The End of the Affair
When relationships change
Graham Greene's The End of the Affair wasn't really about a breakup. It was about a relationship that seemed passionate, permanent and almost inevitable, only to slowly unravel as something fundamental changed beneath the surface. Markets have these moments too. After nearly two years of semiconductors leading every AI trade, the tape suddenly looks different. Hyperscalers are beginning to outperform, chips have suffered their worst two-day selloff in over a year, token prices are falling, and investors are increasingly questioning who will ultimately capture the economics of AI. Whether this is merely another correction or the beginning of a historic changing of the guards remains the trillion-dollar question.