Larry Kudlow and his guests analyze the shifting dynamics of the global financial landscape in early 2026, contrasting the surprisingly strong performance of foreign markets against a fundamentally optimistic outlook for the United States. The conversation highlights a "broadening out" of the American bull market, driven by corporate profits and deregulation, while simultaneously weighing potential "black swan" risks such as economic instability in Japan. The participants also debate the strategic role of government intervention in essential industries, specifically regarding defense spending and the revitalization of domestic chipmakers like Intel.

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