The Nasdaq 100 fell 9% from its October peak, from 31,333 to 28,575. Today it is still minus 1.35%. The S&P 500 is down 1.6%. But the index numbers are not the main thing. The main thing is one line from the report. Namely Google, whose cash flow has gone negative. The biggest advertising machine on the planet spends faster than it earns. Amazon, Google, Microsoft, Meta will invest more than 720 billion dollars in AI infrastructure this year. greater than the GDP of Switzerland. Amazon lost 6.2% in two days, Alphabet - 13.2%. Intel is a separate matter: minus 29% today, minus 32% in two days, the net profit decreased threefold. The market asked an uncomfortable question: when will these 720 billion dollars return? There is no answer. There are only capital costs and guarantees. At the same time, WSJ reports that Binance was hacked using AI. The tool under which hundreds of billions are buried is already working against its investors. Bigtech is betting on an infrastructure race without a clear monetization model over two years. Shareholders will pay for this uncertainty through the erosion of profitability and revaluation of multiples. The correction is just beginning to reflect this score.

The Nasdaq 100 fell 9% from its October peak, from 31,333 to 28,575. Today it is still minus 1.35%. The S&P 500 is down 1.6%. But the index numbers are not the main thing. The main thing is one line from the report. Namely Google, whose cash flow has gone negative. The biggest advertising machine on the planet spends faster than it earns. Amazon, Google, Microsoft, Meta will invest more than 720 billion dollars in AI infrastructure this year. greater than the GDP of Switzerland. Amazon lost 6.2% in two days, Alphabet - 13.2%. Intel is a separate matter: minus 29% today, minus 32% in two days, the net profit decreased threefold. The market asked an uncomfortable question: when will these 720 billion dollars return? There is no answer. There are only capital costs and guarantees. At the same time, WSJ reports that Binance was hacked using AI. The tool under which hundreds of billions are buried is already working against its investors. Bigtech is betting on an infrastructure race without a clear monetization model over two years. Shareholders will pay for this uncertainty through the erosion of profitability and revaluation of multiples. The correction is just beginning to reflect this score.