Stocks Are Up 8% on a War That Isn't Over | Prof G Markets
Scott Galloway explains why stock markets have rallied 8% during an ongoing Iran-Israel conflict, arguing that tech and AI have replaced energy as the main driver of equity values.
The gist
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Markets shrug off oil price shocks more than before because the economy now runs on tech and services, not fossil fuels.
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Taiwan and Israel's markets are up 15% and 9% respectively, driven by their roles in AI and chip manufacturing.
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Galloway says the top 10% of earners drive 50% of consumer spending and are largely insulated from energy price rises.
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The biggest risk Galloway sees for 2026 is a major company publicly writing off its AI investment after poor returns.
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