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The working assumption going into this earnings cycle was that the AI buildout would eventually start picking sides. Salesforce, CrowdStrike, and Nvidia each faced significant investor tests this week.
All three crushed expectations. That outcome matters for how portfolios are positioned.
The case for a zero-sum AI trade rested on a scarcity argument: enterprise spending is finite, so a dollar captured by one platform comes at another's expense.
What this week's sweep suggests instead is that budgets are expanding alongside AI adoption rather than simply rotating within it.
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