Diverging reactions suggest markets are discriminating between visible monetisation and uncertain AI spend. Lean toward Alphabet: stronger near-term earnings visibility from Search and Cloud supports a re-rating, while Meta’s capex narrative needs longer proof. A Powell-to-Warsh transition likely skews mildly hawkish at the margin, tempering multiple expansion and favouring selective, cash-generative tech over duration-heavy names; Singapore banks retain support from still-elevated rates. Across AI, consumer-platform integration (Apple) offers the cleanest 12-month risk/reward via ecosystem leverage, while foundation-model valuations (Anthropic) appear most vulnerable to sentiment reversals.