What caused the sudden reversal?

In this episode, we look beyond the headlines to examine the forces that placed pressure on the AI semiconductor trade. The discussion explores how elevated expectations, crowded positioning, changing assumptions about technology spending, geopolitical uncertainty, and questions surrounding the durability of AI infrastructure demand can quickly reshape investor sentiment.

The episode also explains why a falling stock price does not necessarily mean the long-term AI investment thesis is broken. Instead, the decline may reveal an important distinction between transformative technology, strong underlying businesses, and the price investors are willing to pay for future growth.

Listeners will gain a clearer perspective on:

• Why market expectations can matter as much as company fundamentals
• How valuation and investor positioning can amplify a selloff
• Whether AI infrastructure spending is slowing or simply becoming more selective
• What the decline may indicate about the next phase of the AI investment cycle
• How long-term investors can evaluate volatility without losing sight of structural trends

For investors navigating one of the market’s most important and volatile themes, this episode provides a timely framework for understanding what changed, what did not, and what may come next.

Disclaimer & Disclosure:
Zynergy’s podcasts, programs, and any related materials are provided solely for informational and educational purposes. They may not be copied, distributed, published, reproduced, transmitted, modified, or disclosed, in whole or in part, without the prior written consent of Zynergy.

All third-party company names, trademarks, logos, products, services, and organization names referenced in Zynergy’s podcasts or programs are the property of their respective owners. Such references are used solely for informational, commentary, or identification purposes and do not imply any affiliation, sponsorship, endorsement, partnership, ownership interest, licensing rights, or approval by or between such third parties and Zynergy.

Nothing contained in Zynergy’s podcasts or programs constitutes, or should be construed as, financial, economic, legal, tax, accounting, investment, or other professional advice. Zynergy does not provide individualized investment advice through this program, and no information presented should be relied upon as the basis for making any investment decision. Viewers and listeners should consult their own professional advisors before making any financial, investment, legal, tax, or accounting decisions.

Zynergy’s podcasts or programs is not intended to constitute, and should not be construed as, an offer to sell or a solicitation of an offer to buy any securities, investment products, fund interests, or advisory services. Any offer or solicitation may be made only through the applicable confidential offering documents, subscription materials, advisory agreements, or other formal documentation, and only to eligible investors who satisfy all applicable suitability, accreditation, qualification, and verification requirements.

Certain statements made in Zynergy’s podcasts or programs may constitute forward-looking statements, projections, opinions, expectations, beliefs, or other statements regarding future events, market conditions, investment themes, business opportunities, or financial results. These statements are inherently uncertain and are based on assumptions that may prove incorrect. Actual results may differ materially from those expressed or implied. Zynergy undertakes no obligation to update, revise, or correct any forward-looking statement or other information contained in this program.

Any discussion of investments, strategies, sectors, companies, securities, or market opportunities is general in nature and does not constitute a recommendation, endorsement, or investment advice by Zynergy, its affiliates, or any guest or speaker. References to specific companies, securities, sectors, technologies, or investment themes are for illustrative and informational purposes only and should not be interpreted as a recommendation to buy, sell, hold, or otherwise transact in any security or investment.

Any financial services, investment opportunities, private fund interests, or related offerings discussed by Zynergy are available only to eligible investors, including verified accredited investors where required, and are subject to applicable laws, regulations, offering documents, and investor suitability requirements.

Past performance is not indicative of future results. All investments involve risk, including the possible loss of principal. Investment strategies may experience volatility, illiquidity, valuation uncertainty, concentration risk, market risk, technology risk, regulatory risk, and other risks. There can be no assurance that any investment objective, strategy, projection, or expected outcome will be achieved.

Neither Zynergy, its affiliates, nor any of their respective officers, employees, partners, representatives, agents, or guests makes any representation or warranty, express or implied, as to the accuracy, completeness, reliability, timeliness, or adequacy of the information contained in Zynergy’s podcasts or programs. To the fullest extent permitted by law, Zynergy and its affiliates expressly disclaim liability for any losses or damages arising from or relating to the use of, reliance on, or inability to use any information presented in this program.

© 2026 Zynergy Investments, LP (“Zynergy”). All Rights Reserved.

Together, they explore the powerful role behavior plays in investing, leadership, and long-term decision-making. Michael shares insights into the emotional and psychological patterns that can influence financial choices, while offering practical perspectives on how investors and advisors can recognize biases, manage uncertainty, and make more intentional decisions.

The conversation also examines the importance of self-awareness, trusted guidance, and disciplined thinking when navigating complex markets and major life decisions.

Disclosure & Disclaimer:
This program and any related materials are provided solely for informational and educational purposes. They may not be copied, distributed, published, reproduced, transmitted, modified, or disclosed, in whole or in part, without the prior written consent of Zynergy.

All third-party company names, trademarks, logos, products, services, and organization names referenced in this program are the property of their respective owners. Such references are used solely for informational, commentary, or identification purposes and do not imply any affiliation, sponsorship, endorsement, partnership, ownership interest, licensing rights, or approval by or between such third parties and Zynergy.

Nothing contained in this program constitutes, or should be construed as, financial, economic, legal, tax, accounting, investment, or other professional advice. Zynergy does not provide individualized investment advice through this program, and no information presented should be relied upon as the basis for making any investment decision. Viewers and listeners should consult their own professional advisors before making any financial, investment, legal, tax, or accounting decisions.

This program is not intended to constitute, and should not be construed as, an offer to sell or a solicitation of an offer to buy any securities, investment products, fund interests, or advisory services. Any offer or solicitation may be made only through the applicable confidential offering documents, subscription materials, advisory agreements, or other formal documentation, and only to eligible investors who satisfy all applicable suitability, accreditation, qualification, and verification requirements.

Certain statements made in this program may constitute forward-looking statements, projections, opinions, expectations, beliefs, or other statements regarding future events, market conditions, investment themes, business opportunities, or financial results. These statements are inherently uncertain and are based on assumptions that may prove incorrect. Actual results may differ materially from those expressed or implied. Zynergy undertakes no obligation to update, revise, or correct any forward-looking statement or other information contained in this program.

Any discussion of investments, strategies, sectors, companies, securities, or market opportunities is general in nature and does not constitute a recommendation, endorsement, or investment advice by Zynergy, its affiliates, or any guest or speaker. References to specific companies, securities, sectors, technologies, or investment themes are for illustrative and informational purposes only and should not be interpreted as a recommendation to buy, sell, hold, or otherwise transact in any security or investment.

Any financial services, investment opportunities, private fund interests, or related offerings discussed by Zynergy are available only to eligible investors, including verified accredited investors where required, and are subject to applicable laws, regulations, offering documents, and investor suitability requirements.

Past performance is not indicative of future results. All investments involve risk, including the possible loss of principal. Investment strategies may experience volatility, illiquidity, valuation uncertainty, concentration risk, market risk, technology risk, regulatory risk, and other risks. There can be no assurance that any investment objective, strategy, projection, or expected outcome will be achieved.

Neither Zynergy, its affiliates, nor any of their respective officers, employees, partners, representatives, agents, or guests makes any representation or warranty, express or implied, as to the accuracy, completeness, reliability, timeliness, or adequacy of the information contained in this program. To the fullest extent permitted by law, Zynergy and its affiliates expressly disclaim liability for any losses or damages arising from or relating to the use of, reliance on, or inability to use any information presented in this program.

© 2026 Zynergy Investments, LP (“Zynergy”). All Rights Reserved.

In this episode of The Partners’ Table by Zynergy, hosts James Zimbardi, Founder & CEO of Zynergy, and Larry McKay, CFA, CIO of Zynergy, sit down with José Torres, Senior Economist at Interactive Brokers, for a timely discussion on the economic forces shaping markets, businesses, and investment decisions.

The conversation examines the Q2 2026 economic landscape and the outlook for the remainder of the year, including inflation trends, interest rates, consumer resilience, labor-market dynamics, monetary policy, market valuations, and the factors that could influence economic growth moving forward.

José brings an economist’s perspective to the questions that matter most to executives, sophisticated investors, and family offices:

• Is inflation truly under control, or could renewed pressures emerge?
• What could the Federal Reserve’s next moves mean for markets and the economy?
• How resilient is the U.S. consumer?
• Where are the greatest risks to continued economic growth?
• How should investors think about valuations and market expectations?
• What economic signals deserve the most attention heading into the final months of 2026?

The discussion goes beyond headlines to explore how shifting economic conditions may influence capital allocation, corporate strategy, portfolio positioning, and long-term investment opportunities.

For executives, family offices, high-net-worth investors, and thought leaders navigating an increasingly complex investment environment, this episode offers perspective on what may matter most in the months ahead.

The Partners’ Table by Zynergy brings together accomplished investors, executives, economists, entrepreneurs, and industry leaders for thoughtful conversations about investing, innovation, technology, leadership, and the forces shaping the future.

Disclosure & Disclaimer:
This program and any related materials are provided solely for informational and educational purposes. They may not be copied, distributed, published, reproduced, transmitted, modified, or disclosed, in whole or in part, without the prior written consent of Zynergy.

All third-party company names, trademarks, logos, products, services, and organization names referenced in this program are the property of their respective owners. Such references are used solely for informational, commentary, or identification purposes and do not imply any affiliation, sponsorship, endorsement, partnership, ownership interest, licensing rights, or approval by or between such third parties and Zynergy.

Nothing contained in this program constitutes, or should be construed as, financial, economic, legal, tax, accounting, investment, or other professional advice. Zynergy does not provide individualized investment advice through this program, and no information presented should be relied upon as the basis for making any investment decision. Viewers and listeners should consult their own professional advisors before making any financial, investment, legal, tax, or accounting decisions.

This program is not intended to constitute, and should not be construed as, an offer to sell or a solicitation of an offer to buy any securities, investment products, fund interests, or advisory services. Any offer or solicitation may be made only through the applicable confidential offering documents, subscription materials, advisory agreements, or other formal documentation, and only to eligible investors who satisfy all applicable suitability, accreditation, qualification, and verification requirements.

Certain statements made in this program may constitute forward-looking statements, projections, opinions, expectations, beliefs, or other statements regarding future events, market conditions, investment themes, business opportunities, or financial results. These statements are inherently uncertain and are based on assumptions that may prove incorrect. Actual results may differ materially from those expressed or implied. Zynergy undertakes no obligation to update, revise, or correct any forward-looking statement or other information contained in this program.

Any discussion of investments, strategies, sectors, companies, securities, or market opportunities is general in nature and does not constitute a recommendation, endorsement, or investment advice by Zynergy, its affiliates, or any guest or speaker. References to specific companies, securities, sectors, technologies, or investment themes are for illustrative and informational purposes only and should not be interpreted as a recommendation to buy, sell, hold, or otherwise transact in any security or investment.

Any financial services, investment opportunities, private fund interests, or related offerings discussed by Zynergy are available only to eligible investors, including verified accredited investors where required, and are subject to applicable laws, regulations, offering documents, and investor suitability requirements.

Past performance is not indicative of future results. All investments involve risk, including the possible loss of principal. Investment strategies may experience volatility, illiquidity, valuation uncertainty, concentration risk, market risk, technology risk, regulatory risk, and other risks. There can be no assurance that any investment objective, strategy, projection, or expected outcome will be achieved.

Neither Zynergy, its affiliates, nor any of their respective officers, employees, partners, representatives, agents, or guests makes any representation or warranty, express or implied, as to the accuracy, completeness, reliability, timeliness, or adequacy of the information contained in this program. To the fullest extent permitted by law, Zynergy and its affiliates expressly disclaim liability for any losses or damages arising from or relating to the use of, reliance on, or inability to use any information presented in this program.

© 2026 Zynergy Investments, LP (“Zynergy”). All Rights Reserved.

Paul shares insights from his experience building and leading an advisory firm, serving clients through changing market environments, and helping families make thoughtful financial decisions. The conversation explores the importance of disciplined planning, long-term perspective, trusted relationships, and leadership in the financial advisory profession.

Drawing on his experience as both an advisor and entrepreneur, Paul offers a candid perspective on what it takes to build an enduring firm while remaining focused on the people it serves.

Join us for a thoughtful conversation about investing, entrepreneurship, client stewardship, and the principles behind lasting financial leadership.

Disclosure & Disclaimer:
This program and any related materials are provided solely for informational and educational purposes. They may not be copied, distributed, published, reproduced, transmitted, modified, or disclosed, in whole or in part, without the prior written consent of Zynergy.

All third-party company names, trademarks, logos, products, services, and organization names referenced in this program are the property of their respective owners. Such references are used solely for informational, commentary, or identification purposes and do not imply any affiliation, sponsorship, endorsement, partnership, ownership interest, licensing rights, or approval by or between such third parties and Zynergy.

Nothing contained in this program constitutes, or should be construed as, financial, economic, legal, tax, accounting, investment, or other professional advice. Zynergy does not provide individualized investment advice through this program, and no information presented should be relied upon as the basis for making any investment decision. Viewers and listeners should consult their own professional advisors before making any financial, investment, legal, tax, or accounting decisions.

This program is not intended to constitute, and should not be construed as, an offer to sell or a solicitation of an offer to buy any securities, investment products, fund interests, or advisory services. Any offer or solicitation may be made only through the applicable confidential offering documents, subscription materials, advisory agreements, or other formal documentation, and only to eligible investors who satisfy all applicable suitability, accreditation, qualification, and verification requirements.

Certain statements made in this program may constitute forward-looking statements, projections, opinions, expectations, beliefs, or other statements regarding future events, market conditions, investment themes, business opportunities, or financial results. These statements are inherently uncertain and are based on assumptions that may prove incorrect. Actual results may differ materially from those expressed or implied. Zynergy undertakes no obligation to update, revise, or correct any forward-looking statement or other information contained in this program.

Any discussion of investments, strategies, sectors, companies, securities, or market opportunities is general in nature and does not constitute a recommendation, endorsement, or investment advice by Zynergy, its affiliates, or any guest or speaker. References to specific companies, securities, sectors, technologies, or investment themes are for illustrative and informational purposes only and should not be interpreted as a recommendation to buy, sell, hold, or otherwise transact in any security or investment.

Any financial services, investment opportunities, private fund interests, or related offerings discussed by Zynergy are available only to eligible investors, including verified accredited investors where required, and are subject to applicable laws, regulations, offering documents, and investor suitability requirements.

Past performance is not indicative of future results. All investments involve risk, including the possible loss of principal. Investment strategies may experience volatility, illiquidity, valuation uncertainty, concentration risk, market risk, technology risk, regulatory risk, and other risks. There can be no assurance that any investment objective, strategy, projection, or expected outcome will be achieved.

Neither Zynergy, its affiliates, nor any of their respective officers, employees, partners, representatives, agents, or guests makes any representation or warranty, express or implied, as to the accuracy, completeness, reliability, timeliness, or adequacy of the information contained in this program. To the fullest extent permitted by law, Zynergy and its affiliates expressly disclaim liability for any losses or damages arising from or relating to the use of, reliance on, or inability to use any information presented in this program.

© 2026 Zynergy Investments, LP (“Zynergy”). All Rights Reserved.

Larry shares his perspective on the discipline, judgment, and long-term thinking required to navigate complex investment environments. The conversation explores how experienced investors evaluate opportunities, manage uncertainty, and maintain a clear decision-making framework as markets evolve.

Drawing on his leadership experience and investment background, Larry offers thoughtful insights into the responsibilities of a chief investment officer and the principles that shape an institutional approach to investing.

Join us for a candid conversation about markets, leadership, risk, and the mindset behind durable investment decisions.

Disclosure & Disclaimer:
This program and any related materials are provided solely for informational and educational purposes. They may not be copied, distributed, published, reproduced, transmitted, modified, or disclosed, in whole or in part, without the prior written consent of Zynergy.

All third-party company names, trademarks, logos, products, services, and organization names referenced in this program are the property of their respective owners. Such references are used solely for informational, commentary, or identification purposes and do not imply any affiliation, sponsorship, endorsement, partnership, ownership interest, licensing rights, or approval by or between such third parties and Zynergy.

Nothing contained in this program constitutes, or should be construed as, financial, economic, legal, tax, accounting, investment, or other professional advice. Zynergy does not provide individualized investment advice through this program, and no information presented should be relied upon as the basis for making any investment decision. Viewers and listeners should consult their own professional advisors before making any financial, investment, legal, tax, or accounting decisions.

This program is not intended to constitute, and should not be construed as, an offer to sell or a solicitation of an offer to buy any securities, investment products, fund interests, or advisory services. Any offer or solicitation may be made only through the applicable confidential offering documents, subscription materials, advisory agreements, or other formal documentation, and only to eligible investors who satisfy all applicable suitability, accreditation, qualification, and verification requirements.

Certain statements made in this program may constitute forward-looking statements, projections, opinions, expectations, beliefs, or other statements regarding future events, market conditions, investment themes, business opportunities, or financial results. These statements are inherently uncertain and are based on assumptions that may prove incorrect. Actual results may differ materially from those expressed or implied. Zynergy undertakes no obligation to update, revise, or correct any forward-looking statement or other information contained in this program.

Any discussion of investments, strategies, sectors, companies, securities, or market opportunities is general in nature and does not constitute a recommendation, endorsement, or investment advice by Zynergy, its affiliates, or any guest or speaker. References to specific companies, securities, sectors, technologies, or investment themes are for illustrative and informational purposes only and should not be interpreted as a recommendation to buy, sell, hold, or otherwise transact in any security or investment.

Any financial services, investment opportunities, private fund interests, or related offerings discussed by Zynergy are available only to eligible investors, including verified accredited investors where required, and are subject to applicable laws, regulations, offering documents, and investor suitability requirements.

Past performance is not indicative of future results. All investments involve risk, including the possible loss of principal. Investment strategies may experience volatility, illiquidity, valuation uncertainty, concentration risk, market risk, technology risk, regulatory risk, and other risks. There can be no assurance that any investment objective, strategy, projection, or expected outcome will be achieved.

Neither Zynergy, its affiliates, nor any of their respective officers, employees, partners, representatives, agents, or guests makes any representation or warranty, express or implied, as to the accuracy, completeness, reliability, timeliness, or adequacy of the information contained in this program. To the fullest extent permitted by law, Zynergy and its affiliates expressly disclaim liability for any losses or damages arising from or relating to the use of, reliance on, or inability to use any information presented in this program.

© 2026 Zynergy Investments, LP (“Zynergy”). All Rights Reserved.