Marc Davis, CFA, Co-Portfolio Manager, discusses how investors' fascination with Artificial Intelligence (AI) combined with continued hopes for further Federal Reserve easing has pushed equity markets to new all-time highs. However, valuations in many of these mega-cap companies appear stretched and with markets pricing in lots of good news, there is little room for error in both earnings and economic growth projections, thus increasing the potential for volatility at any time. Overall, despite these stretched valuations and uncertain fiscal and monetary policy, markets have continued to heed momentum, and we expect the continued chase by investors will likely lead equities higher and could keep a bid on any significant pull backs through year end.

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