Everyone is talking about overcapacity, rising debt and the AI bubble. Fair enough. These are real concerns. However, the people who make chipmaking equipment say supply will stay tight through 2028. That doesn’t sound like a buildout that is finished.
Say the big tech companies slow their CapEx growth next year. They will still be spending enormous amounts of money. Slower growth is still growth. The party is not over just because the music got a little quieter. Leaving too early costs money too.
My bias is clear. I’m bullish. I’m not dismissing the bubble risk. I just think calling the top now is premature. The AI infrastructure story may still be in its early chapters, and I would rather watch what is happening on the ground than join the chorus of warnings. Choruses are loud. They are not always right.
If this pullback offers good prices, I’m adding. I’m not running for the exit. Bullish does not mean blind, though. Not everything with an AI label will make money. We have seen enough fads to know a great story can still be a terrible investment if you overpay for it.
So I stay constructive. If the market hands me a better entry point, I’ll take it. Waiting for the uncertainty to clear is expensive. Our exposure to AI is anchored by our multi-strategy allocation.