Q1 2025 Earnings Recap

While tech companies are delivering strong Q1 results and beating expectations, the more telling signal lies in what hasn’t surfaced yet. A wave of cautious corporate outlooks is pointing to potential tariff-driven headwinds that could weigh on full-year earnings.

With macro crosscurrents still in motion, we’re maintaining lower net exposure than usual. Watch Clay's full breakdown on what this means for risk assets in the current environment.