The AI trade is accelerating on record earnings, massive compute demand, and high rental rates for chips. I sat down with @WarrenPies to discuss the under-the-radar indicators he's tracking in the market right now, his favorite sectors and opportunities for the year ahead, and his latest views on the macro setup. This conversation will make you think critically about the AI trade. TIMESTAMPS: 0:00 - Overweight equities 3:30 - Tech-heavy market and AI leadership 5:29 - Macro shocks 11:05 - Low correlations and pair trades 13:37 - Semis and broadening trade 17:35 - GPU availability and rental rates 21:22 - Compute indicators flashing bullish 25:08 - Frontier lab ARR 30:08 - Hyperscalers leadership 32:34 - AI CapEx and the Fed 36:38 - What ends the bull run? 40:32 - Favorite sectors 41:46 - @3F_Research