RECORD BREAKER: Why stocks keep defying every warning

• The equity market is resilient, driven by strong fundamentals and an 'extraordinary' Q1 earnings season, particularly in technology and AI.
• Despite record highs, the market is deeply concentrated, susceptible to shocks, and vulnerable to headline risks, with valuations appearing 'a little bit rich'.
• The economy is 'K-shaped', meaning higher-income individuals benefit disproportionately from market gains, while lower-income consumers struggle with rising costs and lack discretionary income for investing.

JPMorgan Asset Management strategist Jack Manley discusses the resilient equity market, driven by strong technology earnings and AI optimism, leading to record highs. He highlights concerns about market concentration, vulnerability to headline risks, and a 'K-shaped' consumer economy where lower-income individuals are missing out on gains. Upcoming mega-IPOs in AI are expected to further concentrate market focus.