Notes divergence between Nasdaq and Russell with money rotating back into tech over past five days ahead of megacap tech earnings.

Highlights S&P at all-time highs and 4-5% GDP growth driven by largest infrastructure buildout in history, fueled by capex and investment.

States Fed expectations are low (maybe 1-2 cuts), but strong AI-driven growth across sectors (tech, industrials, blue-collar workers) means rate cuts may not matter.

Warns investors need to be selective within tech; notes many large-cap software names (Wix, Workday, ServiceNow, Salesforce) hitting 52-week lows while market hits new highs.

Says megacap tech capex numbers will be interesting; markets may not want them too hot or too cold, unsure how markets will respond.

Describes significant divergence within technology, even within Mag Seven, due to cash flow shifting to capex.

States technicals depend on the specific company; many questions remain about AI's impact on software and when capex will translate to bottom-line results.

Concludes the market is still figuring out appropriate spend levels and when productivity/margin benefits will materialize without excessive competitive threat.