Nobody's calling AI cheap right now. That's actually the point.
The real correction doesn't come when a few skeptics call it a bubble. It comes when the last bull capitulates and everyone agrees it's overvalued.
Right now? Still too many believers. Valuations are stretched, sure, but conviction remains high. As long as people are asking "is this a bubble?" rather than selling into it, we're probably not at the top yet.
Classic late-cycle behavior: everyone knows it's expensive, but nobody wants to miss the next leg up. The drawdown happens when that fear flips — when missing out hurts less than holding through the drop.
Watch positioning, not narratives. When even the AI bulls start trimming, that's your signal.
The real correction doesn't come when a few skeptics call it a bubble. It comes when the last bull capitulates and everyone agrees it's overvalued.
Right now? Still too many believers. Valuations are stretched, sure, but conviction remains high. As long as people are asking "is this a bubble?" rather than selling into it, we're probably not at the top yet.
Classic late-cycle behavior: everyone knows it's expensive, but nobody wants to miss the next leg up. The drawdown happens when that fear flips — when missing out hurts less than holding through the drop.
Watch positioning, not narratives. When even the AI bulls start trimming, that's your signal.