Global stock markets entered the second half of 2026 hovering near all-time highs, yet the broad-based enthusiasm for artificial intelligence is showing signs of segmentation.
Capital is no longer flowing indiscriminately into any company with AI in its name; instead, investors are concentrating their bets on the physical layer of the technology stack.
The primary beneficiaries are semiconductor manufacturers and infrastructure providers, while software and application-layer firms face heightened scrutiny regarding their ability to generate tangible returns.
This repricing reflects a maturation of the AI investment cycle.
After a period where mere exposure to generative AI narratives was sufficient to drive valuations, market participants are now differentiating between companies with proven revenue models and those still in the experimental phase.
The shift suggests that the market is moving from a speculative growth phase to one focused on capital efficiency and infrastructure build-out.