Conversation

Here’s my point:

Bubbles don’t pop when the smart money rotates within the sector. They pop when the smart money rotates out of the sector entirely. We saw this in 1999-2000: The warning sign wasn’t Cisco investors buying Oracle. It was when institutional money started fleeing tech altogether.

Right now? Everyone’s still playing musical chairs inside the AI room. Nobody’s heading for the exits.

We’re not in the “seventh inning stretch.” We’re probably in the fifth or sixth inning—still mid-game, not late-game. The escalation chapter, so to speak.

The bubble thesis requires capital leaving AI. But capital is just reshuffling within AI. That’s a rotation, not a top.

RE: https://atomicpoet.org/objects/5df57a3a-978a-4326-bbb4-197d8da3cf10