Since the start of the AI boom in 2023, the narrative has swung from exuberance to doubt, and the market has entered another doubt phase. In April, equities looked like they were entering a broader correction, but stocks rallied aggressively, led by technology and semiconductors. The SOXX semiconductor ETF more than doubled from those lows, while Micron Technology rallied more than 300% from depressed levels. Concerns around overspending, capital misallocation, falling LLM costs, hyperscaler margins, and the ultimate return on invested capital are now weighing on the AI trade. At Qualcomm’s investor day event, management announced a significant pivot in strategic direction, unveiling a broader slate of AI-related business verticals, major hyperscaler relationships, and a more ambitious vision for Qualcomm.