In this episode, Michael and Stephen break down one of the most confusing market environments in years. While volatility in mega-cap software and AI names has grabbed headlines, the broader market is quietly telling a very different story. With the “Mag Seven” representing over a third of the S&P 500 at the start of the year, weakness in just a handful of stocks has masked what may be one of the strongest breadth environments in decades. Michael explains why this environment looks like a classic broadening cycle for the first time in nearly five years, with improving early-cycle economic data supporting stronger earnings outside of mega-cap growth.

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This week’s episode explores a dramatic shift in market sentiment that unfolded in just a few days. Emily and Michael are joined by Jay Glickson to discuss what institutional investors are saying, how AI disruption fears are influencing positioning, and why the broader macro backdrop may still support a rotation into cyclical and value-oriented areas of the market.
Despite heightened anxiety, particularly around AI and expensive growth stocks—the overall market remains near highs. The team breaks down what’s driving the disconnect between sentiment and price action, how investors are reacting, and what could stabilize markets in the near term.

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In this Super Bowl Sunday episode, Michael and Stephen break down a volatile week in the markets that felt far worse than the major indices suggested. While mega-cap tech, software, and crypto saw sharp swings, the broader market quietly showed signs of strength, with value stocks and equal-weight indices hitting new highs.

Michael shares insights from a week of client meetings on the road and explains why the recent turbulence looks more like a healthy rotation than the start of a broader downturn. The conversation explores the shift away from crowded momentum trades and toward cyclical sectors, improving earnings trends in small- and mid-cap stocks, and why softer employment data may actually support the current economic expansion.

They also revisit the HOPE framework—Housing, Orders, Profits, and Employment—to highlight the macro signals pointing to a potential soft landing and broader market participation in 2026. The episode wraps with a discussion on valuations, expectations, and what investors should watch as leadership continues to evolve beneath the surface of the market.

For full disclosure information visit: http://www.pipersandler.com/researchdisclosures