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Market turbulence prompts us to consider where the bull market peak is.
What is the driving force behind AI-driven bullishness?
Is it the AI competition among the giants?
Is it these giants pouring hundreds of billions of dollars annually into it?
Meta has already reached its limit and started using financial instruments to raise funds.
The giants are showing signs of fatigue, but still have some strength.
The bull market peak is definitely not now.
Nor is it during the giants' frantic fundraising period.
It is before all of this.