The Exchange 10/23/26

Despite a sharp AI-stock selloff and Fed-driven yield spike, guests broadly argue AI infrastructure demand remains intact and the pullback is a buying opportunity.

• Market selloff continues: Dow fell 557 points with WTI oil back above $100/barrel and flash PMI inflation near 5%, a day after the Nasdaq's worst session since June.
• T. Rowe Price's Tony Wang says AI is shifting from an infrastructure-build phase to an ROI-scrutiny phase, but still holds NVIDIA, Apple, Microsoft, Alphabet, Broadcom, AMD, Meta, Micron and Intel as core compounders.

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