Earnings growth this quarter is broad-based, not just driven by hyperscalers — 10 of 11 sectors are growing earnings, and tech alone is growing 65% year over year.

0:00excluding the Mag 7, earnings are still expected to grow 20.9%. So, it's not just hyperscaler stuff. 10 of 11 sectors will grow earnings this quarter. And yes, the biggest contribution will come from tech. Daniel, can you show chart one chart >> Which is uh 65%. >> I mean, that's just nuts. 65% growth year over year? >> For uh for >> For for technology. >> Yeah. >> It's crazy.

0:23>> So, I guess my first question would be from a from a top-down standpoint, you'd have to agree this is one of the great bull markets that you've ever seen, I've ever seen. >> Yeah, so if you go back to '08, '09, uh we had a little blip in the first quarter of '16. That was rough. 2022 was bad. But other than that, it's been 17 great

0:46years. Yeah. Absolutely. And uh >> Would you like to predict the end of it or or [laughter] not? Have we all given up on even thinking about when this ends or What do you What do you think? >> I mean, if you kind of look at the three things that I really think about. You got the economy, >> Right. >> we have done everything possible in the

1:02last year or two to disrupt the economy, right? We We created a war. Uh we implemented tariffs. Uh we got a new Fed chairman who nobody can quite pin down uh what he Where is he where he's actually going to go. >> Iffy labor market. >> Uh very iffy labor market and a lot of uncertainty around what AI is going to do ultimate to that labor market. If you

1:25read the Centrini report, you think it's doom and gloom, >> which is just fascinating the whole thing. But at the end of the day, the economy's proving to be very resilient. There's >> Accelerating. >> It is. Yeah, there's no signs whatsoever of uh in any sort of imminent correction. Inflation, while elevated, um is kind of in line with expectations. And then the most recent read we'd had was what, 3

1:48and 1/2% versus uh a call whisper number of 3.8 and 4.2 the previous month. It it the biggest single month drop in 6 years. And you know, obviously very attributable to um to the oil shock and uh the temp what's turned out to be the temporary uh uh ceasefire. And then finally the consumer, you know, the consumer especially on the high end continues to earn and continues to spend. So, you