One of Wall Street’s favorite habits is taking a complicated market and reducing it to a story simple enough to fit into a headline. A few years ago, that story became the Magnificent Seven. And to be clear, the name was earned. Nvidia, Microsoft, Apple,

The stock market is making an unusually large bet on artificial intelligence, but the debate has become too focused on the wrong question. Investors are not simply deciding whether AI is real. They are deciding whether the profits created by AI will arrive quickly enough,

The early winners in AI have been relatively easy to identify. They are the companies selling the scarce resources required to build the system: advanced semiconductors, networking equipment, cloud infrastructure, and specialized computing capacity. The next phase is more complicated because the bottleneck begins to

Second-quarter earnings season begins with investors looking for answers to two questions that will determine whether the current bull market can continue. Is artificial intelligence becoming a genuine economic force, and is the consumer economy strong enough to keep corporate profits moving higher? The setup

One of the most important questions we have been watching throughout this bull market is whether artificial intelligence leadership would remain concentrated among the companies building the technology or eventually spread to the businesses using it. For much of the past several years, investors rewarded

The artificial intelligence investment cycle has reached a scale that would have seemed improbable only a few years ago. A proposed data center campus in Virginia became one of the clearest examples of that shift, with plans for thousands of acres of development, dozens of