Semiconductor stocks are ending the second quarter with their strongest run on record, as the AI spending boom continues to drive huge gains across chipmakers, memory suppliers, and other companies tied to the data center buildout.

Mike Armstrong and Paul Lane break down why AI demand is still powering the market, how stretched valuations and rising earnings expectations could make the second half of the year more volatile, and why cost discipline from major tech companies may be the first real warning sign for the AI trade. They also discuss the latest JOLTS report, why the labor market remains stronger than expected, how persistent inflation could keep pressure on the Federal Reserve, and why fixing Social Security will likely require politically painful choices on taxes, benefits, or both.