The AI Bull Market Isn't Over - The Game Has Changed

The article argues that investors should reconsider the “AI bull market” narrative, saying the broader pattern has shifted after a sharp market drop. It references the baseball analogy that AI is only in the third inning, contrasting it with recent selling and a collapse in tech stocks. The piece frames two investing styles—taking long-term positions through drawdowns or actively managing to avoid large declines—and says both are being stress-tested as volatility rises. It highlights warning signs in semiconductors, including Nvidia, AMD and Taiwan Semiconductor reaching new highs while the semiconductor ETF (SMH) did not. It also notes growing willingness to sell after earnings despite good results, especially among hyperscalers driving the AI trade.