Has the AI bubble finally burst? Even tech giants can’t take it anymore, and Wall Street is starting to change the script!

In this US stock market plunge, the most worrying thing isn’t how much Nvidia fell, but that the market is beginning to question the entire AI investment thesis.
Over the past two years, AI has practically become a universal bonus for tech companies. Invest in data centers, and the stock rises; buy chips, and the stock rises; announce an AI strategy, and the stock can rise too. Investors seemed to believe that as long as a company had anything to do with AI, making money was only a matter of time.
But now the plot has changed. The market is starting to ask: What kind of returns can giants like Microsoft, Google, and Amazon generate from such massive capital investments? If construction costs keep rising while commercialization can’t keep pace, AI investment could turn from a growth engine into a drag on profits.
I’m more bullish on tech giants with mature business models, strong cash flows, and stable customer bases than on small AI concept companies that rely solely on future expectations.
This isn’t the end of the AI era; it’s AI investment entering the elimination round. In the past, it was about who invested the most; going forward, it’ll be about who earns the most. Wall Street has finally switched from dream mode to calculator mode #美股史诗级抛售 $AMD