Earnings Crush Estimates Again, Silver Plummets 40%

Earnings season is delivering again, with the S&P 500 blowing past estimates. Consumer-facing names like Visa, Mastercard, and American Express painted a very healthy picture of spending. What's encouraging is how broad-based the strength has been—both forward earnings and revenue estimates are sitting at their highest levels in years. We also dig into the massive AI capital expenditure plans from the hyperscalers. The $610B spending plan doesn't just disappear—it flows through as revenue and profits for companies across the tech ecosystem.

We revisit Silver, where we warned investors in our last video (Jan 29th) about chasing the trade. That day turned out to be the peak, and silver dropped nearly 40% over the following week. We break down what went wrong for those who piled in at the top and what the flow data was telling us. Finally, we check in on the recent strength in Energy stocks and share our outlook on the sector heading into the spring.