This is a perfect example of what’s actually happening in the economy, masked by the AI bubble and the top 10–15 components of the market. Once people realize AGI isn’t coming anytime soon, and that most of this “AI spending” is just recycled liquidity with zero near-term cash flow, the unwind will be violent. This is what is in store for the entire market on the other end of this melt-up. There's still more juice left in the tank though.