🚀 AI demand is real. Nvidia's numbers don't lie—compute spend is staggering and the use cases keep multiplying.

But here's what keeps me bearish on the broader AI stock rally:

Valuations are already pricing in 5-10 years of sustained growth. We're not accounting for:

💭 Regulation risk (both Trump's "AI Force" and the slowdown camp have points)
💭 Commoditization—margins compress as more players enter
💭 The capex cycle turning—how many more data centers do we actually need?

I'm not shorting. But I'm cautious about FOMO entries at these levels.

The smart play isn't chasing the 100x—it's picking the infrastructure winners that survive consolidation.
$NVDAB $AAPLB $ZEC

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