Jake Dollarhide, CEO of Longbow Asset Management, calls the market "tech or bust" and says stripping out energy and tech leaves you down for the year. He sees utilities as the obvious backdoor trade for AI power demand, citing Alphabet (GOOGL) and Constellation Energy's (CEG) nuclear deal and Microsoft (MSFT) repurposing Three Mile Island. He warns that new 6% corporate bond coupons create competition for capital and that rising rates could eventually crack the AI trade.