Cameron Dawson compares the current AI capex boom to the dot-com era, warning that while earnings are surging now due to operating leverage, this is not sustainable. He argues that the productivity gains from AI are not yet visible in corporate margins and advises investors to look at high-quality, dividend-paying names that have lagged.

Michael McKee analyzes the economic data (import prices up, housing starts down) ahead of the Fed meeting. He discusses the key question of whether new Chair Kevin Warsh will change the Fed's communication strategy, potentially reducing forward guidance and the dot plot, and what his relationship with President Trump will mean for policy.

Tyler Kendall reports from the G7 summit that while the White House is optimistic about a Friday signing of the US-Iran interim peace agreement, key details are unresolved. European allies are hesitant to commit military assets to secure the Strait of Hormuz until they see the final text, and clearing mines could delay full reopening.

Jay Hatfield predicts oil prices will fall further, potentially below $70, due to the anticipated US-Iran interim peace agreement which will reopen the Strait of Hormuz and allow oil to flow quickly.

Ed Ludlow discusses SpaceX's post-IPO rally, its acquisition of AI coding startup Cursor, and the implications for XAI's competitive position against Anthropic and OpenAI. He also covers the regulatory issues surrounding Anthropic's Fable and Mythos models.

Katherine Doherty discusses the rationale behind job cuts at Robinhood (10% of workforce) and BlackRock (1%, 200 jobs), framing them as a trend towards maintaining a 'lean and disciplined' culture rather than a cull, with implications for future efficiency and employee morale.