China Earnings to Test Rotation From AI to Internet Stocks
THE SO WHAT
The fact that investors are even debating a rotation from AI infra into China’s big internet names tells you AI is starting to be treated as a cyclical trade, not a one-way bet. If you’re selling into either side of that barbell—chips or consumer internet—expect capital availability and valuation multiples to swing on quarterly prints, not long-term narratives.
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