David Kudla argues against the notion of an irrational rally taking place in markets. He points to outstanding earnings growth that has far exceeded initial expectations. David compares and contrasts the current market to the dot-com era, emphasizing that today's hyper-scalers boast fortress balance sheets and robust earnings. Kudla highlights Palantir (PLTR) as a prime example of a company that has successfully leveraged A.I. investments into significant revenue and earnings growth. He also makes a case for diversifying portfolios with small-cap opportunities.