This week, on the record

A week of broad-based earnings beats across retail, software, semiconductors, and industrials, with AI infrastructure demand emerging as the dominant macro theme. Retail (WMT, TJX, EL) demonstrated resilience through operating leverage, tariff mitigation, and margin expansion despite consumer bifurcation. Software and fintech (JKHY, INTU) showed pricing power and competitive consolidation tailwinds. Semiconductors and test equipment (KEYS, ADI) delivered historic revenue and margin records driven by data center and AI infrastructure buildout. Agricultural equipment (DE) confirmed cycle trough with diversification offsetting ag weakness. Emerging consensus: AI capex cycle is durable and multi-year; lower-income consumer pressure is visible but not acute; tariff dynamics are normalizing favorably; operating leverage is real across diversified portfolios.

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