Dale Smothers says the Fed must decide which of their dual mandates to risk in the next few months. However, he’s still bullish, citing seasonal tailwinds, a strong consumer, and preliminary data showing higher than expected holiday spending. He compares the outsized AI capex to a Three Stooges skit and believes that there is a bubble, though he thinks it might deflate instead of being popped. Despite this, his stock picks right now include AAPL, AMZN, CRWV, RCL, and GLD.