I’d pick the AI capex reality trade, but selectively. The key shift is that AI spending is no longer just management guidance, it’s increasingly showing up as multi-year contracts, prepayments, infrastructure partnerships and equity-linked deals. That makes me more comfortable with picks-and-shovels names tied to compute, power, data centres, connectivity and cooling. But I’d still avoid chasing every AI-adjacent stock blindly, because the winners may be concentrated while weaker tech names get left behind.