Larry McDonald warns that tightening credit markets and heavy financing needs could threaten the AI infrastructure boom and expose risks beneath the stock market. He sees opportunities in energy, silver, uranium and other beaten-down commodities while criticizing the S&P 500’s (SPX) concentration in Apple (AAPL) and Nvidia (NVDA). McDonald is also watching hyperscaler earnings and the midterms, and sees a significant market drawdown as a growing risk.