Nick Raich says the AI infrastructure buildout has fueled a technology-led rally that remains the only sector outperforming the S&P 500 (SPX), and he stays overweight tech through year end. He warns that rising interest rates and weakening earnings estimates could create a two-quarter divergence between stock prices and fundamentals, a pattern that has preceded every major correction. Raich expects FOMO-driven euphoria to push stocks to new highs before setting the stage for a tougher year ahead.