AI Was the Trade, Now It’s the Problem

Pulse on AI

Goldman's Bartlett on AI disappointment: ORCL spent too much (higher FY26 capex with less reward for off-balance-sheet spend), AVGO didn’t raise AI revenue guidance enough, ChatGPT-5.2 failed to spark the same excitement as Gemini 3 in early November, and reports of ORCL datacenter pushouts (later refuted) added to the pressure. After a strong two-week rally, air is coming out of the trade, leaving most AI stocks roughly flat on a 2-month+ basis.