I’m still constructive on AI, but I wouldn’t blindly pile in just because everyone is suddenly bullish. The multi-vector confirmation is strong — cloud, chips, enterprise AI and China AI names are all showing demand, but that also means expectations are getting crowded.

For me, the line is quality and valuation: I’d stay with names where AI is already translating into revenue, not just hype, and I’d trim if the stock has run far ahead of earnings. Alibaba is a good example: the overall results were mixed, but the AI/cloud growth is the part that keeps it interesting.