Seema Shah expects stabilization in labor data after volatile months, sees AI impact as early-stage with no job losses yet. She views the equity rally as driven by AI earnings delivery rather than macro, and expects oil to stay above $80 due to supply damage even if a Middle East resolution occurs. She forecasts US growth around 2.1% supported by consumer spending, with labor market as key foundation for risk assets.

Matthew Bloxham discusses Alphabet's unprecedented $80B equity raise for AI capex (180-190B this year, potentially 300B next year), noting public markets must fund this alongside SpaceX and Anthropic IPOs. He highlights HPE's strong guidance driven by CPU-based AI inference servers, and SK Hynix's capacity doubling as protective against customers developing alternatives.

Kasia Klimasinska reports conflicting statements from Trump and Netanyahu on Lebanon ceasefire, with Israel continuing attacks despite Trump's claims. Iran reviewing final offer for interim deal that Trump says could happen within a week. Also covers Trump administration signaling scrapping of $1.8B anti-weaponization fund, with Republicans demanding details on potential immunity for Trump family.