Market at all-time highs with Dow above 48,000, S&P strong, Nasdaq near records - questioning bubble concerns and valuations
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Market wants to trend to the upside, new highs beget new highs, valuations don't kill bull markets or revive bear markets
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Strong earnings season with 8% top line growth, 12% bottom line growth, broad participation across 10 of 11 sectors
Questioning hyperscalers being under-levered and whether this supports continued market momentum
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Tech companies have clean balance sheets with flexibility to add debt, borrowing at rates close to US government
Concern about deals being unloaded with others taking risk - potential market vulnerability
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Watching deal interrelationships carefully, hard to price apart complexity with banks backing syndicates
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Deal contracts have escape clauses, total amounts seen are maximums, data centers backlogged and capacity constrained