The biggest constraint in AI may no longer be chips. It may be memory and power, and both are getting expensive fast. At the same time, the market keeps rewarding a shrinking list of winners, which raises the odds that any disappointment hits harder than the indexes suggest.

• AI infrastructure squeeze
• Power becomes the gating factor
• Trillion-dollar memory rally and narrow breadth
• Index mechanics and the buyer base
• SpaceX excitement and governance risk
• Software split and cybersecurity
• Macro crosscurrents
• Watch list

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