A wave of AI-driven capital spending by major tech firms boosted US equities last week, following second-quarter earnings, but Bill Mann of Motley Fool Asset Management warns that infrastructure bottlenecks and shifting tariffs could pose significant headwinds.

The chief investment officer shares his views on what supply chain issues and the shifting global tariff regimes could mean for tech valuations long term and urges investors to prioritize fundamentals, manage risk, and look beyond short-term market noise.