Tony Zabiegala expects strong earnings growth in 2026, along with rate cuts and tax cuts to boost markets. However, he thinks that AI capex cash is going to run out sometime next year, and companies will have to take on debt to keep going – inviting greater investor scrutiny. On the consumer side, Tony argues that inflation from the past few years is catching up, with wage growth lagging behind, dragging spending power down. He thinks that investors should be looking at the “high end” of consumer discretionary next year, along with housing.

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