Morning Call Sheet: AI spending and resilient growth lift markets

• Markets are navigating higher yields and energy prices, with geopolitical tensions (Iran attacks postponed) having a limited immediate impact.
• Consumer spending remains robust, supported by a strong labor market, with retail earnings being closely watched for sustained performance.
• AI-driven capital expenditure, particularly in data centers and related infrastructure, is seen as a powerful growth engine for the economy, with significant multiplier effects.

The discussion highlights market resilience driven by AI spending and robust economic growth, despite concerns over higher yields and energy prices. Analysts suggest the consumer remains strong, and AI-related capital expenditure is a significant bullish factor, with comparisons to the late 1990s AI boom being premature.