Jay Mehta says resilient consumer confidence is helping push U.S. markets toward record highs despite sticky inflation and oil prices above $100. He questions whether massive AI capital spending from companies like Amazon (AMZN) and Microsoft (MSFT) will translate into margin expansion or simply sustained revenue growth as Magnificent Seven earnings roll in. Beyond tech, Mehta highlights energy as an inflation hedge and defense as a long‑term portfolio anchor amid ongoing geopolitical volatility.