Momentum continues, raising anxiety on sustainability. Stocks have been more volatile after two strong years of outperformance on: (1) concerns over the approaching cycle peak on demand risk as the COVID-19 effect normalises; (2) a consumer spending shift from goods to services, and an investment shift from growth to value, as inflationary pressures and rates rise; and (3) good news now priced in after several quarters of cyclical strength. Despite this, we view still-solid demand drivers (cloud shifts, auto/ industrial, 5G + rebounding smartphone units, and rebounding enterprise), manageable supply growth, and lean inventory supporting continued strength and firm pricing extending out further.