AI will be absolutely transformative and value-creating across industries over time with parallels to internet revolution but greater scale and speed

Goldman research found 75% of major tech innovation periods led to equity bubbles but current environment not yet in AI bubble

AI path will be up and to the right over time but not a straight line - will have ups, downs, winners and losers

Hyperscalers have enormous EBITDA, cash flow and balance sheet capacity with very healthy credit metrics even after capital raises

Heavy debt supply is impacting credit spreads which have widened slightly but this is just recalibration to larger aggregate debt quantum

Strategic partnerships in AI ecosystem are merited by opportunity size but interconnectedness creates elevated risk in correction

Improving macro backdrop with pro-growth administration, constructive regulation, Fed easing cycle, equity markets near highs driving CEO confidence and M&A/IPO activity