Earnings estimates for the Nasdaq have been revised upward by 10% since the end of March.

Debt issuance from large-cap technology companies, including the Magnificent Seven, is increasing sector concentration in credit indices, mirroring the concentration already present in equity markets.

Stuart Kaiser predicts that large, free cash flow-generating companies like the Magnificent Seven will be able to raise capital, while lower-tier companies will face rising credit spreads and more pressure.