I think the market is starting to separate AI growth potential from what investors are willing to pay for it. $NVDA has a strong position in the AI chip market, but even strong growth expectations can get punished when valuations become stretched or sentiment shifts. Losing that much market value in a short period shows how quickly confidence can change. The $ANT IPO is also interesting to watch in this environment. A $1.4T valuation will need a lot of confidence from investors, especially with the broader AI trade under pressure.
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