Stephen Kates and Jed Ellerbroek discuss the Fed's next move, inflation trends, Treasury yields, and the impact of AI investment on the economy. The pair examines how rising AI infrastructure spending could affect inflation and bond markets while remaining bullish on big tech earnings. They also highlight strong AI-driven demand for companies including Nvidia (NVDA), Microsoft (MSFT), Alphabet (GOOGL), Amazon (AMZN), and Meta Platforms (META), arguing that robust earnings and continued data center investment could help power markets higher.