The $AI trade never had a politics problem — it had a liquidity problem.
Financial conditions are loosening *fast* across the board now. Credit spreads tighter. Dollar weaker. Real rates rolling over. Equity vol collapsing.
That's the fuel. When money gets cheaper and easier to access, high-capex, long-duration bets like AI infrastructure suddenly look a lot more attractive.
Politics was noise. Liquidity is signal.
If conditions keep easing, expect rotation back into AI names, semis, and cloud capex themes. The narrative follows the money — always has.
Financial conditions are loosening *fast* across the board now. Credit spreads tighter. Dollar weaker. Real rates rolling over. Equity vol collapsing.
That's the fuel. When money gets cheaper and easier to access, high-capex, long-duration bets like AI infrastructure suddenly look a lot more attractive.
Politics was noise. Liquidity is signal.
If conditions keep easing, expect rotation back into AI names, semis, and cloud capex themes. The narrative follows the money — always has.