AI Is No Longer a Theme Trade—It’s a Market Structure Shift
For the past three years, investors have piled into “AI stocks” the way they piled into cloud stocks in 2015—chasing a theme. That era is over. What’s replacing it is something quieter, deeper, and far more durable. From theme to infrastructure Theme trades have a lifecycle: hype, concentration, correction, and then—for the real ones—diffusion into…
