Utkarsh Ahuja, founder and managing partner of Moon Pursuit Capital, said
persistently high inf could constrain the Fed's ability to provide policy
support, even if tech stocks weaken. He pointed to recent remarks by San
Francisco Fed President Mary Daly about possible further rate hikes as a
reminder investors should not assume a near‑term Fed market backstop. Ahuja
said: "For capital‑intensive AI projects, even if market demand meets
expectations, higher financing costs and longer approval cycles can reduce
project returns." He added firms with projects that are not yet cash‑flow
positive and require new funding face execution risk and uncertainty over future
financing conditions.
