$Invesco QQQ Trust(QQQ.US)$Invesco Nasdaq 100 ETF(QQQM.US)QQQ had another rough week, and this time it felt like the market was reacting to more than just macro noise. A series of disappointing headlines has started to raise a bigger question: has the AI capex cycle already reached peak optimism?

For months, investors were willing to assume every dollar of AI spending would generate strong future returns. Now the focus is shifting toward efficiency, monetization, and whether all that investment can actually translate into profits.

The trend hasn’t completely changed, but confidence is clearly being tested. When the market begins questioning the core AI spending narrative instead of just valuations, volatility usually increases. The easy phase of the AI trade feels like it‘s behind us, and investors are becoming much more selective.

@Bridge Buzz SG