I think the AI trade is entering a new phase - but the market is getting ahead of itself.

We’re clearly moving from the first wave (training + GPUs) into a broader “infrastructure + inference” phase—Intel’s surge is a signal that demand is expanding beyond just Nvidia. That’s the bullish case.

But the risk is timing. Enterprise adoption doesn’t happen overnight, and a lot of this demand is still front-loaded capex rather than sustainable, recurring revenue. That’s where expectations may be too optimistic.

So yes, this looks like the start of a more “democratized” AI cycle—but in the near term, I think the market is overestimating how quickly real demand will translate into earnings.