Alicia Levine of BNY Wealth maintains an 8,000 S&P target driven by broadening earnings beyond AI beneficiaries, with reasonable multiples. She warns of near-term volatility and consolidation due to parabolic AI/memory charts, and highlights concentrated risk from hyperscaler debt-funded capex creating correlations across equities, bonds, and EM. She recommends infrastructure and real assets as hedges.

Mamta Q of PSP Growth notes AI sentiment remains positive but the elephant in the room is ever-rising capex estimates with no end in sight, shifting bottlenecks from GPUs to memory to power. Financing is becoming fragile as public equity demand is not bursting and bondholders demand higher yields for technology risk. AI has moved from technology to national security, with China leading in cheaper open-source models.