The artificial intelligence arms race has entered a brutal capital-intensive phase, with Amazon's $200 billion capex outlook triggering a trillion-dollar tech selloff. As the market shifts its focus from growth potential to structural profitability, an unexpected winner has emerged: the 'certainty premium' found in legacy retail and physical gold. While Bitcoin's narrative as a safe haven falters under geopolitical stress, a deeper structural change is brewing in the tokenization of Wall Street assets.

Valuations have reached the 97th percentile of historical extremes, signaling a decade of low returns ahead. While a wobbly labor market flashes red, massive fiscal stimulus and potential Fed cuts may keep the bubble inflated through 2026.