Joel Elconin - Assessing Market Mania: The Intersection of AI, Earnings, and Momentum

Markets are ignoring geopolitical risks and higher oil prices, focusing instead on strong earnings and technical momentum to drive a risk-on rally.

AI hardware and software stocks are recovering from a divergence, as forward guidance and infrastructure CapEx will dictate the trade's sustainability.

Speculative euphoria is returning to meme stocks and crypto, while defensive assets like the US Dollar and gold show signs of weakness.