David Bush, Chief Investment Officer at Trezion Wealth, said he is watching the market reaction to SpaceX’s earnings and especially the results from Meta, Tesla and IBM after the close, which he sees as a test of AI profitability and capex spending. He said a possible Tesla–SpaceX merger would raise questions about valuation, capital allocation and earnings potential. He described the AI trade as moving through three stages: the technology itself, the infrastructure, and now companies adopting AI for efficiency, while he also watches power supply for data centers. He views banks as a barometer of the economy through loan growth, loan loss reserves and delinquencies, and expects industrials, utilities and materials to benefit from AI infrastructure spending, though some communities are pushing back against new data centers. Earnings growth remains his main focus.
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