Highlights
- We’re deep in an AI-era speculative mania—bigger than dot-com—with multiple revolutionary themes feeding investor euphoria.
- As in all bubbles, investors are enthusiastically paying nosebleed valuations at a time when forecasts are as unreliable as they have ever been.
- SpaceX’s eye-watering IPO crystallizes the moment: trillion-dollar dreams, zero-profit reality—yet investors can’t write checks fast or big enough.
- For now, we remain long momentum leaders, but with plenty of short exposure and. . .
