Sebastian Page of T. Rowe Price is bullish on AI as an expanding theme from GPUs to other bottlenecks like cooling, electrification, and gas turbines. He sees the trade having legs with $3 trillion in spending by 2028. He acknowledges inflation risk is underestimated by markets due to lags in the system, but believes a 25-50bp hike wouldn't be a big issue for markets. He advocates a barbell strategy between US large cap growth and small/midcap.

Former NY Fed President Bill Dudley criticizes Kevin Warsh for not disclosing the Fed's monetary policy reaction function. He argues markets need to understand how the Fed will react to changing conditions for policy transmission to work efficiently. Dudley sees a compelling case for tighter policy: rates have been at current levels for 3 years with unemployment at 4.3%, and financial conditions are accommodative with the highest impulse to growth since late 2021/early 2022. He aligns with hawkish Fed voices but notes June inflation data will likely improve due to declining oil prices.

Heath Terry of Citigroup sees enterprise AI demand as incredibly robust with accelerating growth from 28% to 141% year-over-year. He argues hyperscalers are generating 29% returns on AI investment, making continued spending rational despite stock price underperformance. Key bottlenecks exist throughout the supply chain - memory (especially HBM), interconnect, storage, labor (both technical talent and construction workers), power, and semi-cap equipment.