Is the AI Bull Market Moving Past Semiconductors?

Capital is starting to rotate from overheated neocloud and semiconductor infrastructure toward AI applications and software end markets.

• Cake inversion reversing: Jensen Huang's five-layer AI cake (energy, chips, infrastructure, models, applications) has so far seen capital flow to the bottom layers despite energy being at most 10% of global GDP; hosts now see the top 'applications' layer starting to drive real demand.
• Neocloud trim: CSI trimmed its Nebius position, citing overheating micro bubbles across Nebius, CoreWeave, and IREN even as CSI still owns shares in Nebius and CoreWeave.

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