Artificial intelligence has transcended its identity as a pure technology narrative. What we're witnessing now is a market-wide reflexivity loop—where trillion-dollar partnerships, circular funding mechanisms, and sheer FOMO have woven AI exposure throughout the entire market structure.

This concentration poses a structural risk. When sentiment shifts, the liquidation cascade won't confine itself to mega-cap tech names. The ripple effects will bleed across indices and asset classes, creating systemic pressure that's difficult to predict or contain.

The deeper concern: how many market participants have properly stress-tested their portfolios against an AI sentiment reversal? Most haven't. That's where the real vulnerability sits.