AI stocks are echoing a 1990s market split. JPMorgan warns the next few weeks are critical.
THE SO WHAT
The divergence between hyperscalers and AI infra names rhymes with the 1990s gap between web platforms and plumbing — capital is starting to distinguish between demand and supply bets. If you’re raising or allocating in the stack, assume multiples will move differently for “AI revenue exposure” vs “AI capex exposure” over the next quarter.
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