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The "Delusional Wealth" is that the AI bubble (premature over-promise which won't be achieved until the next wave) is propping up the economy. Take data center frenzy away and most of the country would be in recession and people would see the stagflation. The 1970s effect of supply shock of 73 and 79 oil embargos was stagflation. The 2025 supply shock is the drying up of the labour market. Companies are reluctant to fire because of uncertainty and they are reluctant to hire for the same reason. There is less labour on the low end (farm workers, construction labour supply down due to deportation frenzy) and fewer jobs in the middle and high end due to tariff tax impact and TACO uncertainty combined with unrealistic (this time around, not next) expectations for AI productivity. The crypto business is just chasing around new tokens which have little value other than some anonymity.

It would not surprise me if the market will continue up after a pullback. But a bear is coming and could easily come sooner than April. On the other hand I've been saying that since February.