"On the surface: steady and solid consumer momentum. Under the hood: a rising share of sales growth is being 'paid for' by inflation"
"This was over an 8 standard deviation surprise, the largest one since the January 2021 PPI was released"
Institutional allocations to equities are at the highest level since November 2007
"The largest AI firms’ capex has mushroomed to 1.3x EBITDA on a trailing 12-month basis"
"Q2 earnings are nearly quadrupling preseason estimates"
The number of companies citing "recession" on earnings calls has collapsed
