| Phase | Market Profile | Market Breadth | Earnings Impact | Primary risk |
|---|---|---|---|---|
| Create | Narrow leadership | Tight | Explosive for few | Valuation compression |
| Catalyze | Broadening participation | Expanding | Cyclical uplift | Capex overshoot |
| Cascade | High dispersion | Wide | Winners & losers | Margin compression |
Disclosure Title
Disclosures
Disclosure
Source: Charles Schwab. For illustrative purposes only.