AUGUST 5, 2026 20 SECONDS: Cyclical + Secular convergence. July Recap. More thoughts on JPY. AI and Labor Market Share. EU Cap Goods. {[{to7t1mUjgWdVt7hiPpoQF1rzT2MYqBB9qC__ua_I6GDA1RA-w8XsrMk3dNf4tshURU5-0PyXUAybImeBDfhjqLPbS9OQD5fERyzdJzfy}]} • Another strong set of markets overnight with Broadening + AI/Tech Strength. Secular and Cyclical considerations reinforce each other. • The AI/MOMO factor correction is over while fundamental upcycle strongly intact. JPM Analysts do not see any fundamental indicato ...