AI Earnings, Labor Risks and the Cost of the Boom

The AI boom is still driving investor enthusiasm, but the question is whether today’s earnings growth can justify historically high valuations and whether the companies spending billions on AI infrastructure will be the ones that ultimately benefit.Mike Armstrong and Marc Fandetti break down why earnings have helped support the market, why valuations remain stretched by historical standards, and how AI-related fundraising and data center spending could ripple through bonds, labor markets, and inflation. They also discuss Robert Half’s latest survey on AI in the workplace, why some companies are rehiring roles they cut too quickly, how oil prices are responding to signs of increased Hormuz traffic, and why Meta is launching a workforce academy to train electricians, HVAC technicians, and other workers needed for the data center buildout.