Liz Ann Sonders is the chief investment strategist at Charles Schwab, where she shapes the firm's market and economic outlook for millions of investors. A widely cited voice on Wall Street for decades, she joins Phil Rosen on Full Signal to discuss the AI earnings boom, the inflation-vs-deflation debate, bubble signals, and why AI supply constraints could matter more than demand.

TIMESTAMPS:
0:00 - AI circular financing
2:36 - Tech stocks getting cheaper
4:21 - Inflation changing valuations
5:02 - Iran and rising inflation
7:12 - AI both inflationary & deflationary
7:44 - Expectations bubble
11:57 - Market leadership
14:43 - Compute and energy
19:05 - AI and labor market
23:13 - What makes a bubble?
25:46 - Complacency and gambling
31:36 - Sentiment vs. hard data
38:44 - How we'll be wrong on AI