I think Nvidia’s move is more about discipline than the end of the AI story. Cutting the OpenAI financing guarantee while still investing heavily in SpaceX suggests Nvidia is becoming more selective about where it puts capital, especially as AI infrastructure spending gets increasingly debt-driven.

What stands out to me is that AI demand itself remains strong. Singapore’s 24.2% export growth, driven by a 112% surge in electronics shipments, is another sign that the AI and semiconductor cycle is still feeding through to the real economy. I’d see the recent financing concerns as a reminder to differentiate between genuine AI demand and overly aggressive funding structures.

For me, the bigger opportunity is still in companies with strong fundamentals and direct exposure to AI demand, rather than simply chasing every AI-related name. I’m staying bullish, but I’m also becoming more selective—especially after the huge run-up in semiconductor and AI stocks this year.