"You can't be hyperbolic enough" when it comes to AI's impact on the markets and the U.S. economy, says Rebecca Walser, making it difficult to gauge valuations for the industry. She adds that CapEx from hyperscalers clashes with rising energy costs as the U.S.-Iran war lingers on. Rebecca says the way AI is financed needs to change for bulls to have a wider runway. On her stock picks, she likes Reddit's (RDDT) ties to LLMs and robust balance sheet.