Morning Call Sheet: AI rally masks growing cracks beneath markets

• AI and tech are powering market highs, but a significant bifurcation exists with many stocks hitting 52-week lows.
• Caution is advised against chasing the AI rally, with potential 'sell the news' events for top-heavy tech names like Nvidia.
• Rising interest rates and a 'slow-rolling bond bear market' are concerns, with markets now pricing in potential Fed rate hikes.
• The anticipated SpaceX IPO is expected to be a major event, potentially drawing capital from other positions.

The discussion highlights a bifurcated market where AI and tech drive indices to record highs, but underlying cracks and economic pain are evident. Experts advise caution against chasing the AI rally, noting rising interest rates and a 'slow-rolling bond bear market.' The anticipated SpaceX IPO is also discussed as a significant market event.