Mahn: The real focus is where billions of dollars are being spent

Market Outlook - The market is expected to be more choppy with short-term volatility, but overall move higher next year [5] - Evercore projects a 13% upside from Friday's close to a 7750 price target in 2026, expecting more volatility swings [6] - Investors should focus on where the billions of dollars are being spent, rather than playing the interest rate guessing game [3][4] Investment Opportunities - AI infrastructure, aerospace and defense, power solutions for AI, and small-cap biotech M&A in healthcare are key areas of investment [4] - Cooling solutions for data centers are heating up as an investment opportunity [7] - Comfort System (FIX) is highlighted, with the stock up over 142% year-to-date and 82% annualized over the last five years, being added to the S&P 500 on December 22nd [8] AI Infrastructure Play - Multiple beneficiaries exist within the AI ecosystem beyond volatile semiconductors and chips [10] - Companies like Modin Manufacturing, Verdive Solutions, and construction companies like ACOM offer ways to play the AI infrastructure play [10]