I think the latest earnings are a strong validation that AI infrastructure demand is still very real. CoreWeave, Super Micro, Nebius and Lumentum all delivered strong numbers, showing that spending on compute, networking and optical infrastructure is translating into actual revenue growth. To me, this looks more like a fundamental growth cycle than just hype—although valuations are clearly getting stretched.

The interesting contrast is China, where Tencent’s surge in AI capex triggered concerns about cash flow and spending sustainability. That tells me the market is increasingly differentiating between AI companies that can monetize infrastructure demand and those still in the heavy investment phase. Meanwhile, the rising 10-year yield remains a key risk for high-growth valuations.

I’m still bullish on the AI-infrastructure theme, but I wouldn’t chase vertical moves blindly. After such powerful rallies, pullbacks are inevitable, and I’d rather use them to accumulate quality names with strong earnings, backlog and long-term demand visibility. For me, the thesis is intact—the key question now is whether earnings can continue growing fast enough to justify these valuations.