Big Tech dumped billions into AI infrastructure, and Wall Street kept cheering. Now? The music's slowing down. Returns are fuzzy at best, and investors who once bought the narrative are starting to sweat.

Some market watchers are pointing to a shift already underway—money's quietly rotating into companies with actual earnings, cash flow, and balance sheets that don't depend on hype cycles. When the AI euphoria fades, fundamentals don't lie. The names built on solid ground tend to outlast the ones riding momentum.

It's not panic, but it's caution. And in markets like these, caution usually shows up before the crowd notices.