The risk for investors right now is being underinvested, says KKM Financial's Jeff Kilburg

• Market is 'cautiously optimistic' with the VIX at 14.5, indicating low short-term fear.
• Strong earnings season (30% year-over-year EPS growth) and AI advancements (Nvidia, Salesforce/Anthropic partnership) are driving positive sentiment.
• High dispersion in S&P 500 stocks (DSX at 34.5) suggests opportunities for stock picking, particularly in technology and materials.
• The risk for investors is being 'underinvested' as current wealth creation is seen as 'real' and 'tangible'.

Jeff Kilburg expresses cautious optimism for the market, citing low volatility (VIX at 14.5), strong earnings, and a positive outlook for AI-driven sectors like software and materials. He believes the current wealth creation is real and that the main risk for investors is being underinvested, anticipating continued market movement higher despite potential Fed caution.