AI Bubble Fatigue Puts Focus on Shakeout Plays: Everything Risk (Correct)

Nothing about the US economy looks or feels like an imminent recession. So, in some ways, I wasn’t concerned, as such, about the record $279 billion market cap loss for Nvidia on Tuesday. But add on the Department of Justice antitrust probe into the chipmaker’s business practices — and the equity market’s bad September track record — and it looks a little more worrisome.

Why? Well, it looks like a sign that the bull market is exhausted. Nvidia’s results were, by any normal yardstick, phenomenal, with its quarterly revenue more than twice what it was a year earlier. But it’s forecast — which, again, pointed to continued ...