Victor Hilt notes earnings expectations have gone parabolic, retail money is entering late, and IPOs will add volatility. He sees no bubble yet due to low corporate leverage outside hyperscalers and the Fed not hiking. The equity market could be derailed by energy and central bank response, but amber lights are not flashing yet.

Laureline Renaud-Chatelain sees AI investment as short-term inflationary, pushing up chip and import prices. She prefers the short end of the curve for carry without duration risk, waiting for clarity on the Strait of Hormuz before adding longer-dated bonds. She expects only one ECB hike, not two, as economic growth will moderate.

Ven Ram warns that equity markets are increasingly vulnerable despite shrugging off the Iran conflict. He sees stretched multiples and no earnings recession in sight, setting up a potential bubble. He argues the 10-year yield needs to be higher than 4.50% given nominal growth, and the front end at 4.05% is excessively optimistic. The Fed needs to raise rates.

Will Hobbs is not convinced by the rate of AI adoption. He sees a jagged frontier and patchy evidence of returns. He prefers services over industrials for AI exposure, as the cake is potentially biggest there. He argues the UK debt drama is hysterical, as productivity growth is higher than perceived and the UK is a knowledge economy superpower.