There are two main narratives right now. Both can't true at the same time.

The Over-Build Narrative: Big Tech is recklessly overspending on CapEx, creating an AI bubble that will pop and lead to massive losses & write-downs.

The Disruption Narrative: AI is powerful enough to disrupt the entire SaaS business model (Salesforce, Adobe, etc.).

These can't both be true at the same time.