I apologize for calling AI a bubble. It is actually a bouncy house, and right now everybody's listening to the blowers.

Last Monday, Allison Morrow wrote the following Buckle on up: Alphabet, Amazon, Microsoft and Meta all report earnings on Wednesday — that’s about 19% of the S&P 500 by market cap — are all reporting after the closing bell, just a couple of hours after what is expected to be Powell’s swan song of a press conference announcing the Fed is holding rates steady yet again. Just 24 hours later, Apple also reports earnings. Of course, we don’t have a crystal ball to know what’s in those reports or how investors will react to them. But here is some important context: Wall Street’s AI fever appears to be back (if it ever went away, and we’ll get to that in a minute), and that makes these particular tech earnings much less about money coming in than money going out. Investors will be laser-focused on capital expenditures, aka how many dump trucks full of money the companies are committing to their AI buildouts. The “Magnificient 7” stocks that have been propping up the broader market —…