"Manias can last a lot longer than anyone thinks," argues Nigam Arora. However, he points to "extremely positive" sentiment, upped earnings expectations, and significant concentration as signs that a pullback is very likely before midterms take the wheel of macro moves. To protect your portfolio, he offers perspective on how his firm uses dynamic hedging while still participating in rallies.

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Michael Monaghan breaks down the two major AI trends: foundation models and agentic AI. He explores why the trends impact Dell Technologies' (DELL) AI server growth, Palantir's (PLTR) unique software capabilities, and Oracle's (ORCL) infrastructure constraints.

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VanEck's Kyle DaCruz breaks down the launch of the VanEck BNB ETF (VBNB) — the first U.S. spot exchange-traded product for the BNB blockchain — and why it marks a turning point for traditional investors accessing one of the largest digital asset ecosystems. He also points to legislative tailwinds like the CLARITY Act as the institutional green light accelerating the convergence of artificial intelligence and decentralized finance.

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Ellen Wald and Carly Garner discuss oil prices and geopolitical tensions, noting that the long-term outlook for oil has passed the point of return for supply concerns. Ellen says commercial stocks serve as a buffer and sees no end to the oil shortage situation, while Carly is optimistic on that the Strait of Hormuz won't serve as a critical chokepoint to the energy trade.

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Charles Schwab's Ben Watson examines an S&P 500 (SPX) pushing toward the 7700 level, cautioning that while the trend remains bullish, the index looks overextended near key resistance. He also breaks down a divergence in energy, contrasting Occidental Petroleum's (OXY) uncertain breakout at $60.75 with Phillips 66's (PSX) stronger overall trend driven by its refining advantage.

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Luke Lloyd, CEO of Lloyd Financial Group, argues today's market looks nothing like the dot-com bubble, pointing to a valuation disconnect in software and a recovery opportunity in Intel (INTC). He makes the case that Alphabet (GOOGL) — not Nvidia (NVDA) — is the ultimate AI play, and that AI will expand margins for software leaders rather than replace them.

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Eddie Best breaks down SpaceX’s path toward a potential $1T valuation, supported by strong demand across aerospace, defense, and AI. Governance concerns remain, but similar founder control structures at Alphabet (GOOGL) and Meta (META) provide context. Strong defense-tech IPOs and Anthropic’s filing highlight ongoing investor appetite.

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LikeFolio's Andy Swan says Dollar General (DG) is benefiting from trade-down trends, with rising traffic pointing to steady demand. Tariffs and margin pressure remain risks. The focus is on whether pricing can offset those pressures into earnings.

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Morningstar's William Kerwin and Ed Butowsky discuss the recent surge in AI memory stocks, warning that rapid price appreciation can create risks for long-term investors. They compare Micron (MU) and SanDisk (SNDK), arguing that while both may continue to perform well, Ed points to SanDisk as a more attractive risk-reward profile.

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Kevin Rubin, CFO of Zscaler (ZS), discusses the company's recent earnings and the unprecedented pace of AI adoption. He also shares insights on the Symmetry Systems acquisition and how Zscaler aims to adapt to the everchanging cybersecurity landscape.

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