Simon focuses on the two major drivers of current market direction: AI spending and interest rates. He notes the historically narrow leadership of the rally since the late-March lows and how it has been concentrated in a small pool of AI-sensitive names. He compares to other investment bubble periods and times of narrow investor interest. He also reviews the spike in rates and correlation to stock market performance in an environment where corporate earnings growth is strong. Simon offers some thoughts on the latest news from NVDA, VST, COST and COF.

WIG Names: NVDA, VST, COST and COF

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