Lisa Abramowicz

Mike Wilson of Morgan Stanley joins now.

Wonderful to see you, Mike.

So let's start on the optimism.

You have been optimistic for quite a while, talking about the rotation into the adopters, not just the AI tech behemoths.

Why are you getting even more optimistic as the year goes on?

So there's a lot to unpack there.

I want to start with you agreeing with Neil, because Neil had a pretty negative assessment of the overall economy, saying he suspects the trains already left the station with respect to the pain from the Fed keeping rates where they are for as long as they have, and that we could be looking at a recession.

You seem to disagree on that.

So where's the nuance here?

What's the difference between preventing recession and really allowing the rotation into some of these other names?

So you kept mentioning the balance sheet.

Are you saying QE is going to start again?

How much is a 7800 target predicated on the idea of the Fed cutting rates and using its balance sheet to help support liquidity?

So it has been so far that the AI trade has maintained any kind of equity valuation despite the fact that people are getting increasingly worried about an economy that you think already has gone through recession.

I just wonder, do you think that ship sailed in terms of AI leadership propping things up?

Do you think that if we don't get the real economy re-accelerating, you cannot get the multiples that we currently have been seeing

on the big tech names.

So next year, or maybe the end of this year, when we find out who the next Fed chair is going to be, how much will that matter to you in terms of whether your bull case will get realized?

I mean, who will necessarily be good for that and who might be a little more problematic for that?

Mike Wilson, wonderful to speak with you.