I don’t think the bleeding we are seeing right now marks the end of the bull market.
Yes, stocks are getting hit. Yes, some froth is coming out. Yes, a few speculative names are getting slapped around because apparently gravity still exists.But the big story is not changing.The Mag 7 are locked in an AI arms race.They are burning insane amounts of cash flow on data centers, chips, power, infrastructure, cloud capacity, models, and everything else required to dominate the next decade.And now, for some of them, internal cash flow alone is not enough. Debt, equity issuance, creative financing, whatever it takes, the machine keeps moving.Why?Because with the data they have, the customer demand they see, and the real time usage trends inside their own businesses, they clearly believe the return on this AI buildout is worth it.Are there pullbacks? Of course.Are there shakeouts? Absolutely.The market needs those. Every once in a while, it has to drain the stupidity from the speculative corners before everyone starts acting like every AI press release deserves a 40% rally.But big picture, nothing I see tells me this train is stopping.The AI capex cycle is alive.The biggest companies in the world are still spending like crazy.The competition is still escalating.And as long as that continues, I don’t see the bull case as dead.
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