On TCAF this week, Josh Brown and Michael Batnick spoke with Denise Chisholm, Director of Quantitative Market Strategy at Fidelity Investments. They discussed whether AI capex is a bubble, why stocks keep climbing despite persistent skepticism, and how earnings growth is broadening beyond the Mag 7. (Listen)

One of the long term trends underlying the current bull market is rising corporate profit margins. This chart by Matt Cerminaro at Chart Kid Matt shows rising corporate profit margins, albeit with a break for Covid. If you want to be long term bearish, you need to come up with a reason for margins to reverse.

It goes without saying that the semiconductor (and memory) sector is red hot. Ben Carlson in a tweet notes the surge in South Korean stocks over the past year now has them outperforming the S&P 500 over the past decade.

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Next week on TCAF, Michael will be joined by returning guest Neil Dutta, Head of Economic Research at Renaissance Macro Research and Skanda Amarnath, co-founder and Executive Director of Employ America.