Stephen Parker, a strategist at JPMorgan Chase Private Bank, noted that market leadership has expanded beyond the "Magnificent Seven" to other sectors such as industrials and utilities. He emphasized that the AI narrative has shifted from hyperscale companies to infrastructure providers, with companies like Quanta Services, GE Vernova, Eaton, and Cisco all reporting strong results and record backlogs. Parker also mentioned that AI is driving growth and efficiency across various industries, citing Walmart's use of AI to improve its business, and that consumer spending remains robust.