Louis Gave sees the possibility that the hundreds of billions of dollars invested in artificial intelligence turns out to be a dud as the bigger risk for markets.

Global stocks are sliding after President Trump’s new tariff announcement, with S&P 500 futures down nearly 1% and major indices worldwide falling. Analysts warn the true impact of these tariffs will hit the U.S. economy in the coming months through higher costs for companies and consumers. Import taxes are now at their highest since the 1930s.