Businesses have completely stopped spending… Foreign investors are ALL-IN on US stocks… Stock bulls: “That’s bullish, right?”

Discretionary spending freeze 1st, which includes potential expansions. 2nd non-discretionary spending freeze. 3rd layoffs.

“As soon as consumer spending weakens, the cash flow machine powering the Big 5 will feel it first. When that happens, CapEx will slow down. AI doesn’t drive broad-based economic growth. Its benefits are narrow, concentrated, and increasingly speculative. This isn’t like cloud or mobile, it’s a concentration of risk in just a few hands. When AI growth decelerates from 40% to 35%, sentiment will flip fast. The illusion of infinite upside will crack. We’re likely 10–14 months away from that inflection point.”

h/t Albertan Secessionist