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

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