Good morning, investors. This bull market won’t stop climbing. The Dow just closed above 48,000 for the first time ever — just 13 trading days after it closed above 47,000.

Optimism is improving in Washington, too, with House lawmakers late Wednesday moving to approve a spending package to officially reopen the government.

Today, as we often do, we turn our attention to AI.

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The AI industry is barreling ahead with two conflicting narratives: extraordinary fundamental growth and rising unease about just how much capital is flooding in.

While fears of a potential bubble and comparisons to the dot-com era continue to dominate headlines, the last 48 hours paint a bullish picture.

AMD, Cisco, and Anthropic — three companies operating at very different points in the AI stack — all came out with eye-watering numbers that point to a demand curve that’s getting steeper, not flatter.

First, AMD CEO Lisa Su on Tuesday projected that the data center market will reach $1 trillion by 2030.

Cisco delivered a similar message as it beat earnings expectations after the bell Wednesday. It recorded its fourth quarter in a row of revenue growth after a string of negative reports.

The company also shared that AI infrastructure orders from hyperscaler customers hit $1.3 billion, “reflecting a significant acceleration in growth.”

Shares of both AMD and Cisco rallied Wednesday, as they have done all year.

The private company Anthropic, meanwhile, announced a $50 billion US infrastructure buildout starting with data centers in New York and Texas.

The Claude developer is scaling rapidly to keep up with OpenAI, which has booked more than $1 trillion in long-term infrastructure commitments.

The “scale of this investment is necessary to meet the growing demand for Claude from hundreds of thousands of businesses while keeping our research at the frontier,” Anthropic said in a statement.

The backdrop to all this, naturally, is that Google Search volumes for “market bubble” are spiking toward pandemic and dot-com highs.

Together these three companies underscore the central tension of the AI narrative.

As the demand story is gets more compelling, so do worries of a crisis.

Currently, demand for AI products and infrastructure is measurable, global and ramping up.

Yet the capital required to feed that demand is also expanding rapidly, pulling companies and investors into relatively uncharted territory.

With the government shutdown ending, the Fed set to cut rates, and fourth-quarter seasonality taking shape in markets, the bull case seems intact.

That said, markets have a track record of surprising its participants with bouts of irrationality.

📊We may not get economic data from the government shutdown. The White House cautioned that the inflation and jobs report from October may never be released, and that the data “will be permanently impaired.” (CNBC)

🏦 The Fed is torn on a December rate cut. With the economic data blackout, policymakers are increasingly split on whether to pause or lower rates, and whether to prioritize inflation or the labor market. (WSJ)

🤝 Atlanta Fed President Raphael Bostic will retire in February. His term ends at that time, and he has been in his position since 2017. He’s been hawkish most of the year, and remains concerned about sticky inflation. (Yahoo Finance)

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Kevin Gordon, head of macro research and strategy for Charles Schwab, joined me for a conversation on the top-heavy stock market, how AI is restructuring the labor market, the “vibecession” vs. “vibepression,” and the outlook for asset prices in 2026.

Tune in on Spotify, Apple, or YouTube.

🗓November 13, 1998: In the heat of the dot-com bubble, TheGlobe.com set a then-record with a 606% gain on the day of its IPO. The stock price collapsed over the next year and the company halted operations by 2008.

📰 I’m Phil Rosen, co-founder of Opening Bell Daily. I’ve published books, lived on three continents, and won awards for my journalism, which has appeared in Business Insider, Fortune, Yahoo Finance, Bloomberg and Inc. Magazine.

I write our flagship newsletter and host our show, Full Signal, to prepare you for each trading day — unpacking markets, economic data and Wall Street with analysis you won’t find anywhere else.

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