Tech stocks are way oversold in June and represent major buying opportunities. Hyperscaler CapEx of $700B is the build-out phase; monetization will come from enterprise adoption. Models will commoditize, but data and enterprise relationships are key. Microsoft will be the ultimate enterprise winner.

The market is overestimating the pace of production recovery and underestimating future inventory rebuilding demand. Oil prices have priced in an overly optimistic supply return scenario. Brent could end the year at $80, WTI at $75. 2027 surplus estimates may be overstated due to strategic reserve rebuilding by India and China.

Markets remain resilient, not robust, overcoming challenges via strong fundamentals. Tech is on an upgrade cycle; AI is not a bubble like the internet. Investors should be selective, barbell portfolios, and focus on intermediate to long-term. Private investors are now more important and serious, staying in markets longer.