Liridon Gila, CFA, Portfolio Manager, discusses US equities' V-shaped recovery from April's lows - driven largely by AI momentum, trade relief, and resilient earnings. Looking to the second half of the year, Sawgrass expects market breadth to continue improving, in response to the Federal Reserve likely keeping rates higher for longer than the market expects due to tariff and policy uncertainty, and extreme relative valuations between mega-cap stocks and the rest of the market.