You're calling for an everything rally into year end. Tell me more.
Scott Wapner
Christina Partsinevelos
Yeah. So we're targeting 7100 by year end this year. I think everything's going to rally; the market is starting to broaden now. We see about five reasons for this, including seasonality, tax refund potential, and positive earnings.
What about reliance on the AI trade?
Scott Wapner
Christina Partsinevelos
Still bullish on AI. We're in the fourth inning of the AI CapEx cycle. There are concerns about hyperscalers' spending but overall it's good news for AI-related semis and hardware companies, which will carry the market.
What about hyperscalers?
Scott Wapner
Christina Partsinevelos
Hyperscalers are in an arms race; free cash flow margins are declining, but market is okay with slower earnings growth for some big tech names like Alphabet.