US stocks: the published research is split down the middle, and it's not a subtle disagreement.
On the bullish side, a broad camp of analysts points to strong earnings momentum, with consensus forecasts cited around 22% Q2 EPS growth, healthy liquidity, and the usual post-midterm tailwind. Several strategists argue the rally is broadening beyond AI mega-caps into financials, industrials, energy, consumer discretionary, transports, and biotech — framing rotation as the main opportunity into year-end.
The bearish camp is blunter. One prominent thread of recent research calls the S&P 500 and Nasdaq 100 the greatest bubble in US history, arguing AI earnings are inflated by unsustainable hyperscaler capex and drawing direct parallels to 2000. That view flags Nvidia, Microsoft, Oracle, Meta, Alphabet, Micron and Western Digital for significant drawdowns over 6–18 months.
Financials are contested too: bulls cite record Q2 trading revenues at major banks, while a more cautious research thread warns commercial real estate losses and tighter lending will bite. Same tape, opposite conclusions.