AI capex increasingly looks structurally embedded rather than cyclical exuberance. NVIDIA-linked infrastructure, equity-backed financing, and hyperscaler/LLM multi-year commitments suggest compute demand is moving from “forecast” to contracted utility-like spending. That argues for another leg higher, though likely narrower and more valuation-sensitive. Preference leans toward over second-order beneficiaries. Meanwhile, weakness in , , and feels more like selective capital concentration than broad tech deterioration. Into Q2, barbell positioning appears cleaner: quality AI infrastructure and SG banks like on one side, with optionality preserved for softer macro prints that could re-accelerate long-duration tech.