1. All sectors are enjoying YoY growth.

With 88% of the S&P 500 reported, Q2 top line growth is on pace for the largest YoY increase since Q4'21.

"The background of high amounts of cash in the system and Fed not hiking should continue to support risky assets."

2. The corporate buyback window reopens this week with more than $1 trillion of announced authorizations.

Buybacks exceed equity issuance and continue to absorb supply.

3. “Without the AI buildout, the US would be in recession.”

“Virtually nothing matters more to markets at present than the AI buildout. It’s such a sudden and massive stimulus for the US that it has shifted macroeconomic data. "
Columbia Business School estimates AI infrastructure investment at roughly 2.8% of GDP, larger than the railroad boom, and it’s projected to keep rising.

4. The Norwegian sovereign wealth fund is simply the biggest and it’s all-in on tech.

5. American companies continue to spend on AI.

In July, the top 1% of businesses spent a median $7,400 per employee on AI.
The top 10% spent $650.
The median firm spent $11.95 per employee.

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