The crash that was widely predicted just last summer hasn’t arrived yet. There was no single day when the AI stock market euphoria buckled, no Lehman moment, no front-page meltdown. Instead, over the better part of a year, Wall Street did something far more methodical—and far more telling: It slowly, deliberately, and almost silently wound down its euphoric investments in AI.
“You know, that’s a really interesting way to put it,” said David Royal, chief investment officer at Thrivent, in a recent interview, when asked if the bubble had already burst and nobody noticed. “I think I agree with that … It came down in a pretty orderly way.”
