A Nightmare AI Inflection Or...?
Cracks?
The AI trade is well off recent highs and the backdrop is getting considerably more complicated. Adoption is still growing, but slowing; spending among the biggest customers just had a disturbing kink; Anthropic's IPO is slipping; and investors have dramatically reduced exposure. Is this the inflection AI bears have been waiting for — or just another pause in a boom whose earnings continue to accelerate?