Morning Call Sheet: markets rally to records as investors favor tech

• Markets are reaching record highs, with mega-cap tech leading the rally, particularly due to the AI theme.
• Despite poor market breadth, investors are seeking perceived safe havens, including certain tech stocks.
• Software stocks like Oracle are seen as a comeback story, with technology trading at a P/E discount to the S&P.
• Geopolitical events (Iran ceasefire) and Treasury yields are noted, but earnings season is the primary focus for market direction.

Financial market experts discuss the current rally to record highs, highlighting the leadership of mega-cap tech stocks driven by the AI theme and strong earnings. While acknowledging poor market breadth and geopolitical risks, panelists suggest investors are rotating into perceived safe havens within the tech sector, with software stocks emerging as a value play.