US equities look constructive, but published research is split between a tactical "buy the dip" camp and a more cautious structural view.
The bullish case, laid out across recent research notes, rests on strong AI earnings and capex. One analysis points out that forward P/E is about a third of its dot-com peak, and the recent CoreWeave scare didn't widen credit spreads — suggesting the AI sell-off is a routine 5-10% correction that should ease as the 10-year yield drifts back toward 4.95%. A separate research thread favors core US exposure tied to AI beneficiaries.
The bearish camp focuses on rates: some recently published views argue a 10-year near 5% compresses multiples, and further Fed hikes could drive a 10-15% decline.
On style, the research consensus is tilting toward quality — profitable Russell 2000 names are reportedly outperforming unprofitable peers by roughly 18 points, and breadth should improve if yields ease. Preferred sectors in published notes include tech, financials, materials and healthcare.
On hyperscaler earnings next week, one camp expects results to calm nerves; a contrarian thread flags balance-sheet risk at CoreWeave and questions Tesla's valuation given thin operating margins.