NASDAQ - The AI Bill comes DUE!NAS100 CashVANTAGE:NAS100DG55CapitalThe Nasdaq hit its record high in October 2025 riding AI euphoria and Magnificent Seven dominance. It has since entered correction territory — down more than 12% — and the worst is still ahead. The AI spending story is breaking down. Hyperscalers are burning through a combined $527 billion in AI capex in 2026. Only 15% of AI decision-makers report actual earnings increases from AI. Less than a third can link it to income growth. The market spent two years rewarding companies for having AI. It is now demanding proof that AI makes money. That proof isn’t coming in the next earnings season. The war made everything worse. Oil above $100 drives up energy costs for data centers directly. It kills Fed rate cut expectations entirely. And high-multiple tech stocks are the most rate-sensitive assets in existence — every basis point higher in yields compresses their valuations. The tech sector was already under pressure from AI ROI concerns before the Iran war began. The war simply accelerated a repricing that was already overdue. The IPO hype is a distraction. SpaceX, OpenAI, Anthropic — blockbuster listings grab headlines but don’t fix the underlying problem. They add more richly valued paper to an already stretched index. Hype is not earnings. Earnings season in May is the moment of truth. CEOs will step up for the first time since oil crossed $100 and AI scrutiny peaked. They will be asked where the returns are. Most won’t have a clean answer. Guidance cuts follow. The Nasdaq follows guidance cuts lower. Don’t confuse the bounce with the bottom. Entry: 24,059 Target: 22,950 SL: 24,600 As always my friends Happy Trading