US markets are back at record highs, driven by strong Big Tech earnings and continued momentum in artificial intelligence. But with oil prices rising amid Middle East tensions and inflation risks lingering, are markets becoming too complacent?

On the Bigger Picture, Dan Koh speaks to Billy Toh, Regional Head of Retail Research, CGS International Securities as he breaks down what’s really driving the rally, from earnings and AI spending to valuations, geopolitical risks, and what investors should watch next.