All right, thanks very much. Welcome to closing bell. I'm Scott Wapner, live from Post 9 here at the New York Stock Exchange. This make-a-break hour begins with new questions about this record setting and incredibly resilient rally. Whether it's taken some stocks up too far too fast as the promise of AI gold is simply too hard to pass up.

Stocks, including some of the more speculative ones surging lately.

We'll ask our experts over this final stretch what to make of all that. Here's a look at the scorecard with 60 to go in regulation red across the board today. Definitely more of a defensive tone.

Utilities and staples doing well, energy is outperforming. Most of the mega caps, with the exception of Tesla,

are lower today, and it is a, well, now we've gotten Microsoft into the green as well. There's

J.P. Morgan, another record high for those shares. And how about gold? Another new record there as well,

as the march towards 4,000 continues, we're at 3755. It does take us to our talk of the tape. Whether this market frothy or not is still poised for a run into years end. Let's ask Liz Thomas. SoFi's head of investment strategy with me here at Post 9. Welcome back. It's nice to see you. Thank you. When you look at this market, what do you see? Well, it's interesting. What I wrote about this week was, again, the comparisons to the 90s, and are we following the same path? And if we are, how much time is left? Because we have obsessed over, we're too high, it's too expensive, it's gone on too long, and then there's that quote that we hear all the time bull markets don't die of old age right

just because it's been a long time doesn't mean it has to be over

so what do i see i see a market that has continued to be excited about this

a i will call it a revolution hat tip to dan ives on that one

deservedly so yes this, this AI revolution.

And that maybe it's still pretty young in that life cycle.

Now, is there more room for it to run over a long-term period?

Yes, absolutely.

I think there's more room for it to run.

Along that path, though, there will continue to be minor periods of, let's call them, a breakdown in beta, which a lot of times we refer to as

momentum reversing, some of those high-risk names, giving a bunch back.

Well, those are, they're not giving a bunch back now. Right. Right. That's actually raising

some concerns in certain corners that a lot of those types of stocks have surged over the past

couple of months into unhealthy territory.

A basket of unprofitable tech companies tracked by UBS has jumped 21% since the end of July

compared with a 2.1% advance for profitable tech and the NASDAQ 100 up almost 6%.

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