The AI trade may be at a turning point. Where it may go, and how to play it

AI-focused investing may be at an inflection point, according to portfolio-market analysis tied to CNBC Pro contributor Todd Gordon of Inside Edge Capital. The column describes trimming 13.5% from an artificial intelligence portion of a growth portfolio since early summer, rotating into value themes such as energy and healthcare, and adding a modest 5% hedge using the PSQ ETF against the Nasdaq. Then “Tuesday’s blowout SpaceX earnings” triggered a resurgence in growth, raising the question: is it a turning point or a rally into resistance? The analysis references a ratio chart comparing the VanEck Semiconductor ETF (SMH) to the S&P 500 and Nasdaq-100, plus a Nasdaq-100 double-top and a potential resistance retest near 30,000.