In this episode, the team discusses the Federal Reserve’s latest rate cut and Chair Powell’s cautious comments that tempered expectations for further easing. They examine the disconnect between official labor data and signs of corporate layoffs, before shifting to company updates, including strong results from Eli Lilly, Alphabet, Amazon, and Apple, all highlighting differing facets of AI-driven growth and consumer trends. The team also reviews weakness in Meta’s capital allocation strategy and the ongoing stress in commercial real estate and private credit markets. The conversation wraps with a thoughtful look at whether AI investment is entering bubble territory or if demand fundamentals still justify the surge in spending.