AI stocks are selling off, and the reflex is to treat that as the market finally pricing in reality. Dan Ives, the longtime technology analyst who left Wedbush to launch Yorkville Ives, reads it the other way. By his estimate, less than 15% of total AI spending has actually happened. That number changes the question from whether the buildout pays off to which layer of it gets funded next, and that is a far more useful thing to be arguing about while the tape is red.
