Is Wall Street Repeating Its Covid Goof?

The opinion piece warns that Wall Street may be becoming complacent: tech-driven gains (fueled by Intel’s strong results and AI-related restructuring at Microsoft, Oracle and Meta) are lifting benchmarks even as geopolitical risk from the Iran conflict could disrupt commodity supplies and slow the economy. Market internals shown in the piece are relatively calm — S&P, Dow and Nasdaq futures near flat — while crude oil is creeping higher and gold is softer. The column argues investors may be underestimating supply-chain and commodity shocks that would hurt growth, even as markets discount near-term risks and rotate resources toward AI. Overall, the piece signals mixed implications for markets: upside momentum in tech versus tangible macro and commodity risks that could trigger a reassessment.