Is the bull market over?
I've seen this question after almost every major pullback.
My answer is simple:
A bull market doesn't die because prices fall. It dies when capital stops flowing into the next growth cycle.
Ask yourself:
Has$微软(MSFT)$ reduced AI CapEx? No.
Has$Meta Platforms, Inc.(META)$ slowed its infrastructure buildout? No.
Has$亚马逊(AMZN)$ stopped expanding AWS for AI? No.
Did$美光科技(MU)$ report weakening AI memory demand? Quite the opposite.
Has$英伟达(NVDA)$ suddenly lost demand for its GPUs? No.
So what actually changed today?
Nothing fundamental.
The market is repricing risk after an enormous rally. Valuations became stretched, investors locked in profits, and quarter-end positioning amplified the move.
That's what markets do.
The biggest mistake investors make is confusing price action with business fundamentals.
In every secular bull market, corrections are necessary. They remove leverage, reset expectations, and create opportunities for patient capital.
When the fundamentals remain intact but sentiment collapses, I pay far more attention to the businesses than to the chart.
Until AI infrastructure spending slows, memory demand weakens, and hyperscalers cut CapEx, I see this as a correction—not the end of the bull market.
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