As of **February 18, 2026**, major stock market indexes have not officially entered a broad bear market, as they remain within roughly **6%** of their all-time highs. However, significant internal damage has occurred, with many leading technology and software stocks plummeting more than **20%** from their recent peaks. This selective downturn is primarily driven by "AI fatigue," where investors have begun to question the massive capital expenditures in artificial intelligence versus the actual realized profit margins, leading to five consecutive weeks of losses for the **Nasdaq Composite** earlier this month. Markets have entered the Ai?WTF phase; questions about its near term abilities to provide profit have abound.