Is the U.S. bull rally running out of steam?

The article argues that the U.S. equity rally may be losing momentum, but it is not yet flashing a clear bubble signal. The Nasdaq has dropped more than 3% over the past five days, pressured by Middle East tensions, higher oil prices, and concern that inflation or geopolitics could keep the Federal Reserve cautious. However, the author notes that valuations, while elevated, are only slightly above long-term averages, and corporate earnings remain strong: 86% of S&P 500 companies have posted positive EPS surprises and 80% have beaten revenue estimates so far. The piece also highlights weakness in semiconductors amid worries about massive AI/data-center spending, but says demand for AI chips and earnings growth remain intact. Overall, the market message is mixed: short-term risk aversion has increased, yet strong profits and ongoing AI optimism continue to underpin the rally.