The AI hangover arrives
Stocks didn’t just dip — they got shoved off the dance floor as worries built that the AI boom might be running hotter than the actual business case. When the market starts questioning the punch bowl, tech usually hears about it first.
Why investors cared
A lot of this year’s market muscle has come from a pretty simple trade: AI = growth = higher multiples. But if investors begin to ask whether the spending spree will turn into profits fast enough, the whole equation gets a little wobbly.
That matters because the market has been leaning on a relatively small group of giant tech names. When those leaders stumble, indexes can look like they skipped leg day.
Big picture
This is less about one company and more about sentiment cracking around the theme that’s been holding up the market. If the AI narrative cools, expect more air pockets in tech — and probably a few dramatic headlines that make everybody refresh their watchlist a little too often.