AI momentum is broadening beyond a single geography or platform, which strengthens the structural bull case, but simultaneous crowding, higher producer inflation and rising long-end yields suggest valuation risk is becoming harder to ignore. Singapore banks may benefit from higher-for-longer rates, while selected REITs could stabilise if financing conditions stop worsening. AI-linked names still retain stronger earnings visibility, though volatility is likely to increase as policy and rates reprice together. For Singapore, the alignment of regulatory, infrastructure and insurance-capital developments is strategically constructive, but markets may wait for measurable capital deployment before fully rerating related SGX-listed beneficiaries.