The Suspension Phase: AI Is Not Over, But the Market Now Demands Proof-Dazi AI Watch 017

The AI cycle is not ending.But the easy phase of the trade may be over.For the past two years, the market rewarded belief: belief in GPUs, cloud capex, HBM shortages, AI servers, optical interconnects, power infrastructure and the long-term transformation of software and hardware.Now the standard is changing.Investors are no longer paying for every AI story. They are asking harder questions:Where are the orders?Where is the revenue?Where are the margins?Where is the free cash flow?Can AI capex turn into real profits?In this episode, we discuss what I call the “Suspension Phase” of the AI cycle.It is not the end of the AI theme.It is not necessarily the bursting of the bubble.It is the phase where valuation, execution and financial proof begin to matter much more.The key idea:AI is not over, but low-quality narratives are ending.This is Dazi’s AI Cycle Watch.Price is only the result. Variables define the phase.We do not predict prices. We observe the cycle.See you next time.