Whalesbook
The AI-driven rally on Wall Street is showing signs of slowing down as investors worry about Big Tech's massive capital expenditure, which could reach nearly $400 billion this year. Concerns are rising over stretched valuations and the market's heavy dependence on the 'Magnificent 7' stocks, which now form 37% of the S&P 500. While long-term AI potential remains, near-term economics and sustainability of high spending are being questioned.