American equities just smashed fresh records. Here's what's driving it: that unstoppable AI-fueled tech momentum keeps pushing higher, and recent softer economic readings are now locking in expectations for Fed rate cuts down the road. The really interesting part? Investors are largely shrugging off geopolitical tensions and diving deep into stocks anyway—even as bond yields keep climbing and valuation multiples look stretched pretty far already. It's a mix of genuine growth optimism from the AI sector colliding with monetary easing hopes. Whether this holds depends on whether earnings can actually justify these prices, but for now, the momentum is undeniably there.