In a Bloomberg Technology video, Larry McDonald, founder of The Bear Traps Report, argued that AI-related markups are distorting the S&P 500's earnings potential and obscuring its "true earnings power." He also discussed bond market stress and equity moves. The report notes that stocks fluctuated near all-time highs as traders awaited the start of earnings season and inflation data seen as key to the Federal Reserve outlook. The claim is McDonald's own commentary; the source provides no figures on the size or scope of the markups.