What stands out to me is that the market is no longer rewarding the AI narrative equally.
We are moving into the phase where investors want proof, not just possibility.
That means big tech earnings matter more now because the market is asking:
- Who is actually monetising AI?
- Who is just spending heavily to stay in the race?
- Whose valuation already assumes near-perfect execution?
The AI story is still powerful, but I think the easy part of the trade is over. From here, earnings quality, margins, capex discipline, and real commercial payoff matter much more than headlines alone.
My view:
the AI trillion-dollar theme is still alive, but the market is starting to separate real winners from expensive passengers.
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