Curia Investment Show 19: New Market Highs, AI Optimism, and Bank Earnings

James Early and Owen Tracy break down the S&P 500’s push to new highs, driven largely by a resurgence in major tech stocks and renewed confidence in artificial intelligence. They debate whether the rally is justified amid geopolitical tensions, elevated valuations, and mixed signals from energy markets, while arguing that easing risk premiums and strong earnings momentum support the breakout. The discussion also covers bank earnings, private credit fears, and what falling oil prices mean for inflation and the Fed. Rounding out the episode, the hosts examine speculative excess through Allbirds’ surprising pivot to AI and share stock ideas, including Microsoft and a relative‑value trade between Novo Nordisk and Eli Lilly.