In this episode of the Odd Lots podcast, hosts Tracy Alloway and Joe Weisenthal interview Michael Cembalest, Chairman of Market and Investment Strategy for JPMorgan Asset Management, about the dominance of AI in market valuations and its macroeconomic importance. They discuss the divergence in earnings growth between the MAG 7 companies and the rest of the S&P 500, the drivers behind the growth of US tech, and the potential for smaller entrants to compete with the big players in the AI space. Cembalest also shares insights on energy needs, the impact of tariffs, and lessons learned from his decades-long career, including the importance of recognizing when asset prices bottom out before related fundamentals improve.
