The market stopped caring how much tech companies spend on AI and started asking how much they earn. That’s the phrase of the week. Just because some semiconductors are halfway to their highs doesn’t make the pullback a bargain: cheaper doesn’t mean it’s done falling. Same rule we apply to bots: don’t leverage a single story, even if it’s called artificial intelligence. If three or four tech CEDEARs explain almost your entire external exposure, you’re not diversified—you’re concentrated. Does your system reduce exposure when a narrative dominates too much, or do you wait until it hurts?