In this episode of The Glass Half Full, Ryan Detrick, Chief Market Strategist at Carson Group, and Sonu Varghese, Chief Macro Strategist at Carson Group, go live on location from Sixth Avenue in New York City right in front of Radio City Music Hall to celebrate the Knicks championship and break down what is driving markets right now.
The AI trade remains the dominant story, and Micron’s blockbuster earnings are the latest proof. Sonu walks through why the demand chain keeps compounding: More AI means more computing power, more data centers, more chips, and more memory. That cycle is not slowing down. What started as a momentum-driven market back in October 2022 now has real earnings and profit growth underneath it, and AI’s share of GDP has quietly climbed from around 3% percent to nearly 4.5% in just the past two years, already surpassing its late 1990s peak.
Ryan and Sonu also dig into what happened on that ugly Tuesday when technology dropped 3% to 4% but more than 285 stocks in the S&P 500 still finished higher. That kind of rotation—regional banks, biotech, industrials, financials holding up while tech sold off—is exactly the lifeblood of a healthy bull market. It’s not a warning sign. It’s a feature.
The episode closes with a straightforward message: Technology is likely to keep leading, but the pie is getting bigger for everyone. Diversification is not a cliché right now. It’s the strategy that keeps working even on the bad days.
Key Takeaways:
- The AI trade is earnings-driven, not just hype. Micron’s results reflect real demand for memory and computing power as data center buildout accelerates across the economy.
- Information technology has grown from roughly 3% of GDP to nearly 4.5% in just the past two years, already exceeding its late 1990s share of the economy.
- On a day when technology fell 3% to 4% and dragged the S&P 500 down 1.4%, more than 285 individual stocks still finished in the green. Rotation, not panic.
- Diversification is doing its job: Financials, healthcare, staples, and low-volatility stocks are picking up the slack when tech pulls back, which is exactly how a durable bull market works.
Jump to:
0:00 — Live From NYC and Knicks Talk
1:16 — AI Trade Volatility and Micron
2:56 — Inflation and Pricing Power
4:14 — AI’s Growing Role in GDP
6:08 — Rotation, Breadth, and Diversification
8:37 — Closing Thoughts from Radio City
Connect with Ryan:
- LinkedIn: Ryan Detrick
- X: @ryandetrick
Connect with Sonu:
- LinkedIn: Sonu Varghese
- X: @sonusvarghese
The views stated in this podcast are not necessarily the opinion of Cetera Wealth Services, LLC, or CWM, LLC. and should not be construed directly or indirectly as an offer to buy or sell any securities mentioned herein. Due to volatility within the markets mentioned, opinions are subject to change without notice. Information is based on sources believed to be reliable; however, their accuracy or completeness cannot be guaranteed. Past performance does not guarantee future results.
Ryan Detrick and Sonu Varghese are non-registered associates of Cetera Wealth Services LLC.
A diversified portfolio does not assure a profit or protect against loss in a declining market.
Please note: Cetera Wealth Services, LLC is not registered to offer direct investments into commodities or futures. Instead, we provide access to this asset class via mutual funds, exchange-traded funds (ETFs) and the stocks of associated companies. Investments in commodities may be affected by the overall market movements, changes in interest rates and other factors such as weather, disease, embargoes and international economic and political developments. Commodities are volatile investments and should form only a small part of a diversified portfolio. An investment in commodities may not be suitable for all investors.
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