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It’s impossible to ignore – 2026 brought a new mood to Wall Street. Looking back at the previous stages of the artificial intelligence rally, the market lived by hope, visionaryism, and promises of the coming technological revolution. Investors willingly issued practically limitless blank checks, generously paying for future prospects. That’s starting to change. In trading halls and analytical reports ever more often, a dry, pragmatic question arises: where is the real return from the billions invested?
The investment community is beginning to become stricter. We are transitioning from a phase of unconditional faith in the magic of artificial intelligence to a phase of demands for real cash flows.