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
"Historically, margin debt tends to rise with equities, supporting bullish trends rather than derailing them. The real risk comes when leverage starts to unwind"
"The sentiment and positioning indicators we are tracking do not indicate exuberance at present"
