Charts & Chat - July 12, 2026

This week, CEO Eric Boyce, CFA discusses:

1. believe it or note, we are now in the 6th longest business cycle expansion in US history

2. AI spending should be a continued economic driver on several fronts

3. economic growth stemming from high income households, increased consumption and declining savings rates; deep dive into the wealth effect and notable drivers

4. Three engines of 2026 growth: AI spending, Infrastructure & Manufacturing Capacity Spending, and OBBBA (offset by higher energy costs)

5. generational transfer of "wealth" (i.e. free cash flow) from Hyperscalers to semiconductor companies

6. equity valuations remain high - tremendous surge in earnings expectations driving optimism and valuation gap versus international stocks