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If you ask me whether this latest rise in U.S. stocks means the AI rally is back on, my answer is: there’s hope, but we need more evidence.
Why am I not pessimistic?
Because AI is not just a simple hype-driven concept. It involves chips, servers, cloud computing, data centers, power equipment, and enterprise software. Behind it is the upgrading of an entire industrial system.
As long as companies are still willing to invest in AI, and as long as AI can gradually translate into productivity and profit growth, there is no reason for this industry-wide trend to end anytime soon.
But why am I also unwilling to be blindly optimistic?
Because investors have begun setting higher expectations for capital expenditures, project returns, and valuations. In the past, a company announcing an AI investment might have been enough to excite its stock for a while; now the market cares more about how much money the company actually makes after investing.
On November 9, the S&P 500 rose 2.3% and the Nasdaq rose 2.7%, indicating a clear recovery in risk appetite. But a single day of gains is not enough to prove a trend reversal.
My view is that tech stocks could still be the main force behind future gains in U.S. stocks, but the way they lead may change: from trading on concepts to competing on technology, and from competing on investment to competing on profits.
The AI drama may still be ahead, but the audience is no longer willing to buy tickets just for the trailer.
$AMD