LARRY BERMAN : AI TRADE IS A DEMAND SHOCK BEFORE IT A SUPPLY BENEFIT ?

What happened: Larry Berman argues the AI trade is currently a demand shock, with productivity gains arriving slowly, and flags upcoming hyperscaler earnings as a potential volatility catalyst. Key numbers: Hyperscaler results (AMZN, META, MSFT, GOOGL) are due in the next two weeks. Why it matters: Berman says a wrong-direction forecast change from hyperscalers could add volatility already surfacing around Coreweave, and he is concerned about market cap concentration, seeing better value in equal weight S&P 500 than cap weighted indexes.

Larry Berman argues the AI trade is currently a demand shock, with productivity gains arriving slowly, and flags upcoming hyperscaler earnings as a potential volatility catalyst.

Berman says a wrong-direction forecast change from hyperscalers could add volatility already surfacing around Coreweave, and he is concerned about market cap concentration, seeing better value in equal weight S&P 500 than cap weighted indexes.