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Stocks are now “stuck” in a trading range after their recent upside breakout.
Is the rally running out of steam?
Or are new highs ahead, perhaps after a brief re-test?
Portfolio manager Lance Roberts and I discuss the odds, as well as the future of AI stocks, the latest employment & CPI data and, of course, his firm’s latest trades — of which he made many over the past week.
For everything that mattered to markets this week, watch this Market Recap.
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#marketcorrection #aistocks #inflation
0:35 – Markets at all-time highs — is it time to celebrate?
5:25 – Is the current rally healthy/sustainable or is a correction still likely?
6:03 – Sideways consolidation, market breadth surge & retail investors chasing
7:15 – Portfolio rebalancing, raising cash & near-term risk management
11:05 – Recap of Ed Zitron interview (AI bear case)
13:31 – Debunking “fake AI revenue” narratives with actual hyperscaler data
15:27 – Hyperscaler revenues, circular financing & real AI adoption rates
19:42 – Google earnings deep dive: operating income, margins & cloud growth
24:15 – Depreciation risk, AI capex phase & projected free-cash-flow recovery
28:20 – Open questions on real-world AI ROI & LLM limitations
30:32 – Lance’s personal productivity gains from using AI daily
35:05 – Managing AI error rates/hallucinations through custom skills & verification
40:09 – AI’s early-stage parallels to the internet boom; focus on fundamentals
42:34 – Not all AI stocks are equal: hyperscalers vs. infrastructure / Neo-cloud risks
45:49 – Powering data centers: midstream energy & pipeline plays (Kinder Morgan, Williams)
46:22 – Portfolio diversification beyond AI + impact of passive investing flows
52:18 – What corporate earnings calls are saying about AI returns so far
55:22 – Technical analysis: momentum, consolidation & potential pullback setup
59:29 – Detailed trades & rebalancing across 60/40 and other models this week
1:06:15 – Employment data, weak retail sales & Fed policy outlook (hold rates)
1:12:09 – Weekly rant: Rewarding good behavior, incentives & catching people doing things right
1:18:01 – Milton Friedman on capitalism vs. socialism, profit-and-loss signals & equality of opportunity
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