The rotation inside the AI trade is real. There is no bursting bubble — but there has been a rotation, from AI capex to AI opex and AI applications, and it has been running for months in plain sight.
The reason it gets misread as a top is that most people watch one index. Watch four purpose-built ones and the move resolves into something much more ordinary: capital re-deciding where in the stack the margin lives, while the total keeps growing.
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