Wang sees strong fundamental support from earnings growth, not valuation expansion, but warns expectations are high and concentrated, creating fragility. The AI cycle has 1-2 years to run with massive capex, but the key question is whether investments turn into sustainable profit. She raised US growth forecast to 3% for 2027 due to AI productivity gains, above consensus of 2%.

Sherman attributes the bond rally to oil-driven inflation relief, but warns core inflation remains sticky with a 3-handle. He sees the Fed bias tilted toward a hike, not a cut, but political constraints may delay action. DoubleLine remains significantly underweight AI, citing high valuations in both equities and bonds, and sees the AI bond market as still in early innings.

Munster argues we are earlier in the AI cycle than most believe — now in the 'second inning.' Micron's 340% revenue guide shows sustainability despite large numbers. Hyperscaler capex growth expectations have risen from 15% to 22% for next year, and the street is getting comfortable with 40%+ growth rates. Next chapters: personalized AI (late 2025-2028) and physical AI/autonomy.

Oden argues AI-driven capex is a structural growth engine, but near-term markets are driven by oil/rate volatility. Investors embrace AI as a tool but still rely on human advisors (80% of decisions). She warns rate hikes could pressure chips, while easing oil/strait tensions relieve inflation and support equities. Long-term AI bull case tempered by short-term macro risks.