you back. So pretty quiet trading day today. Stocks and bonds trading in a really tight range pretty much unchanged everywhere, which is probably a relief because it was a little bit of a messy, ugly, weak, definitely a down week for stocks.

What do you think is weighing on sentiment when it comes to US equities?

There's a combination. There's valuations is one question this week. There's the China headlines. You for the largest stock with Apple.

This question of is China going to ban more of their phones from being used in the government?

We have a colleague at Wisdom Tree who just spent the summer in China. She's got 20 family members in China, some work in the government, some work outside the government.

This is a big bit of an overreaction to the news that a lot of the people were already not buying the phones if you worked for the government.

So perhaps this is a a small marginal change. Now the question would China generally is not going away.

I mean, the tension we see is a decades long tension. I mean, the only thing that's uniting US politicians is to be anti-China.

I don't see that going away, so I expect those kind of headlines to be tipped for tat.

I don't see that going away easily, but this specific Apple news this week, which did cause a pretty big ripple in Apple.

We do think it was a bit overstated.

Yeah, I want to ask a little bit more about China in a minute, but it seems like these stocks were kind of ready for some kind of headline to hit them.

Right, whether you're whether you're looking at Apple, whether you're looking at Nvidia, there's just been so much concern about, especially when it comes to Nvidia, you mentioned valuation, so much concern about the level.

And yet so many people are afraid to get out of it or book profits or short because every time you think about doing that, the thing goes up again.

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