Worth reading - The biggest risk everyone already knows about
The AI spending boom can’t last. The harder question is when it ends, and Ben Carlson’s answer is an uncomfortable one: in past booms, stock markets have tended to peak before the capex spending slows. By the time the big spenders pull back, the market has already moved on. Carlson writes A Wealth of Common Sense, and this piece is a calm look at one of the largest concentrated bets in history.