Charles Schwab's Liz Ann Sonders addresses concerns from Broadcom's (AVGO) CEO that the AI trade is showing "casino-like" qualities. As for the new earnings season, she notes strength in the U.S. consumer but urges caution when it comes to sky-high expectations following the previous quarter. Nvidia (NVDA) and Micron (MU) are expected to drive one-third of earnings growth in the S&P 500 (SPX), showing heavy concentration in expectations. Liz Ann then outlines her expectations for CPI and PPI, along with how macro moves and AI tip the inflation scales.