People underestimated Nvidia earnings and AI cycle - numbers were impressive on every metric, Jensen's guidance fantastic

AI bubble becomes vulnerable when P/E ratios significantly exceed growth rates - Nvidia at 29x earnings growing 40%+ annually shows we're nowhere near that

AI cycle could continue through 2026-2028 as long as valuations stay in check and leverage doesn't spike

Fed rate cuts are the main remaining headwind - if we get a cut, S&P goes to 7100 by year-end; if no cut, market might have problems

Overweight tech, AI, telecom for earnings growth, plus financials (deregulation), energy grid expansion, and international stocks (foreign stocks up twice US returns this year)