My take on the biggest risk: Are the AI record valuations masking deeper problems in the market?

I've been seeing and hearing about an unprecedented AI boom, but it feels like the money is exposing huge new risks.

1) The AI Capital Sink: We saw the $500 billion Stargate project buildout, and Oracle’s $18 billion bond sale to finance its role. This is a profound capital expenditure narrative, it shows the immense financial risk being taken on.

2) The Valuation Paradox: I've heard Powell acknowledge that "equity prices are fairly highly valued," and that seems to be driving the current U.S. market pullback. We're at a moment of uncertainty and consolidation.

3) The Global Split: Meanwhile, I've seen Chinese tech stocks continue a record-breaking rally, completely divorced from our market's concerns.

What's your take on this? Does the sheer size of the AI buildout make the U.S. market immune to an underlying correction, or is this all just on "highly overstretched valuation"?