AI spending is no longer just a story. Microsoft, Amazon and OpenAI have demonstrated that enterprise demand is translating into real revenue growth. As long as cloud providers continue signing multi-year AI contracts, earnings should support elevated valuations.

If I had to buy one name from the list today, it would be Amazon. AWS remains a key beneficiary of AI infrastructure demand, while its retail and advertising businesses provide diversification that many pure AI plays lack.

I believe the AI capex rally still has legs, but I would expect periodic 10% to 15% pullbacks. Higher spending alone is no longer enough. Companies now need to prove that every additional dollar of capex generates accelerating revenue, margins and cash flow. Those that do should continue to outperform, while those that cannot may see valuations compress.