Microsoft is down 31% in two years and its own CEO sounds like he's waving the white flag on AI. Jerremy Alexander Newsome and Dave Conley break down why the Mag Seven is getting smoked — Netflix down 46%, Salesforce down 60%, Adobe down 70% — while 1998 relics like Nokia, Intel, and SanDisk are surging on chip demand. South Korea's ETF is up 128% year to date as Pan-Asian nations quietly build out chip infrastructure without the US. The US dollar is strengthening on a technical double bottom, which historically pulls equities and gold lower. Europe can't govern itself — Germany's economy is stumbling, France can't pass a budget, and the UK just ousted its PM. Summer should be quiet until earnings season hits mid-July.

• (00:00) 1998 called — Nokia, Intel, and SanDisk are crushing it again
• (02:09) Microsoft down 31% — CEO sounds like he's giving up on AI
• (05:35) ETFs over stock picks — broader baskets are the safer play right now
• (06:40) AI eating its parents — Salesforce down 60%, Adobe down 70%
• (08:46) Stock picker's paradise — wild swings every direction, sector irrelevant
• (09:47) Summer slowdown loading — earnings season hits mid-July
• (11:44) Europe's dumpster fire — Germany stumbling, France stuck, UK leaderless
• (15:09) Korea up 128% YTD — chip demand is printing money in Seoul
• (18:49) Dollar double bottom — stronger greenback means everything else cools

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