The team discusses growing economic concerns, including weak labor data revisions, rising delinquencies, and increasing odds of a Fed rate cut. The conversation also covers key developments in healthcare, highlighting Eli Lilly's GLP-1 drug updates, and tech earnings from companies like Shopify, AMD, and Snap. The episode explores the narrow market leadership dominated by AI-fueled megacaps and raises questions about its sustainability. It also dives into AI's expanding role in consumer apps, fashion, and media, along with a closer look at rising consumer credit stress and what it signals for the broader economy.