This time around, I’m focusing on just three things and setting everything else aside for now:

First, whether money is actually flowing in from outside the market, or merely changing hands within it; second, whether cash flow can support AI capital spending; and third, who is capturing my attention—and whether that’s a choice I’m making deliberately.

These three things correspond to the foundations of price, of the narrative, and of my own judgment.

The market can be deceptive. These three things, not so much.