Need to see tech market strength continue to broaden, says Rockefeller's Cheryl Young

Market Performance & Trends - NASDAQ is on pace for another record close as tech earnings approach [1] - Technology sector is up about 10%, with broadening participation beyond the MAG7 [3] - MAG7's year-to-date returns are largely driven by Nvidia, accounting for about a third of the S&P's earnings year-to-date [3] - In 2024, the MAG7 accounted for roughly 535% of the returns of the S&P, and in 2023, it was 60% [4] AI Spending & Investment - Approximately 18 trillion is expected to be spent on AI over the next five years [10] - Scrutiny surrounds the billions and hundreds of billions of dollars being spent on AI deployment and infrastructure [6] - Meta spent 143 billion on the acquisition of Scale AI [7] - There are about 5,500 AI startups, many of which are not yet trading [14] Company Strategy & Outlook - The market is looking for returns on AI spending, which are yet to be fully realized [9][10] - Productivity gains and margin increases from AI-driven workforce reductions are expected to be a tailwind for technology companies [11] - The deployment and payoff of big spending projects will take years, not just the next quarter or earnings call [15]