Investors should pay attention. Two legs of growth: data center build-out (capex) and wealth creation from stock gains feeding consumption, especially for high-income consumers.

Best case: AI bubble deflates but we see broadening to other stocks so overall market wealth and capex continue. Fear: if deflation occurs without broadening, it weighs on consumption and consumer confidence, and could cause AI companies to slow capex.

Agrees broadening is best for the market, making it less dependent on a handful of companies and less vulnerable.

Thinks we are seeing broadening. For it to continue, we need tax refunds spent, inflation under control for Fed support, and policy uncertainty to fade.

AI stocks are growing into expectations; timing of revenue realization is a question. Assuming fiscal stimulus gets spent, broadening could extend, but policy uncertainty will be with us all year. One must be cautious assuming broadening continues; small-cap rallies have often died.

Different stories for metals. Oil going up was not expected. Metals whipsawed; parabolic move led to profit-taking. Gold is a diversification story (central banks, dollar hedge, inflation hedge). Silver is more cyclical (strategic supply chains, solar). Silver has lower liquidity so outperforms on up/down sides.

Last month was speculatively driven, profit-taking not surprising. But there is underlying fundamental support, unlike Bitcoin. Personally would stay in the gold trade.