Concerns about hyperscaler sustainability are not realistic yet; $650B in spending this year means companies must compete by building infrastructure.

Likes industrials, utilities, and financials to play two themes: 1) economic recovery/stronger growth that is entrenched but underappreciated, and 2) AI trend via infrastructure (data centers) without excessive risk since adoption/monetization rates are uncertain.

Recent financial sector decline is not a sign of more trouble; still likes the sector very much. Best current market allocation: put a dollar in financials.

Preference for consumer staples over discretionary reflects market rotation from services to goods, not necessarily a cautious/defensive shift. Unfavorable on staples, does not believe AI will destroy jobs and cause recession.

All of that fear is overdone.