All right, thanks so much. Welcome to closing bell. I'm Scott Wapner, live from Post 9 here at the New York Stock Exchange. This maker breakout begins with a melt-up in stocks and whether we're on the verge of a major one. Ed Yardinney thinks so. You'll hear from him in just a moment. Take a look at the scorecard now with 60 to go in regulation today. The S&B heading for yet another record close.

Today on a flurry of deal activity,

OpenAI and AMD announcing the partnership you've heard about all day and that big merger in the

regional bank space only adding to investor optimism today. Gold and Bitcoin also continuing to rally

and we'll ask our experts how far those can go as well. It does take us to our talk of the tape,

whether the AI trade should actually stand for artificially inflated. Another billionaire investor

weighing in on that question today. We'll discuss that ahead as well. Let's welcome in now, Ed Yardinney.

He's the president of Yardini Research with me once again at Post-Nines. Good to see you.

My pleasure. On that issue, you say we're not seeing a bubble, but rather a bubble and bubble fears.

Well, right now we've got a bubble and bubble fears, but they're clearly elements of a bubble, of a real bubble.

I mean, the forward PE of the S&P 500 is about 23 right now. And back during the tech bubble of the late 1990s, early 2000s, we got the 25.

The Buffet ratios at an all-time record high.

So valuation is definitely high, but we've also had some really remarkably strong earnings.

And I think that that's what's going to continue to drive the market and maybe keep valuations

up here.

I think the market is discounting a very resilient economy.

Does a possible bubble not even matter right now because earnings are good?

People are just going to play the hand they're dealt for now, worry about everything else later?

Yeah, I think you focus on the fundamentals of companies, and most of the fundamentals are

hanging in there remarkably well.

Profit margins have been remarkably high in the face of tariffs, for example.

You know, corporate management has really done an astounding job of kind of dealing with

...