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AI Capital Markets Enter a Show-Me Phase as Euphoria Meets Stress Tests

The first wave of AI capital deployment is encountering valuation friction as investors distinguish between differentiated hardware and safety moats on one side, and commoditising infrastructure intermediaries and application-layer timing mismatches on the other.

2 signals tracked

  1. TCI's $8B Microsoft exit and CoreWeave miss signal cycle inflection

  2. AWS posts best growth in 15 quarters; Amazon stock still falls