Market analysts flag test for exuberance amid AI rally and record cap-rates

In the latest commentary, analysts highlight a critical 48-hour window for global markets to prove whether recent gains are sustainable, as mega-cap tech valuations soar and leadership narrows. The rally, led by firms like Nvidia Corporation and other AI-hardware players, has pushed valuations to new highs just as central-bank support may fade. Market breadth remains weak, prompting warnings of excess. Analysts call this week’s events—including corporate-earnings announcements and trade-talk outcomes—potentially decisive for directional outlooks in equities and risk assets.