๐ฆ Getting Serious in Summer Markets
BlackRock's Rick Rieder argues markets are entering a more demanding phase that requires deliberate portfolio construction rather than passive AI-beta exposure. Hyperscaler capex is up 80% YoY to an estimated $715B in 2026, yet only about 32 AI-related stocks are driving S&P 500 gains while the rest of the index is flat to negative. He flags a widening "K-shaped" economy, with credit card delinquencies at 13.1%, near the 2008 peak of 13.7%. His call: stay invested but be more selective, favoring durable-cash-flow equities and adding income and duration in fixed income.
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