Macrae Sykes expects big bank earnings to decline sequentially after a record Q2, but still sees healthy double-digit year-over-year growth and a strong fundamental backdrop. He highlights IPO activity like SpaceX (SPCX) and the potential Anthropic deal as key levers for the banks, while noting valuations remain attractive at a discount to the broader market. Tom White then walks through a bullish call vertical trade on JPMorgan Chase (JPM).