The AI infrastructure buildout has years left to run and so does the bull market in stocks. I sat down with Nomura chief investment strategist Andy Goldberg to unpack the bull and bear case on AI, hyperscalers tapping debt markets, circular financing, and the 3 sectors set to benefit most from the new technology. Andy is one of the smartest guys on Wall Street and we covered a lot of ground in this conversation. TIMESTAMPS: 0:00 - AI early innings 4:23 - Forward valuations 8:00 - Bearish narratives 10:24 - Hyperscalers turn to debt 12:38 - Owning the AI trade through debt 14:08 - Nvidia and circular financing 18:30 - Cyber risks and data center backlash 20:59 - Healthcare 24:57 - Industrials 27:47 - Financials 32:49 - Broadening trade 38:13 - Higher rates and valuations 39:52 - @Nomura