Stephen Kates and Mark Hamrick break down hotter-than-expected October CPI, the possibility of 25- or 50-basis-point Fed rate hikes and a longer tightening cycle. They also discuss slowing AI investment, Nvidia (NVDA), resistance to AI and data centers, and the advantages Alphabet (GOOGL), Microsoft (MSFT) and Meta Platforms (META) have over smaller competitors. They expect uncertainty to fuel volatility through year-end as markets await PPI.